RBZ raises interest rate by 20%, introduces short-term bonds

RBZ raises interest rate by 20%,  introduces short-term bonds

By Wellington Zimbowa IN its efforts to curb the rising inflation, the Reserve Bank of Zimbabwe has raised the main interest rate from 15 percent to 35 percent and issued short term bonds, through its Monetary Policy Committee (MPC). Just recently, the central bank introduced the forex exchange auction trade platform, introduced stringent requirements for mobile money platforms, and targeted individual and organisations publishing or circulating parallel market (black market) rates, in a desperate bid to bring down the black market, seen as the main source of the skyrocketing inflation….

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African economy to experience Covid- 19 induced contraction – IMF

African economy to experience Covid- 19 induced contraction – IMF

By Varaidzo Zhakata BRITON Woods institution, the International Monetary Fund (IMF) has forecasted contraction of African economies in light of the COVID- 19 induced lockdowns, and external shocks that will also have an impact on the continent’s oil exporters (8 SSA oil exporters, Algeria and Libya). According to a report presented by Abebe Aemro Selassie at the IEA Africa Ministerial Roundtable on COVID-19 Impact on Africa’s Energy Sector, the predicted average African real gross domestic product (GDP) growth in 2020, reduced from 3.8 percent (%) in October 2019 to -2.8%,…

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PPC launches game changer, ‘Surerange’

PPC launches game changer, ‘Surerange’

By Varaidzo Zhakata GIANT cement producer, Pretoria Portland Cement (PPC) Zimbabwe has launched a new product range called ‘Surerange’, a development that will go a long way in tackling the cheap, and substandard cement imports, which have flooded the local market. Addressing delegates who attended the product range’s launch, PPC Zimbabwe managing director, Mr. Kelibone Masiyane highlighted that Surerange consists of six outstanding products that are: Surewall, Surebuild, Surecem, Surecast, Sureroad, and Suretech. The products are part of the firm’s threefold strategy that is aimed at caring for customers and…

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AFDB’s US$8.9 million COVID- 19 facility to benefit Zim

AFDB’s US$8.9 million COVID- 19 facility to benefit Zim

By Varaidzo Zhakata SIX nations in the Southern African Development Community (SADC) bloc are set to benefit from the US$ 8.9 million African Development Bank grant that will be channelled towards COVID- 19 related control measures. The funds will be channelled towards the procurement of laboratory and medical supplies, including testing kits, personal protective gear and non-invasive ventilators in Lesotho, Malawi, Madagascar, Mozambique, Zambia and Zimbabwe. The fund will buttress SADC’s capacity to coordinate pandemic response measures, including surveillance and sensitization, in the six beneficiary countries. Separately, the continental bank’s…

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Hunger, desperation stalks rural Zimbabwe

Hunger, desperation stalks rural Zimbabwe

By Wellington Zimbowa HUNGER in Seke has reached astronomical levels, exacerbating uncertainty and desperation among villagers with children, especially the girl-child, pregnant mothers and the chronically ill-being the most affected. With the perennial droughts, coupled with the hyper-inflationary economic environment, life may have always been hard for a community that relies on growing and selling vegetables, but Covid-19 has severed the situation. Responding to villagers’ plight, Grace Foundation, a humanitarian organisation targeting the girl-child and vulnerable society members, is trying to alleviate the hunger plight of Chitanda villagers, by providing…

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Health workers threaten to down tools, again

Health workers threaten to down tools, again

By Edward Mukaro ZIMBABWE’s health sector has received another blow, in the wake of efforts to curb the COVID- 19 pandemic, amid calls by the Zimbabwe Health Apex Council encouraging the nation’s health practitioners to down tools till government meets salary demands and improves working conditions, this is according to an unsigned letter posted on micro-blogging site, Twitter, by the health body. Barely three weeks ago, health workers from the country’s biggest hospital, Parirenyatwa, staged a demonstration demanding among other things allowances and better working conditions, while denouncing the buying…

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Urban farmers on the brink of hunger

Urban farmers on the brink of hunger

By Edward Mukaro ‘SOIL-BARONS’ in Mabvuku-Tafara have exposed urban households to hunger, as their continued illegal tilling and extraction of soil for sale, have left death traps, in the form of pits and gullies, at the expense of residents who rely on farming to eke out a living. Although it is illegal – in most cases – to farm in urban areas, most families in high-density suburbs depend on unused council or private land to farm their corn. Recent reports by international agencies such as the United Nations World Food…

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New dispensation characterized by macro-economic dislocation and instabilities – analysts

New dispensation characterized by macro-economic dislocation and instabilities – analysts

By Simbarashe Musaki MACRO-ECONOMIC dislocation and instabilities characterizing the new dispensation are the main toxicities affecting the country’s economic main pillars leading to economic woes facing the country, economic experts have said. Economic guru Vince Musewe in an exclusive interview with Business Connect generously reminded the President Emmerson Mnangagwa led new dispensation essential economic and monetary fundamentals being overlooked by his think tanks implementable to resuscitate the economy. “If the government wants the economy to recover there is need for a total relook at our macro-economic stabilities, the pillars being…

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Villagers-cum invigilators, education circus rages on

Villagers-cum invigilators, education circus rages on

COMMENT REPORTS circulating in media circles alleging ‘villagers have become overnight invigilators for the Zimbabwe School Examination Council’s June 2020 exams go a long in showing the disjointed nature of operations between government and teacher unions, and should be condemned, as such action brings the whole exam process to disrepute. While it is commendable to have students sit for exams each calendar year, it is, however, not recommended to take short-cuts in the exam process, as there is nothing to hurry about writing exams while exposing students and teachers to…

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