HARARE Zimbabwe (Xinhua) --
Zimbabwe has lost the support of 50 international
banks in the past decade due to Western sanctions, central bank
governor John Mangudya said Wednesday.
With now only three
international banks are availing credit to it, Zimbabwe had
become starved of foreign finance to develop its stuttering
economy, Mangudya said.
financial institutions provided services such as wire transfers,
business transactions, accepted deposits and gathered documents
on behalf of local banks, Mangudya said.
“Zimbabwe is a very
isolated country. We only have about two or three banks
throughout the whole world than can finance us. The rest see
Zimbabwe as a high risk country, as a result our access to
foreign currency is so minimal,” the governor was quoted as
saying by state-run news agency New Ziana.
He said Zimbabwe’s
current economic challenges were emanating from the Western
multiple foreign currencies in 2009 after its currency had been
rendered worthless by a decade of hyperinflation.
However, the country
is struggling to keep the multi-currency system in place as it
does not have access to direct support from multilateral and
other international financial institutions.
Out of the nine
currencies in the multiple currency basket, the U.S. dollar has
become the dominant currency but it is now in short supply due
to low exports and externalization, according to the government.
Local bond notes
introduced by the central bank last November have failed to tame
a cash shortage gripping the economy.
Mangudya said the
cash shortages can only be addressed by solving the country’s
fiscal deficit, trade deficit, consumptive spending and market
He added that
Zimbabwe prematurely dollarized in 2009 before putting correct
fundamentals in place.
“If it was in the
context of building, we were supposed to have what is called a
special foundation. We should not have opened up the economy the
way we did,” Mangudya said.
governor was quoted by the local media Wednesday as saying that
the central bank was looking at increasing the 200 million
Afreximbank facility backing the bond notes.
The notes are
trading at par with the U.S. dollar and the central bank has
disbursed 160 million bond notes so far.
Media reports say
some of the bond notes are being traded in Zimbabwe’s
neighboring countries, contributing to the ongoing cash
Zimbabwe tourist arrivals up
six per cent in first quarter
HARARE international (Xinhua) --
Zimbabwe registered a 6-percent rise in tourist
arrivals in the first quarter of 2017 to 479,718 up from 450,572
during the same period last year, the Zimbabwe Tourism Authority
(ZTA) said Wednesday.
The ZTA said the
increase was mainly driven by the 5-percent rise in arrivals
from mainland Africa, along with all other major markets except
Asia, which registered a 4-percent decline.
According to the ZTA,
Africa continued to command the bulk of arrivals in Zimbabwe
with an 84-percent market share, followed by Europe (7 percent),
the United States (5 percent), Asia (3 percent) and the Middle
East and the Oceania (1 percent).
The ZTA, however,
expressed concern at the stagnation of arrivals from South
Africa, the country’s major market.
“This calls for
serious consideration in addressing facilitation issues
especially at Beitbridge Border post. There is also need to
seriously look at upgrading roads especially the Harare-Beitbridge
highway,” the ZTA said.
During the period,
arrivals from Europe rose by 29 percent to 35,381 from 27,433
with increases in most major markets including Britain that
registered a growth of 132 percent, France (76 percent) and
Germany (8 percent).
“The increase in
European arrivals is a positive development considering the fact
that this region closed with an 18-percent decline in 2016. The
European market share stood at 7 percent and is second only to
Africa, thus Europe, remains as the greatest overseas market for
the country,” the ZTA said.
The Americas had
been a major expanding market in 2016 and continued to increase
in the first quarter of 2017, contributing 23,297 arrivals, 3
percent up from 22,620 in the first quarter of 2016, the ZTA
2.2 million tourist arrivals in 2016 generating an estimated 819
million dollars in revenue, up from 2 million received in 2015.
The country is
targeting to reach 5 million tourist arrivals by 2020.
Zimbabwe surpasses 2017 first
half revenue target
HARARE Zimbabwe (Xinhua) --
Zimbabwe surpassed its revenue target for the
first half of 2017 by 9.74 percent after net collections stood
at 1.701 billion U.S. dollars against 1.550 billion dollars
collected during the same period last year.
for the period under review stood at 1.789 billion dollars, 8.05
percent above target, the Zimbabwe Revenue Authority (ZIMRA)
“Company tax, valued
added tax on imports, mining royalties, dividends, fees,
interest remittances and other indirect taxes surpassed their
set targets for the first half of 2017,” ZIMRA said.
