CZI accepts 2% tax

CZI accepts 2% tax

By Ndafadza Madanha THE Confederation of Zimbabwe Industries (CZI) has accepted the modified 2% tax on electronic payments introduced by government through the minister of Finance and Economic Development Professor Mthuli Ncube but urged the authorities to allow them to reflect the measure in their pricing. In a statement CZI president Sifelani Jabangwe said the tax while necessary to address the fiscal imbalance should not go beyond December 2019. “The 2% tax, as subsequently modified by the Minister of Finance on 5 October, with further adjustments in consultation with the…

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RBZ provides US$41m for fuel

RBZ provides US$41m for fuel

By Staff Reporter THE Reserve Bank of Zimbabwe (RBZ) says it has provided US$41 million for the procurement of fuel and expects In a statement the bank further said it had begun drawing down on the US$500 million announced in the monetary policy statement. “The RBZ wishes to advise members of the public that it has started drawing down foreign currency from the US$500m lines of credit advised in the Monetary Policy Statement issued by the Bank last week.As advised the purpose of the facilities is to fund the procurement…

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Africa’s economic pulse- Zimbabwe where are we, how low is our heartbeat?

Africa’s economic pulse- Zimbabwe where are we, how low is our heartbeat?

By David Damiyano Global growth is moderating with 2017 growth pegged at 3.1% whilst incoming figures suggest that global economic growth is slowing down as a result of a downward momentum, in trade and investment. It is only in the United States were growth is sustainably accelerating due to her substantial pro-cyclical fiscus stimulus. Pro-cyclical fiscus is attained when a country saves more and more during its economic burst time. The talk of the town China is expected to experience a gradual deceleration together along with most industrial economies. Fierce…

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Re-engagement pays off for tourism

Re-engagement pays off for tourism

By Daniel Chigundu ENVIRONMENT Tourism and Hospitality Industry Minister Prisca Mupfumira say her re-engagement efforts have started producing results following the arrival of a 35-member UK Diaspora delegation. The delegation which consists of individuals drawn from various backgrounds and trades and during their stay they will embark on scouting missions for opportunities as well. Speaking at the welcoming dinner, Minister Mupfumira said “the visit comes as result of the re-engagement mission we conducted in the United Kingdom in March this year with the main objective of reviving interest toward destination…

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RBZ rolls out measures to stabilize economy

RBZ rolls out measures to stabilize economy

THE Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday outlined measures to stabilize the economy while presenting the monetary policy statement. Mangudya said the measures would need to be complimented by government through reducing expenditure Below are some of the key measures announced by Mangudya.     Strengthening the Multi-Currency System by introducing separate FCA accounts for Nostro and RTGS funds. In February 2018, the Bank introduced a policy that requires banks to ring-fence foreign currency for foreign exchange earners that include international organizations, diaspora remittances, free funds, export…

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Emirates facilitating economic revival

Emirates facilitating economic revival

By Daniel Chigundu EMIRATES airline is playing a complementary role in Zimbabwe’s economic revival through facilitating tourism and enabling the movement of exports to the world. Tourism is arguably one of the country’s low hanging fruits in economic revival and for that, to work there is a need for a reliable and trusted airline, a role which Emirates is playing following years of poor performance by crumbling Air Zimbabwe. The airline flies daily from Harare to Dubai via Lusaka offering the much-needed convenience for both inbound leisure and business travellers….

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Mohadi applauds tourism growth

Mohadi applauds tourism growth

By Staff Reporter ACTING President Kembo Mohadi has applauded efforts being made in the tourism sector particularly in Victoria Falls which was designated as a special economic zone. The tourism sector has been on an upward trend in terms of arrivals and attraction of foreign direct investment since the coming in of the new dispensation last year. There are also prospects that the sector will continue to grow going forward as the government continues to remove the bottlenecks that have been stifling the smooth operations. According to economists, tourism is…

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Govt urged to embrace GM crops

Govt urged to embrace GM crops

By Ndafadza Madanha GOVERNMENT should consider lifting its ban on growing of genetically modified crops (GM crops) as they have the potential to spur productivity and enhance food security in the country. However, government is not keen on embracing genetically modified crops citing long term health and environmental reasons. On the global stage concerns have also arisen on the long-term effects of such crops on the farming landscape as GM crops often mingle with organic crop varieties in harmful ways. The practice of monocropping, or raising one crop only on a given plot…

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Irrigation a must in era of climate change  

Irrigation a must in era of climate change   

By Ndafadza Madanha THE Southern Africa region is expected to be receiving normal to below normal rainfall for the 2018-19 owing to the El Nino phenomenon. According to the Famine Early Warning Systems Network EL Nino will have negative impact on the coming agriculture season both in terms of harvests and labor opportunities in the region. Agriculture is critical to Zimbabwe’s economy providing 30 percent of export earnings and contributing 19 percent to GDP, while 70 percent of the population still survives on farming. While there is very little government can…

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SMEs Expo preps gather momentum

SMEs Expo preps gather momentum

By Daniel Chigundu ORGANISERS of the SMEs International Expo say preparation for the 8th edition of the expo have gathered momentum and exhibition space is fast running out. SMEs International Expo started in 2011 at the Harare Exhibition Park and has been growing since then and has never missed an edition. This year the expo is running under the theme “Explore Innovate Implement A New Economic Order for Business in the Digital Era” and will take place from 17th to 20th of October at Harare International Conference Centre (HICC). In…

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