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Zimbabwe to more than double spending in 2023

Published

2 years ago

November 26, 2022

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.

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.

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.

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%.

Other highlights

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

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

In the community

Hwange police seek public’s help in locating missing teen

Published

2 days ago

May 15, 2025

VicFallsLive

BY STAFF REPORTER

The Hwange police are urgently seeking the public’s assistance in locating 16-year-old Latoya Lisa Munkuli, who went missing on May 7, this month.

Latoya, a dark-complexioned female juvenile, was last seen leaving her residence in Hwange around 4 pm.

She was wearing a distinctive outfit consisting of green trousers and a white T-shirt, and carried a black satchel. She stands approximately 1.6 meters tall.

Inspector Glory Banda of the Hwange police is leading the investigation and urges anyone with information about Latoya’s whereabouts to come forward.

If you have any information about Latoya’s disappearance, please contact Inspector Banda on 0785961747 or 0771256607.

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

1 month ago

April 16, 2025

VicFallsLive

BY WANDILE TSHUMA

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.

In the community

Human-wildlife conflict claims 18 lives in Zimbabwe’s first quarter

Published

1 month ago

April 16, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

The Zimbabwe Parks and Wildlife Management Authority (ZimParks) has reported a disturbing trend of human-wildlife conflict in the country’s first quarter of 2025. According to the authority, 18 people have lost their lives, and 32 others have been injured in encounters with wildlife.

ZimParks spokesperson Tinashe Farawo revealed that the authority received 579 cases of human-wildlife conflict, which they managed to respond to promptly. The incidents have also resulted in significant livestock losses, with at least 53 cattle and 85 goats killed by wildlife.

The districts most affected by these incidents include Binga, Hwange, Kariba, Chiredzi, Hurungwe, Nyaminyami, and Mbire. ZimParks has been working tirelessly to raise awareness about wildlife behaviors and effective preventive measures in these areas.

In response to the crisis, ZimParks has translocated 129 animals back into protected areas and eliminated 158 animals deemed problematic.

“We encourage communities to continue reporting incidents to ZimParks Problem Animal Control numbers and local leadership, such as Councillors, Traditional Leaders, and Rural District Council Authorities, to ensure that we preserve lives,” Farawo urged.

The significant increase in livestock losses, with cattle deaths rising from 18 to 53 and goat deaths from 21 to 85 compared to the same period in 2024, highlights the growing challenge of human-wildlife conflict in Zimbabwe.

ZimParks’ efforts to mitigate the conflict include community initiatives to educate people on managing wildlife encounters effectively.