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President Emmerson Mnangagwa said the government’s recent adoption of tough economic measures was in response to the wayward behaviour of some economic players which had led to sharp price increases and exchange rate volatility.
In May, the Reserve Bank of Zimbabwe (RBZ) ordered banks to temporarily stop lending and also introduced a forex transaction tax.
Recently, the central bank increased interest rates to 200 per cent to curb speculative borrowing and announced the planned introduction of gold coins to ease US dollar demand.
President Mnangagwa had a meeting with the business community dubbed “Listening President Business Luncheon” in Kwekwe on Friday.
Responding to a contribution by Dendairy managing director, Darren Coetzee, who had complained about RBZ raising its main policy rate to 200 per cent, Mnangagwa said:
<blockquote>
You complained about the 200 per cent interest rate. It’s intended to cure misbehaviour by the financial sector.
Banks were formed to lend to people, but they engaged in mischief that was affecting the economy.
We closed lending for eight days and within those days we discovered the rot in the banks. Out of the 16 banks, only four passed the test. Others were in deep corruption.
After we found the rot in the banking sector, there were two possibilities, one to expose them and the other to punish them.
We could not punish them because you (clients) were going to withdraw all your money from those banks and they would fold.
So, the banks pleaded with us to just punish them outside of the eyes of the public and that is what we are doing to them.
</blockquote>
Mnangagwa said people should focus on what he called the good things which his government has done instead of crying about challenges. He added:
<blockquote>
Some of the policies are aimed at protecting the members of the public from mischievous individuals and syndicates sabotaging the people’s way of life.
When we said ‘Zimbabwe is open for business’, we didn’t say it’s open to mischief or corruption.
But there are people, a sizable number of people in the economy who are mischievous and we are putting in place measures to stop them.
</blockquote>
<h4>More: <a href="https://www.herald.co.zw/business-mischief-provokes-tough-policy-measures/">The Herald</a></h4>

Pindula News

Business Mischief Invites Tough Policy Measures - ED

Jealousy Mawarire, the spokesperson of the National Patriotic Front (NPF), says the bank lending ban announced by President Emmerson Mnangagwa nearly a fortnight ago was an attempt to conceal the “real” cause of the fall in the value of the Zimbabwe dollar.
On Saturday, 7 May, Mnangagwa issued a decree stopping banks from lending activities or offering credit lines to businesses and individuals.
He made the announcement during a surprise nocturnal address to journalists at State House while flanked by Finance and Economic Development Minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya.
Mawarire claimed that the exchange rate chaos started after the Government paid nearly 3 billion Zimbabwe dollars to a Chinese company.
After receiving the alleged money, the unnamed Chinese company dumped the cash on the black market in search of US dollars. <a href="https://twitter.com/mawarirej/status/1527219309684170753">Said Mawarire:</a>
<blockquote>
FYI (for your information), the purported suspension of bank loaning by ED was an attempt to divert attention from the real cause of the exchange rate chaos going on.
Get it from me, the chaos started after govt paid Z$2.8bn to some Chinese co which went on the black market to buy US$, we know it.
</blockquote>
Mawarire was responding to another Twitter user, <a href="https://twitter.com/MyWorldZMtime/status/1527211782783356929">My World, My Time</a>, who had said there is no evidence of the looting of national resources in Zimbabwe but foreign interference through the use of proxies.
Speaking after the ban was effected, Mangudya said that the PBZ will investigate companies that were offered contracts by the Government to see if they are not the ones dumping huge sums of Zimbabwe dollars on the black market. He said:
<blockquote>
… we also understand that the Government is also paying part of those contractors in foreign currency so that the appetite for foreign currency is reduced because they will be having foreign currency from Government to buy their bitumen, spares, tools and fuel that they require for the roads.
So it means the balance that they get in local currency they should be able to keep it in this country.
But, if they want to preserve value by going to sell it again stoking inflation, then they are the wrong people who are working for us.
</blockquote>
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

