Connect with us

National

Zimbabwe’s economy to defy drought odds, says Fin

Published

on

BY NOKUTHABA DLAMINI 

In his midterm budget presentation for 2024 , Finance Minister Mthuli Ncube outlined the government’s fiscal strategy to navigate the challenges posed by the El-Nino induced drought, while maintaining a stable economy.

Advertisement

“The fiscal policy thrust and macro-fiscal framework of the approved 2024 National Budget remains unchanged under the theme ‘Consolidating Economic Transformation’,” Minister Ncube stated on Thursday at the National Assembly.

Despite the drought’s impact, the government’s priority is to “alleviate the impact on vulnerable households and the economy, as well as ensuring that the economy emerges stronger and more resilient going forward.”

Minister Ncube emphasized the need to address the elevated food assistance needs of citizens, while maintaining a stable economic environment.

Advertisement

The introduction of the ZiG currency in April 2024 has brought “relatively stable prices and exchange rate stability,” according to Ncube.

To maintain this stability, the government will implement supportive tax and expenditure policies to increase demand for the local currency, complemented by monetary policy that manages market liquidity.

Looking ahead to the end of the year, Ncube outlined measures to protect the domestic currency and restore macro-economic stability. “Containing expenditure pressures and major expenditure heads such as the wage bill and debt servicing will be critical in order to avoid monetising the budget deficit,” he cautioned.

Advertisement

The re-calibrated 2024 Macro-Fiscal Framework projects revenues of ZiG93.2 billion (22% of GDP) and expenditures of ZiG98.8 billion, resulting in a budget deficit of ZiG5.6 billion (1.3% of GDP).

Despite the drought, Ncube expressed optimism, stating, “The current stable economic environment, together with economic transformation and diversification underway, is expected to enable the economy to register positive economic growth of 2%.”

Advertisement
Continue Reading
1 Comment

1 Comment

  1. insightsway

    July 27, 2024 at 9:01 am

    Normally I do not read article on blogs however I would like to say that this writeup very forced me to try and do so Your writing style has been amazed me Thanks quite great post

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Ranger killed by elephant in Kariba

Published

on

BY NOKUTHABA DLAMINI 

A 62-year-old ranger, Josphat Mandishara, was tragically killed by an elephant in Kariba yesterday.

Advertisement

Mandishara, who worked for the Zimbabwe Parks and Wildlife Management Authority (ZimParks), was on patrol in the Gatche-gatche area with fellow rangers and police officers.

At around 10 pm, Mandishara returned to the harbor where their boat was docked, and that’s when he encountered the elephant. The elephant charged at him, causing fatal injuries. His colleagues were nearby, resupplying at the Gatche-gatche Irrigation Scheme.

Mandishara’s body was taken to Kariba District Hospital for a post-mortem, and the incident was reported to the police.

Advertisement

ZimParks has sent a team to manage the problem elephant and prevent similar incidents in the future.

The Director General of ZimParks, Prof. Edson Gandiwa, and his team have sent condolences to Mandishara’s family, friends, and colleagues. Mandishara will be remembered for his dedication to wildlife conservation in Zimbabwe.

Advertisement
Continue Reading

National

ZIMRA customs officer appears in court for criminal abuse of office

Published

on

BY STAFF REPORTER 

A Zimbabwe Revenue Authority (ZIMRA) customs officer, Phillip Kuvenga, has been accused of criminal abuse of office for allegedly assisting in the importation of banned motor vehicles.

Advertisement

Kuvenga, 28, who is stationed at Victoria Falls, allegedly received documents from clients, completed valuation sheets, and carried out the valuation process. However, he is accused of endorsing different chassis numbers to deceive his supervisors during the validation and approval process.

After obtaining approval, Kuvenga would capture the correct chassis numbers in the ASYCUDA World System. He would then alter or replace the documents submitted earlier to his supervisors.

The offense came to light when a motor vehicle that had not yet arrived in Zimbabwe was found to have been already registered. A thorough check by ZIMRA led to Kuvenga’s arrest.

Advertisement

Kuvenga appeared in court on February 1, where he was denied bail by Magistrate Gift Manyka. He is expected to appear in court again today for another bail hearing.

Advertisement
Continue Reading

National

Retailers send Mnangagwa SOS as shops continue shutting down over operational woes

Published

on


BY ZIMLIVE

The Confederation of Zimbabwe Retailers (CZR) has implored President Emmerson Mnangagwa to intervene and save the sector which has seen various formal retail and wholesale businesses closing shop countrywide due to operational challenges.

Advertisement

In a statement on Sunday, CZR president Denford Mutashu said the continued closure of formal retail and wholesale businesses is a direct consequence of the tough economic environment that has consistently failed to support formalised sector players who face stiff competition from informal businesses and vendors the majority of whom have no tax obligations to deal with.

Mutashu said his association was concerned that authorities continue to downplay the crisis.

“The recent closure of several outlets under the N. Richards Group, coupled with Spar Zimbabwe’s painful decision to shut down Queensdale Spar, Choppies Zimbabwe’s exit from the market, and Mahommed Mussa’s significant reduction of shop space by 60%, highlights the growing crisis.

Advertisement

“As the representative association for these and other brands, CZR is alarmed that while formal businesses face enormous challenges, the authorities continue to present a different picture of the operating environment,” he said.

Given the situation, Mutashu said, only President Mnangagwa can rescue the troubled sector.

“CZR therefore calls for urgent intervention from His Excellency, President Emmerson Dambudzo Mnangagwa, to rescue what remains of the formalized retail and wholesale sector,” said Mutashu.

Advertisement

He said the sector was in urgent need of rescue.

“While CZR acknowledges the continued support from the Ministry of Industry and Commerce, it is clear that the root causes of these challenges are fiscal and monetary in nature. These require urgent and decisive action to ensure the survival of formal businesses.

“CZR therefore appeals to the Presidium to prioritize interventions aimed at saving jobs and mitigating the ongoing wave of shop closures and retrenchments,” he said.

Advertisement

Continue Reading

Trending

Copyright © 2022 VicFallsLive. All rights reserved, powered by Advantage