ZIMRA attributed the
positive performance to revenue enhancement measures it is
implementing such as automation, audits and anti-corruption
Willia Bonyongwe said the tax agency was upping its fight
against tax corruption, pointing out that during the period, the
anti-corruption hotline received 394 reports, out of which 218
were fully investigated while the remaining cases were still
under different stages of investigation.
yielded about 120 million dollars in assessments,” Bonyongwe
She called for more
measures to increase tax compliance, noting that “most traders
in the central business district and major shopping centers are
yet to comply.”
Zimbabwe could easily collect 6 billion dollars in revenue
annually if everyone was tax compliant.
She said tax debt
increased by 16.85 percent during the first half from 2.76
billion dollars in January to 3.12 billion dollars as at June
30, as companies struggle to survive in the difficult economic
revenue target for 2017 is 3.4 billion dollars against an
expenditure of 3.7 billion dollars.
Zimbabwe expecting more
trafficked women to return from Kuwait
HARARE (Xinhua) --
Zimbabwe said Wednesday it is expecting more
women who were trafficked to Kuwait to come back home.
Zimbabwe learnt last
year that an estimated 200 Zimbabwean women were stranded in
Kuwait after falling victim into human trafficking schemes.
Since then, 128
women have been returned to Zimbabwe. They had been lured to the
Arab country after being promised lucrative jobs only to be
turned into slaves by their employers.
government said the women were recruited by friends and
relatives. While in Kuwait, the women were subjected to harsh
working environments and suffered physical abuse.
The first group of
32 women was repatriated in April 2016 while the latest group
arrived back in the country in May.
in the Ministry of Public Service, Labor and Social Welfare
Ngoni Masoka said more women were still expected back in the
country from Kuwait.
“It is worth
mentioning that more women are still expected to come as more
awareness is raised with the support of the Zimbabwean Embassy
in Kuwait,” the permanent secretary said while addressing a
parliamentary committee Wednesday.
vulnerabilities that may push victims back into being
trafficked, the International Organization of Migration in
partnership with the ministry had sourced funding for provision
of medical and psycho-social support to the identified victims,
“The first hundred
returnees have submitted project proposals that will be funded
to a maximum of 1,500 dollars each to start income generating
projects,” he said.
Zimbabwe bans use of kaylite
over health, pollution concerns
HARARE Zimbabwe (Xinhua) --
Zimbabwe has banned the use of expanded
polystyrene, commonly referred to as kaylite, as it moves to
protect public health and stop massive pollution caused by
Management Agency (EMA) spokesperson Steady Kangata confirmed to
Xinhua that the ban targeting products used to package takeaway
and refrigerated foods was with immediate effect.
A notice issued
Wednesday by the board chairperson of EMA Zenzo Nsimbi said that
the ban was effected in line with a 2012 statutory instrument
that prohibited the manufacture or importation of kaylite for
use or commercial distribution within the country.
“The ban has been
effected after wide consultation in order to protect the
citizens of Zimbabwe from the environmental and health impacts
caused by expanded polystyrene,” he said.
He added that
anybody who violated the ban would be guilty of an offense.
The move has taken
many food outlet operators by surprise, with a supermarket
worker saying she wondered how they would continue serving their
customers with takeaway food.
“So are we going to
ask them to bring their own plates and cups?” she said.
offering takeaway food have been using the kaylite in lieu of
proper plates and cups.
however, not been binning them after use, resulting in the
clogging of storm drains and a higher prevalence of flooding in
the city center and littering of the country’s rivers.
Even the highways
have become heavily littered as people threw the kaylite out of
moving vehicles after finishing their meals.
Results of a
research by the University of Zimbabwe that was published
recently said kaylite contained cancer-causing styrene which
could migrate to food as it was warmed or refrigerated.
Namibia prime ahead of clash
with Zimbabwe’s ‘Sables’ in Gold Cup tie
WINDHOEK Namibia (Xinhua) --
Namibia’s Rugby team ‘Welwitschias’ assistant
coach Rodger Thompson said his team is ready to retain the Gold
Cup ahead of their tie against Zimbabwe’s ‘Sables’ on July 15 in
Windhoek at the Hage Geinob Stadium.
came out victorious after they thumped Senegal 95-0 last week
and retuned to the top of the table, three points ahead of Kenya
“We all know of how
potent the Zimbabwe back three is, but we are prepared for their
team, both physically and mentally,” Thompson said on Wednesday.
Thompson, the ‘Sables’ always present a different challenge and
to counter that he said that Namibia went back to the drawing
board to fix the obvious problems, like their kick game.
Furthermore he said
that since his team is a mixture of talent in all age groups,
they are going to use the seniors to boost the confidence of the
“We have a healthy
balance of juniors in the team, so basically we might say our
fitness levels are on point,” he said.