Former President Mugabe and Nelson Chamisa Grand National Union document RELEASED by Jonathan Moyo

Exiled Professor Jonathan Moyo has released the draft of the failed Grand National Union that was supposed to create an electoral pact between former President Robert Mugabe and MDC leader Nelson Chamisa together with other small parties. Moyo said he …

Exiled Professor Jonathan Moyo has released the draft of the failed Grand National Union that was supposed to create an electoral pact between former President Robert Mugabe and MDC leader Nelson Chamisa together with other small parties. Moyo said he released the document after Pastor Shingi Munyeza leaked two of the pages to the public. […]

Bazooker sends both young and old people into a frenzy in Gweru

Fast-rising Zimdancehall chanter Bazooker left Gweru fans asking for more after he delivered a top-drawer performance at the official opening of Steak ‘n’ Chips food outlet on Saturday afternoon. The 23-year-old musician had fans eating out of the palm…

Fast-rising Zimdancehall chanter Bazooker left Gweru fans asking for more after he delivered a top-drawer performance at the official opening of Steak ‘n’ Chips food outlet on Saturday afternoon. The 23-year-old musician had fans eating out of the palm of his hand when he performed his hits songs Umdala Wethu, Kumba Kwedu, Mababy Akawanda, Handiridi […]

Budget deficits now history

Source: Budget deficits now history | The Herald April 29, 2019 Prof Ncube Golden Sibanda Senior Business Reporter Consolidated statements of financial performance gazetted on Friday have revealed a strong positive variance between income and expenditure, indicating that Government may have found a lasting solution to dealing with budget deficit. The consolidated financial statements show […]

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Source: Budget deficits now history | The Herald April 29, 2019

Budget deficits now historyProf Ncube

Golden Sibanda Senior Business Reporter
Consolidated statements of financial performance gazetted on Friday have revealed a strong positive variance between income and expenditure, indicating that Government may have found a lasting solution to dealing with budget deficit.

The consolidated financial statements show that in February 2019 there was a surplus of 31 percent, up from the 4 percent recorded in January.

The statements for both months confirm remarks by Finance Minister Mthuli Ncube last week that Government finances were now in a healthier state than over the past few years.

Minister Ncube lamented price increases by businesses, saying it was speculative as Government had stabilised key fundamentals, including overexpenditure, which previously exerted pressure on inflation.

Government has often received flak for reckless expenditure and living beyond its means, which fuelled inflation and the wild run of parallel market foreign exchange rates, in turn driving up prices of basic goods.

The two percent tax on online cash transfers has been a consistent performer in terms of revenue contributions since inception in October last year averaging $100 million over the last two months,.

The Intermediated Money Transfer Tax is part of austerity measures being undertaken by Government which include expanding revenue inflows to support key socio-economic programmes, but the new thrust entails doing this within budgeted Government finances to avoid destabilising budget overruns.

The gazetted figures showed that total revenue for January 2019 came in at $487 million against a budget of $467 million, resulting in a positive variance of $20,6 million, while expenditure totalled $385 million against a budget of $483 million.

Given revenue inflows of $487 million and total expenditure of $385 million, Treasury managed to record a surplus of $102 million, confirming what Minister Mthuli said last week at the Zimbabwe International Trade Fair (ZITF) in Bulawayo.

Minister Ncube said Government was solvent and doing very well on the fiscal front, which has seen it running surpluses that have averaged $100 million since September last year when he came in.

“Major contributors to this positive variance were non-tax revenue, which contributed $19,3 million against budget of $11,5 million and other taxes, which contributed $120,6 million against a budget of $81,1 million, resulting in a positive variance of $39,4 million,” reads the gazetted financial statements.

According to the financial statements, the Government spent $379 million on recurrent expenditures against a budget target of $437,9 million, giving a positive variance of $98,2 million or 20 percent.

Employment costs gobbled a total of $279,6 million compared to a budget of $279,2 million, giving a negative variance of just $383 000 over the 31 days.

Current transfers totaled $54,9 million against a budget of $75,3 million, resulting in a 27 percent variance or $20,4 million in dollar terms.

In January 2019, the consolidated financial accounts show that the Government spent an insignificant amount of funds on capital programmes than it had planned for the period under review.

The encouraging public financial performances by Government extended to February, which saw State revenues totalling $606 million against targeted expenditure for the period of $426 million.

