Bond notes going nowhere: Chinamasa

Bond notes going nowhere: Chinamasa

 By Daniel Chigundu FINANCE and Economic Development Minister Patrick Chinamasa has dismissed claims that government intends to phase out the Bond Notes. Bond Notes were introduced as an export incentive, to help ease cash crisis and stop externalisation of foreign currency a few years ago and are reportedly backed by an AfreximBank facility. In a statement, Chinamasa said government has no such plans adding that economic fundamentals have not changed as required by such a decision. “As has been repeatedly advised by government, the economic fundamentals are not yet appropriate…

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RTG US$22M rights issue approved

RTG US$22M rights issue approved

By Ndafadza Madanha RTG shareholders have approved a US$22.5m rights offer to restructure the entity’s balance sheet significantly reducing its gearing ratio. In an interview after the company AGM&EGM, CEO Tendai Madziwanyika said his organization was now geared to embrace growth opportunities in the hospitality sector. He said the company will also be able to offset its US$16m debt to NSSA and other short term loans with local financial institutions that were curtailing it growth prospects. “The approval of the rights offer will enable us to restructure our balance sheet…

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Allocate more funds for Sanganai/Hlanganani

Allocate more funds for Sanganai/Hlanganani

By Daniel Chigundu PARLIAMENTARY Portfolio Committee on Environment, Water and Tourism has called on Finance Minister Patrick Chinamasa to allocate more funds for the hosting of Sanganai/Hlanganani Travel Expo and the Harare International Carnival. Sanganai/Hlanganani and Carnival are part of the Zimbabwe Tourism Authority (ZTA) destination marketing activities and have the potential to bring millions of tourists to the country combined. Last year Minister Chinamasa told delegates Sanganai/Hlanganani in Bulawayo last year that he was going to adequately fund the tourism sector because of its vast potentials that bring instant…

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Chinamasa has dirty hands: Sibanda

Chinamasa has dirty hands: Sibanda

By Daniel Chigundu BINGA North legislator Prince Dubeko Sibanda has accused Finance and Economic Development Minister Patrick Chinamasa of coming to Parliament with dirty hands over his failure to allocate funds to Provincial Councils and local authorities. According to Section 301.3 of the country’s constitution, Treasury is supposed to allocate about 5 percent of the national budget to provinces and local authorities as their share in that year. However, Minister Chinamasa has never complied with that constitutional provision arguing that there are no guidelines on how the money will be…

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