Zimbabwe Dollar Plunged After ZWL$2.8 Billion Payout To Chinese Company - Mawarire

Jealousy Mawarire, the spokesperson of the National Patriotic Front (NPF), says the bank lending ban announced by President Emmerson Mnangagwa nearly a fortnight ago was an attempt to conceal the “real” cause of the fall in the value of the Zimbabwe dollar.
On Saturday, 7 May, Mnangagwa issued a decree stopping banks from lending activities or offering credit lines to businesses and individuals.
He made the announcement during a surprise nocturnal address to journalists at State House while flanked by Finance and Economic Development Minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya.
Mawarire claimed that the exchange rate chaos started after the Government paid nearly 3 billion Zimbabwe dollars to a Chinese company.
After receiving the alleged money, the unnamed Chinese company dumped the cash on the black market in search of US dollars. <a href="https://twitter.com/mawarirej/status/1527219309684170753">Said Mawarire:</a>
<blockquote>
FYI (for your information), the purported suspension of bank loaning by ED was an attempt to divert attention from the real cause of the exchange rate chaos going on.
Get it from me, the chaos started after govt paid Z$2.8bn to some Chinese co which went on the black market to buy US$, we know it.
</blockquote>
Mawarire was responding to another Twitter user, <a href="https://twitter.com/MyWorldZMtime/status/1527211782783356929">My World, My Time</a>, who had said there is no evidence of the looting of national resources in Zimbabwe but foreign interference through the use of proxies.
Speaking after the ban was effected, Mangudya said that the PBZ will investigate companies that were offered contracts by the Government to see if they are not the ones dumping huge sums of Zimbabwe dollars on the black market. He said:
<blockquote>
… we also understand that the Government is also paying part of those contractors in foreign currency so that the appetite for foreign currency is reduced because they will be having foreign currency from Government to buy their bitumen, spares, tools and fuel that they require for the roads.
So it means the balance that they get in local currency they should be able to keep it in this country.
But, if they want to preserve value by going to sell it again stoking inflation, then they are the wrong people who are working for us.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Some locally-manufactured basic commodities are running out at retail shops raising fears of a repeat of the 2008 scenario when supermarket shelves were virtually empty.
Some supermarkets are reportedly limiting the number of commodities such as cooking oil per customer to prevent hoarding which would result in an artificial shortage of the product.
On 7 May 2022, President Emmerson Mnangagwa ordered banks to suspend lending to corporates and individuals, including the manufacturing sector.
The move is believed to have triggered the current shortages of cooking oil and mealie meal, among other basic commodities.
Speaking in an interview with NewsDay, Consumer Council of Zimbabwe (CCZ) executive director Rosemary Mpofu said they were monitoring the situation. Said Mpofu:
<blockquote>
We are in constant engagement with the suppliers of goods to check what could be the cause of those shortages.
We are conducting a survey to come up with a true picture of the situation throughout the country.
It could just be an issue synonymous with some particular shops which could be different from the situation obtaining countrywide.
Our Monday (today) survey outcome will then explain the issues at hand.
</blockquote>
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said that the failure of the Reserve Bank of Zimbabwe’s foreign currency auction system resulted in the industry failing to access US dollars to buy critical raw materials. Said Matsheza:
<blockquote>
We import crude oil from Brazil, so we need foreign currency, but the auction has been failing to give manufacturers sufficient US dollars to be able to import.
On the issue of mealie-meal shortage, it has something to do with the fact that the government stopped millers from buying except the Grain Marketing Board (GMB), which created bottlenecks in the supply chain.
It depends on how the government will act. The policies put in place will determine whether the situation gets back to normal or not.
</blockquote>
<h4>More: <a href="https://www.newsday.co.zw/2022/05/panic-as-basics-run-out/">NewsDay</a></h4>

