Zimbabwe’s domestic debt at $4.3bln

Home/Headlines/Zimbabwe’s domestic debt at $4.3bln

Zimbabwe’s economy remains fragile with a precarious level of public debt during the year to March rising to over $11 billion, the Parliament Budget Office said in its latest report. Zimbabwe’s domestic debt rose 40 percent to $4.3 billion, with external debt standing at $7.5 billion or 53 percent of GDP. – Daily News, 26 June 2017 

Average tobacco prices are this year lower than last year, latest figures from Tobacco Industry Marketing Board (TIMB) show. The figures showed that as of 20 June, this year’s average price was $2, 92 down from $2,93 during the same period last year. Zimbabwe Farmers’ Union president Wonder Chabikwa said prices offered at auction floors were dragging the golden leaf prices down.  –  NewsDay, 26 June 2017 

Government is said to repossessing farms from unproductive land reform beneficiaries and redistributing them to land hungry Zimbabweans to optimize agricultural production. The Lands and Rural Resettlement Ministry has notified 38 farmers, mainly in Mashonaland East that it will soon revoke offer letters giving them title to land. Provincial lands committees are also on the ground inspecting farms in their respective jurisdiction with a  view to weeding out unproductive property-holders. –  Sunday Mail, 25 June 2017 

President Mugabe has reportedly signed into law the National Competitiveness Commission Act which will see the establishment of the National Competiveness Commission to regulate ethical business conduct in Zimbabwe. The new legislation repeals the National Incomes and Pricing Act. The commission shall consist o at least nine commissioners appointed by the Industry and Commerce Minister in consultation with the President. –  Sunday Mail, 25 June 2017 

Government has reportedly secured a $487 million facility to fund the 2017-18 agricultural season and movement of inputs under the Command Agriculture and Presidential Input Support Scheme is expected to begin next month. Sakunda Holdings will work with CBZ, Ecobank and Barclays banks to provide the funding, following the signing of a term sheet for the facility by government with Sakunda Holdings. The facility is targeting 350,000 hectares, up from 172,000 hectares planted last year. – The Herald, 26 June 2017 

According to The Herald, about 86 percent of work on the Kariba South Power expansion project has been completed with the first unit expected to start generating 150MW by December this year, while the second one will feed 150MW into the national grid after commissioning by March next year. This will ease pressure on ZESA which is importing 350MW from neighbouring countries, in a move which will also see the country making significant savings on power imports. – The Herald, 26 June 2017 

By |June 26th, 2017|Categories: Headlines|

About the Author:

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.