Underperforming diamond revenue stifling growth — Biti
Finance minister Tendai Biti yesterday painted a gloomy picture of Zimbabwe’s economic outlook blaming the underperformance of the diamond revenue for the stifled growth.
Consumer inflation at 4,03%
Zimbabwe’s year-on-year consumer inflation rate rose to 4,03% in April from 3,98% the previous month driven by alcoholic beverages, tobacco, rentals and utilities.
Auction floors in trouble
The countrys tobacco auction floors are facing viability challenges as a result of stiff competition from contractors who are being accused of side marketing.
IMF urges more reforms
The International Monetary Fund (IMF) has advised the government to adopt austerity measures in a bid to prevent the public sector wage bill from crowding out critical government projects.
Unpack indigenisation Hativagone
The ongoing indigenisation crusade, coupled with water and electricity shortages, is curtailing the countrys investment prospects, Zimbabwe Investment Authority chairperson Marah Hativagone has said.
Biti sweats over funds
Finance minister Tendai Biti yesterday said a Chinese company had failed to remit revenue from its operations in the Marange diamond fields amid fears it was channelling the money to other structures outside central government.
EU-Zim pact begins
The interim economic partnership agreement concluded by the European Union (EU) and Zimbabwe came into force yesterday.
Budget off the rails
The 2012 National Budget has been thrown off the rails following indications by Mines and Mining Development minister Obert Mpofu that diamond revenue might not meet the projected target of $600 million.
Zimbabwe committed to economic reform Comesa
Zimbabwe has shown political will and commitment to implement the Common Market for Eastern and Southern Africa (Comesa) roadmap which seeks to improve business environment in the region.
Zim weak business environment continues
Zimbabwe continues to have a weak business climate and persistent financial sector vulnerabilities despite the formation of an inclusive government four years ago, recent research has revealed.
- Underperforming diamond revenue stifling growth — Biti Finance minister Tendai Biti yesterday painted a gloomy picture of Zimbabwe’s economic outlook blaming the underperformance of the diamond revenue for the stifled growth.
