Give Us Money, To Clear Debt Catch Up With Rest Of Globe’-Chinamasa To World Bank

Give Us Money, To Clear Debt Catch Up With Rest Of Globe’-Chinamasa To World Bank

Finance and Economic Development minister Patrick Chinamasa has pleaded for a cash bailout from the World Bank to enable Harare to clear its debts and catch up with the rest of the world.Zimbabwe has an external debt of over $8,4 billion which has hamstrung the country from accessing lines of credit from multilateral and bilateral financial institutions. Speaking at the opening ceremony of new World Bank offices in Harare on Wednesday, Chinamasa said the relocation…

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‘International Monetary Fund (IMF) Rules Out Financial Assistance To Zimbabwe’

The International Monetary Fund (IMF), which is dispatching a mission to Harare next week, has ruled out giving any financial assistance to Zimbabwe until all external debts are settled. The IMF is expected in the country from August 31st to September 11th to undertake the second review of the Staff Monitored Programme (SMP). Last year the IMF agreed to a successor SMP – an informal agreement between country authorities and the global lender designed to…

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Groceries Taken Off Travellers Rebate, Used Clothing & Shoes Import Banned

Groceries Taken Off Travellers Rebate, Used Clothing & Shoes Import Banned

Zimbabwe’s finance minister, Patrick Chinamasa has revealed plans to reduce the wage bill by 40% from the current 80% as the government struggles to reduce its expenditure. In his presentation of the Mid-term Fiscal Review in Parliament on Thursday, Chinamasa the move would free fiscal space to cover projects under the Zimbabwe Agenda for Sustainable Socio Economic Transformation. Chinamasa said revenue for 2015 would be $3,6 billion against a target of $3,99 billion. Expenditure would…

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‘MPs ignorant of their roles & constituency needs’-Professor Lovemore Madhuku

‘MPs  ignorant of their roles & constituency needs’-Professor Lovemore Madhuku

MPs have a minimal understanding of their roles and the needs of their constituents, a problem which contributes towards lack of development in the country, a leading academic and politician has said. University of Zimbabwe law lecturer, Professor Lovemore Madhuku, said this during a breakfast meeting Wednesday organised by Zimbabwe Lawyers for Human Rights in Harare. Addressing parliamentarians, Madhuku said, “Most of the MPs think they represent their parties and forget they are voted for…

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