The financial outturn gave a positive variance of $143 million and mjor contributors were non-tax income at $141 million (budget $113 million) and tax on goods, which raked in $336 million (budget $256 million).

Expenditure in February amounted to $521 million against target of 505,7 million, resulting in a negative variance of 3 percent, as Treasury kept the pursestrings tight.

Employment costs during this period, which consume the bulk of Government finances, gobbled $233,4 million against a budget target of $231 million, reflecting a variance of 2,1 percent.

Expenditure on capital programmes amounted to $7,3 million against target of $47,1 million, representing under-expenditure of $39,8 million for the period.

“Airtime levy for February 2019 contributed $11,7 million against a budget of $10,2 million,” reads the financial statements. “This levy is ring-fenced for medical equipment and drugs. Its utilisation is contracted by the need to provide foreign currency for drugs.”

In January, the airtime levy raised $13,7 million against a target of $9,1 million.

While the Government has managed to increase revenue inflows, often beating its revenue targets, it has maintained a tight leash on expenditures to rein in money supply blamed for fuelling inflation.

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BRI opens new doors for Zim

Source: BRI opens new doors for Zim | The Herald April 29, 2019 Mr Zhao Baogang Kuda Bwititi Chief Reporter China’s signature foreign policy programme, the Belt and Road Initiative (BRI), has opened fresh opportunities for Harare to elevate its relationship with Beijing and also unlock fresh funding for economic projects, a top Chinese official […]

The post BRI opens new doors for Zim appeared first on Zimbabwe Situation.

Source: BRI opens new doors for Zim | The Herald April 29, 2019

BRI opens new doors for ZimMr Zhao Baogang

Kuda Bwititi Chief Reporter
China’s signature foreign policy programme, the Belt and Road Initiative (BRI), has opened fresh opportunities for Harare to elevate its relationship with Beijing and also unlock fresh funding for economic projects, a top Chinese official has said.

The second BRI summit ended at the weekend, unlocking multibillion-dollar deals for countries which China has partnered under the initiative.

About 40 heads of state from around the world, including Russia’s Vladimir Putin, attended the summit which sought to elevate China’s connectivity with the rest of the world.

Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa headed Zimbabwe’s delegation at the summit.

In an interview, China’s deputy ambassador to Zimbabwe, Mr Zhao Baogang, said Harare is poised for massive benefits from BRI.

Mr Zhao said financial cooperation between the two countries is expected to go north.

“We want to emphasise that China will continue to provide more loans and more grants to Zimbabwe. But what is important to note is that even greater financial cooperation can be achieved through the investment that the ambassador has emphasised.

“There is no limit to the amount of investment that can come to Zimbabwe from China. We urge your Government to do more to attract Chinese investors through the ease of doing business.”

Mr Zhao the said the ball was in Zimbabwe’s court to receive capital from China, as the Oriental state plans to invest $750 billion in the next 10 years under BRI projects.

“It is really up to Zimbabwe’s Government and business to see what projects they come up with to get a bigger share of the $750 billion than other countries.

“Since BRI was launched 300 000 jobs have been created on the Old Silk Road route.”

The Silk Road was an ancient network of trade routes that connected the East and West.

Mr Zhao said in line with the thrust to upgrade relations, a high-powered Government delegation headed by Minister of Foreign Affairs and International Trade will visit Beijing in the next few weeks.

“The Ministry of Foreign Affairs in China has invited your Minister of Foreign Affairs to discuss these issues. We believe that such dialogue gives the platform for us to understand each other and understanding each other is the foundation for greater cooperation.”

Mr Zhao said there is great scope to increase trade between the two countries, as the world’s second largest economy provides a huge market opportunity for Zimbabwe to sell its products, particularly agricultural produce.

He said in the next decade, China’s commodities market will be worth a whopping $24 trillion.

“This year in June, the Zimbabwe delegation will be invited to China for a high-level exhibition in the city of Chan-Sha.

“This will be yet another chance for Zimbabwe to showcase its products. There is a huge market for agriculture produce, in particular citrus products.

“In fact, it is estimated that in the next 10 to 15 years, China will import US$24 trillion of goods from around the world. China has a huge market through its 1,4 billion people.

“We want your Ministry of Agriculture to work with our embassy to take up these opportunities which can be very lucrative for Zimbabwe.”