Some Basic Grocery Items Running Out

The Zimbabwe Congress of Trade Unions (ZCTU) has criticised President Emmerson Mnangagwa for announcing a raft of economic stabilisation measures without consulting partners at the Tripartite Negotiation Forum (TNF).
The TNF is a social dialogue platform which brings together employers’ organizations, trade unions, and the government to discuss policy proposals before they are promulgated.
In a statement, ZCTU secretary-general, Japhet Moyo also condemned the fact that the measures were announced at night. Moyo said:
<blockquote>
We are concerned about the nocturnal announcement of these measures without any social dialogue which goes against the letter and spirit of the TNF.
The ZCTU is also concerned that some of these measures might further weaken the already weak confidence and trust in the local currency and economy in general thereby threatening the few remaining formal sector jobs.
</blockquote>
Moyo argued that the measures will result in the further informalisation of the economy and stoke up inflationary pressures. He said:
<blockquote>
The foreign currency cash withdrawal levy will discourage economic agents from using the formal banking sector which will further exacerbate the already high level of informality in the economy.
The settlement of foreign currency tax obligations in local currency will also result in an increase in broad money supply growth in the economy which could further stoke up inflationary pressures in general.
</blockquote>
He demanded the revival of the TNF saying is it the best platform to address the challenges bedevilling the economy. Said Moyo:
<blockquote>
Going forward, the ZCTU reiterates its demand for payment of wages and salaries in US$ as the economy dictates.
We also call for all the social partners to come together under the aegis of the TNF to address the macroeconomic and development challenges our economy has been facing in an inclusive and sustainable manner while leaving no one behind.
</blockquote>
<h4>More: <a href="https://www.newzimbabwe.com/zctu-slams-mnangagwa-for-sidelining-tnf/">NewZimbabwe.com</a></h4>

ZCTU Criticises Mnangagwa For Sidelining TNF

Local manufacturers have criticised Government’s decision to reduce import duty on basic commodities to enable citizens with free funds to import groceries to meet their personal needs.
On Saturday, Finance and Economic Development Minister Mthuli Ncube said that import tariffs on basic commodities will be slashed to enable citizens to access affordable basic commodities from other countries.
The move is expected to force local manufacturers to reduce their prices due to competition.
However, Confederation of Zimbabwe Industries president Kurai Matsheza told NewsDay that the measures had the capacity to cripple the economy. Said Matsheza:
<blockquote>
It doesn’t sound like a good policy because if there was a problem, what they should do is reduce duties on raw materials.
That move alone means the local manufacturers will not be able to manufacture the goods.
The imported goods will be on our shelves. So the productive sector out there will be very busy filling our shelves here.
So if you look at the value chains that are involved, they are killing our economy. So I don’t think that helps at all.
</blockquote>
Market analyst Maxwell Saungweme said that the statement by Ncube shows that the Government has run out of ideas on how to deal with ongoing economic challenges. Saungweme said:
<blockquote>
This statement is an admission by the government that it has failed and it is also an admission of cluelessness, policy inconsistencies and contradictions which are tell-tale signs of people who have run out of ideas.
Last week, the President issued a statement that seemed to be discouraging the use of foreign currency. So this is an admission of hopelessness.
</blockquote>
Meanwhile, Zimbabwe National Chamber of Commerce (ZNCC) chief executive Christopher Mugaga said the Government has done the right thing by reducing import duty on basic commodities. He said:
<blockquote>
Ncube simply opened the floodgates for realism. If we look at our local production, look at the contribution of factories, gross domestic product and all, it has been going down.
Now with the current issue, it will determine whether we will be able to satisfy this market. So I think Ncube just did the right thing.
That statement is the reality, we need to liberalise a bit in terms of product accessibility for our consumers which is important to a certain extent.
There is certainly no shocker; I’m surprised when people are surprised by that statement. I’m not sure what they expected.
</blockquote>
In the statement issued on Saturday, Ncube also said grain farmers will be paid 30 per cent of their proceeds in US dollars when they deliver grain to the Grain Marketing Board.
<h4>More: <a href="https://www.newsday.co.zw/2022/05/panic-as-basics-run-out/">NewsDay</a></h4>

