ZSE tumbles on military intervention

ZSE tumbles on military intervention

By Ndafadza Madanha THE Zimbabwe Stock Exchange tumbled yesterday as investors adopted a wait and see attitude following the military intervention in the political arena. At close of trade the  industrial index had dropped 7.4 percent while market capital capitalization was US$13.8 billion from US$15 billion. Counters that lost ground include Edgars, CFI,Delta, Hippo Valley, Willdale, and SEEDCO. The resource index plunged 2,6 percent to $134,40. Market watchers say the drop was anticipated in light of recent developments which saw the military intervene to stop factional purges in the ruling…

Read More

Vendors benefit from military coup

Vendors benefit from military coup

By Daniel Chigundu THE decision by the Zimbabwe Defence Forces to take over government on Tuesday appears to have also worked in favour of vendors who sell their wares in Harare’s Central Business District (CBD). Of late vendors were having endless running battles with both municipal police and the Zimbabwe Republic Police (ZRP) following a directive from President Robert Mugabe that they must be removed from the streets. However since Tuesday when the ZDF entered the capital with its armoured personnel carriers, the ZRP and municipal police seem to have…

Read More

Kaseke hopeful Chombo will adequately fund tourism

Kaseke hopeful Chombo will adequately fund tourism

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) chief executive Dr Karikoga Kaseke says he is hopeful that the new Minister of Finance and Economic Development Ignatius Chombo will adequately fund tourism. The Finance Minister is expected to present the 2018 national budget anytime soon and Parliament will this week attend a pre-budget seminar in Victoria Falls. The tourism sector has largely been neglected when it comes to budget allocation from treasury and the thinking is that it should fund its activities from the 2 percent Tourism Fund Levied from operators in…

Read More

MPs want CDF increased to US$1million

MPs want CDF increased to US$1million

By Daniel Chigundu LEGISLATORS have called on the government to increase the Constituency Development Fund (CDF) from the current US$50 000 to at least US$1 million per year. Parliament this week adopted the CDF constitution that will see legislators begin to receive the important funds that have been talked about since 2013. Currently, treasury has availed about US$5 million from the expected US$10.5 million budgeted towards the development fund. According to a circular received by legislators, the funds will begin to trickle into the designated accounts as soon as all…

Read More

2018 budget should prioritise renewable energy: Chirisa

2018 budget should prioritise renewable energy: Chirisa

By Daniel Chigundu PROPORTIONAL Representation legislator Fanny Chirisa has called on Finance Minister Ignatius Chombo to prioritise renewable energy in his 2018 national budget as a way of reducing pressure on the environment. Owing to limited energy sources in the country, the majority of people have largely been turning to firewood which has resulted in depletion of forests and has health effects to women. Since independence, Zimbabwe has depended heavily on hydro and thermal power, but these sources have not been adequate to cover the entire country and at some…

Read More

Don’t be fooled, tourism drives the economy: Kaseke

Don’t be fooled, tourism drives the economy: Kaseke

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) chief executive Dr Karikoga Kaseke says contrary to what most people think, tourism drives many sectors in the economy and deserves a better share of the national budget. Despite requiring about US$17 615 400 to effectively implement its various programs that will help drive tourism, ZTA only got about US$830 000 from the 2017 budget. Appearing before a Parliamentary Portfolio Committee on Environment, Water, Tourism and Hospitality Industry, Dr Kaseke said hotels which many people refer to as tourism are just a distant fraction…

Read More

Lima agreement stalls

Lima agreement stalls

By Ndafadza Madanha THE Lima agreement which was intended to resolve the country’s foreign debt and unlock fresh capital has stalled amid indications that government is failing to implement some provisions of the agreement. Addressing the media on the sidelines of the launch of the Regional Economic Outlook in Harare, IMF Africa director Abebe Selassie said traction on the Lima agreement was dependent on implementation of key reforms. “Lima depends on implementation of key issues we have raised and government has struggled to do so. The 2018 budget will be…

Read More

Govt to recover bonuses from parastatal bosses: Chombo

Govt to recover bonuses from parastatal bosses: Chombo

By Daniel Chigundu FINANCE and Economic Development Minister Ignatius Chombo says his ministry is working to recover money lost from parastatal bosses who were awarding themselves multiple bonuses since 2012. Although the majority of parastatals are under-performing and have been perennial loss-making entities for several years, its bosses have however been consistent in awarding themselves hefty bonuses which should have been performance based. Speaking at a board effectiveness and performance management guidelines workshop organised by the Office of the President and Cabinet, Chombo said public funds must be fully justified and…

Read More

38 parastatals make US$270m loss …as govt blames incompetence boards

38 parastatals make US$270m loss …as govt blames incompetence boards

By Daniel Chigundu CHIEF Secretary to the President and Cabinet Dr Misheck Sibanda has revealed that about 38 parastatals made a combined US$270 million loss in 2016 owing to corporate governance weaknesses. Addressing delegates during a workshop on board effectiveness and performance management guidelines, Dr Sibanda said mostly parastatals are technically insolvent and are a potential drain to the fiscus. “Audited financial statistics for 2016, for 93 State Enterprises (SEPs) revealed an overall loss of US$270 million by the 38 surveyed commercial entities. “The worrying fact is that of those…

Read More

Chombo turns to Kuruneri …as 2018 budget looms

Chombo turns to Kuruneri …as 2018 budget looms

 By Daniel Chigundu NEWLY appointed Finance Minister Ignatius Chombo has sent an SOS message to ailing former Finance Minister Chris Kuruneri over the 2018 National Budget. Chombo who is relatively unknown in economics circles was appointed to take over the country’s purse from Patrick Chinamasa who had assumed the position since 2013 elections. However, Chombo’s life was made difficult as he has come at a time when the country is working on the 2018 budget amid high employment costs in the region of 95 percent, poor revenue collections and lack…

Read More