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Zimbabwe to more than double spending in 2023

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BY GODFREY MARAWANYIKA AND RAY NDLOVU

Zimbabwe provided the first details of how a new mineral royalty policy will be enforced, as the country considers more than doubling spending in 2023 to help revive an economy that exited a recession last year.

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The royalty policy that came into effect in October compels miners to pay half of their royalties in minerals and the rest in cash. The plan presented by Zimbabwean Finance Minister Mthuli Ncube on Thursday breaks the payment down to half in mineral form, 40% in local currency and 10% in foreign-currency cash.

Although traditionally, royalties are remitted in cash, it is pertinent that the current formulae be reviewed in line with government policy to preserve value and mitigate against revenue loss,” said Ncube.

The southern African nation has vast mineral resources including gold, diamonds and coal deposits. It has the world’s third-largest known platinum deposits after neighboring South Africa and Russia. Miners say they will comply with the new policy.

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Ncube projects total expenditure will more than double to 4.2 trillion Zimbabwe dollars ($6.5 billion) in the 2023 budget.

The bulk of the funds will be spent on social services and infrastructure projects, with a key focus on the mining, energy and agricultural sectors to stimulate economic growth, he said in a budget presentation to lawmakers at the new Chinese-built Parliament in Mount Hampden, 23 kilometers (14 miles) north of the capital, Harare.

Economic growth globally is being crimped by tightening financial conditions as central bankers including Zimbabwe’s try to temper high inflation, adding to the damage from the war in Ukraine and China’s slowdown.

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Zimbabwe’s benchmark interest rate is at 200%, while annual inflation is at 269%.

The IMF last month cut its forecast for global growth next year to 2.7%, from 2.9% and sees Zimbabwe’s economy expanding at 2.8%.

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Ncube expects Z$3.9 trillion in revenue.

Plans to increase value-added tax to 15% from 14.5% from Jan 1

Allocates Z$76 billion  toward next year’s general elections, in which President Emmerson Mnangagwa is seeking re-election

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Budget deficit to GDP is forecast at 1.5%

To plug the funding gap, the government plans a bond issuance on the Victoria Falls Stock Exchange

Offers tax relief measures including cutting an electronic tax levied on US dollar transactions to 2% from 4%-Bloomberg 

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Lupane

Conductor killed in bus accident along Dandanda-Jotsholo road

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BY STAFF REPORTER

A bus conductor lost his life in a tragic accident along Dandanda-Jotsholo Road in Lupane after being run over by the bus he was working on.

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The incident occurred on November 17, at approximately 1:30 a.m.

According to the police report, the conductor was hanging precariously on the moving bus and unfortunately slipped and fell, resulting in fatal injuries.

The police are now urging bus operators and crew members to exercise extreme caution and adhere to safety protocols to avoid such devastating accidents.

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They specifically warn against allowing loaders or conductors to hang dangerously on moving vehicles, emphasizing the importance of prioritizing safety on the roads.

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Bubi

Inyathi man handed community service for burning wife’s belongings

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BY WANDILE TSHUMA 

A 39-year-old man from Inyathi Township has been convicted of malicious damage to property after a disagreement with his wife

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The accused recently appeared before the Inyathi Magistrates’ Court for malicious damage to property.

According to the National Prosecuting Authority, sometime in September, the accused person had a misunderstanding with the complainant, his wife over the welfare of the family.

He forced the complainant and their children out of the house.

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While the complainant was away, the accused person burnt the complainant’s belongings.

The destroyed property was valued at $140.

The accused person was sentenced to 24 months imprisonment, of which 3 months were suspended for 5 years.

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A further 18 months were suspended on condition that he completes 630 hours of community service.

The remaining 3 months were suspended on condition of restitution.

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Hwange

Victoria Falls residents at odds with roaming buffaloes, Zimparks maintains they belong

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BY NOKUTHABA DLAMINI

Residents of Victoria Falls are struggling to coexist with a large number of buffaloes that have taken over the streets of both high-density urban areas and low-residential areas.

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The buffaloes seem to be everywhere, leaving residents frustrated and desperate.

Videos taken by residents and VicFallsLive, our media organization, show people trying to chase them away using sticks and rocks, but the buffaloes are undeterred.

This morning, three buffaloes blocked the road on Jakaranda Street, eating leaves from the trees and grass.

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Despite the distress calls from residents, the Zimbabwe Parks and Wildlife Management Authority (Zimparks) maintains that the buffaloes are within their habitat.

“I think we need to understand who is is saying there has been a growing trend of buffalos in Victoria Falls for an example, l think the numbers we have in Victoria Falls we don’t have much problems with them and this is what attracts tourists,”said Tinashe Farawo, Zimparks spokesperson.

“It’s a tourist town and one of the major draw-cuts for tourists is those buffalos. It is definitely their habitat that’s where they stay in the wild.”

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However, residents disagree. They say the buffaloes are causing a nuisance and pose a danger to humans.

“We are working hard to make a living, and now we have to deal with these wild animals in our streets,” said Khulani Ncube.

In one incident, about 40 buffaloes blocked the road on Mkhosana Street near Kazungula Road, eating vegetables. “It’s like they own the place,” said Trymore Ndolo who witnessed the scene, adding that they might cause a casualty if action is not taken.

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While the Zimparks says that the buffaloes are a tourist attraction, residents argue that their safety should come first.

“We understand that tourism is important, but what about our lives?” asked a resident.

 

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