Mr Zhao said under the BRI’s infrastructure cluster China wants to assist Zimbabwe in the construction of railways and roads.

He said under people-to-people exchanges more than 1 000 Zimbabweans will travel to China for educational scholarships and training programmes.

There is also going to be an enhancement in cultural exchanges between peoples from the two countries.

In her remarks in one of the meetings at the summit, Minister Mutsvangwa said BRI “could not have come at a more propitious time for Zimbabwe” as it feeds into Vision 2030.

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MAN STEALS $69K THROUGH CLONED CARDS

A CHITUNGWIZA man on Saturday appeared at the Harare
Magistrates’ Court charged with unauthorised use or possession of debit cards
after he allegedly cloned bank debit cards for CABS account holders and
transferred a total of $69 000 before he conver…

A CHITUNGWIZA man on Saturday appeared at the Harare Magistrates’ Court charged with unauthorised use or possession of debit cards after he allegedly cloned bank debit cards for CABS account holders and transferred a total of $69 000 before he converted the money to his personal use. Donald Shorai Jima (29), of Zanuyotonga Road in Zengeza, appeared before magistrate Barbara Mateko, who

PRICE MADNESS : COOKING OIL NOW $13

PRICES of goods and services have continued to gallop away
with another massive hike effected at the weekend as retailers seek to cushion
their businesses against runaway inflation and foreign currency shortages.

This comes hardly a fortnight afte…

PRICES of goods and services have continued to gallop away with another massive hike effected at the weekend as retailers seek to cushion their businesses against runaway inflation and foreign currency shortages. This comes hardly a fortnight after government threatened to introduce price controls as part of measures to tame the price madness and protect hard-pressed Zimbabwean consumers,

CHAMISA UNCHALLENGED

MDC leader Nelson Chamisa will be unchallenged at the
party’s congress to be held in Gweru next month after he emerged the only
presidential candidate nominated by all the opposition movement’s 13 provinces.

Chamisa was nominated uncontested by …

MDC leader Nelson Chamisa will be unchallenged at the party’s congress to be held in Gweru next month after he emerged the only presidential candidate nominated by all the opposition movement’s 13 provinces. Chamisa was nominated uncontested by 10 provinces in the country as well as the North American and United Kingdom branches before South Africa sealed his victory on Saturday. This

NURSES SELLING HOME MADE MAHEWU TO PATIENTS

THE country’s continued economic meltdown has forced nurses
and staff at Chiredzi General Hospital to device bizarre methods of
supplementing their meagre salaries.

It is alleged that they have thrown professional health
standards through the wind…

THE country’s continued economic meltdown has forced nurses and staff at Chiredzi General Hospital to device bizarre methods of supplementing their meagre salaries. It is alleged that they have thrown professional health standards through the window, and are now selling repacked overnight mahewu and uncertified frozen water to patients admitted at the hospital. This was revealed by Tafara

ROBBERS BREAK INTO GRACE MUGABE’S BEDROOM

TWO men, armed with a rifle, allegedly broke into former
First Lady Grace Mugabe’s Chivhu rural bedroom in Mazhawidza village on
Thursday.

The suspects, Simbarashe Chokera (25) of Chivhu and Julias
Monera (21) from Buhera, had committed a series…

TWO men, armed with a rifle, allegedly broke into former First Lady Grace Mugabe’s Chivhu rural bedroom in Mazhawidza village on Thursday. The suspects, Simbarashe Chokera (25) of Chivhu and Julias Monera (21) from Buhera, had committed a series of robberies in the Chivhu area before the latter was caught red-handed while carrying mattresses he had stolen from Grace’s bedroom. The duo

FARM GRAB : COURT BLOCKS MINISTER’S AIDE

Terrence Machocho, a director in Manicaland Provincial
Affairs minister Ellen Gwaradzimba’s office has lost a case in which he was
trying to evict a Chipinge farmer from his Stilfontein of Umzila Farm.

The matter was heard at the High Court circui…

Terrence Machocho, a director in Manicaland Provincial Affairs minister Ellen Gwaradzimba’s office has lost a case in which he was trying to evict a Chipinge farmer from his Stilfontein of Umzila Farm. The matter was heard at the High Court circuit in Mutare by Justice Isaac Muzenda, who ruled against Machocho’s farm grab. The applicant in the matter was Lameck Bvurere, who cited Machocho