No cash shortages: Chinamasa

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Finance minister Patrick Chinamasa yesterday described the current cash shortages as a mirage, saying the government was satisfied with the prevailing liquidity position obtaining in the country. Addressing guests during the unveiling of a low-density housing project in Masvingo, Chinamasa said cash shortages were on the fiscus, adding the government was working hard to address the movement of money through normal banking channels. “We are trying to tie-up the loopholes that see money getting into the pockets of individuals without passing through the formal channels,” he said. – NewsDay, 25 July 2017

Fidelity Printers and Refiners (FPR) has so far disbursed about $30 million of the $40m loan facility meant to enhance operations of small-scale gold producers in the country, an official has said. In a presentation done on his behalf at the small-scale miners’ conference in Bulawayo recently, FPR general manager, Fradreck Kunaka said the $40 mln facility had benefited about 179 miners.  – NewsDay, 25 July 2017

National Printing and Packaging (NatPrint) and Hunyani Holdings (Pvt) Limited are set to be the biggest beneficiaries of the kaylite ban, as Simbisa Holdings, massive users of the food containers, are in talks with the two companies to provide alternative packaging. Before the ban, Planas Trading was set to provide 40% of the kaylite packaging to Simbisa Holdings and had already spent $1.2 mln on acquiring a machine in addition to acquisition of a new property in anticipation of massive expansion of the business. Simbisa Holdings chief executive officer, Warren Meares said recently that they were in talks with local players to try and avoid importing special raw materials needed for the preferred cardboard-based packaging. – NewsDay, 25 July 20167

Johannesburg Stock Exchange listed Ecsponent Limited’s controlling shareholder and Brainworks Capital founder George Manyere has unveiled a $200 million investment fund targeting key infrastructure projects in Zimbabwe. The funds will be housed under his newly formed MHMK Infratech company. Manyere, who is the chief executive, said the vision is to be the leading private sector player in infrastructure development & financing and a partner of choice to all key stakeholders in Zimbabwe. – The Herald, 25 July 2017

By |July 25th, 2017|Categories: Headlines|

About the Author:

Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.