"Reducing Import Tariffs On Basic Commodities Will Kill Local Industry"

Sugar processor Tongaat Hulett has announced new sugar prices effective 14 May 2022. The prices are pegged in US dollars.
According to a notice by the company, recommended retail selling prices of sugar are as follows: US$1.62 for 1kg, US$3.25 for 2kg, US$8.12 for 5kg and US$16.25 for a 10kg pocket.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FS2vm5HXwAY9Gpn?format=jpg&amp;name=900x900"/>
The latest price hike comes in the wake of President Emmerson Mnangagwa’s ban on banks from lending to corporates and individuals.
The ban on bank lending has triggered shortages and price hikes of basic products.
On Saturday, Finance and Economic Development Minister Mthuli Ncube announced a reduction in import tariffs on basic commodities.
Ncube conceded that the prices of basic goods are now beyond the reach of many hence citizens with free funds can now buy their groceries from other countries. Said Ncube:
<blockquote>
To further ensure that citizens have access to affordable basic commodities, in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures. This is with immediate effect.
Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Tongaat Hulett Hikes Sugar Prices

Former Deputy Minister for Information, Publicity and Broadcasting Services, Energy Mutodi, has accused  Finance Minister Mthuli Ncube of being too slow to respond to negative economic developments.
Speaking in the National Assembly, Mutodi, who is the Goromonzi West MP (ZANU PF), asked Ncube why it took him such a long time to realise that buying and selling foreign currency has become the primary business in the country.
Mutodi also asked Ncube why Zimbabwe continued to use bond notes when he (Mthuli) has previously stated that “bad money drives out good money” before he became a Cabinet Minister.
Below is the full text of Mutodi’s submission to the National Assembly:
<blockquote>
Hon. Mutodi: Thank you Madam Speaker Ma’am. My point of clarity to the Minister is that before his assumption of duty as a Minister of Finance, he indicated that bad money drives out good money.
He was referring to the use of a surrogate currency, the bond notes that we are using. 
Surprisingly, the Minister has maintained the use of bond notes. This means the use of dual currency for the economy.
What measures have we put in place as a country to ensure the sustainability of this dual currency?
We know it very well, he is a professor of economics but a dual currency needs to be delicately managed to ensure that we do not lose public confidence in the banking sector. 
The Minister must clarify the measures that he has put in place to ensure that the dual currency is sustainable.
Madam Speaker Ma’am, we have seen recently an exchange rate driven inflation. I want to thank the Minister and His Excellency the President for the temporary hold on bank lending.
However, we need clarity on what is going to be done to ensure that critical manufacturing companies continue to survive and be able to provide goods on supermarket shelves.
Why did it take a long time for authorities to realise that the primary business on the market was now buying and selling foreign currency?
In the first place, who is supplying the RTGS dollars to the parallel market? Is it the banks?
Is it the contractors that Government has engaged in the road rehabilitation programme? Who is actually supplying the RTGS?
With the contractors, it is clear that when you want to do a major project like road development, obviously you need a long-term loan to finance it. How are we financing the road projects Madam Speaker Ma’am?
If you are financing from our fiscal budget, is that not contributing to the exchange rate driven inflation because the contractors are being paid in RTGS and they seek the USD on the black market?
That affects the ordinary person who is earning a ZW$40.000 salary. Obviously, they are paying rentals and fuel in USD. We need clarity on that Honourable Minister.
The last issue I will talk about is the economic planning investment. Are we planning the economy? Are we estimating our macro-economic variables on time?
How our money supply, our interest rates, inflation and other factors are going to perform over time such that not only the local people but also international investors can have confidence in our economy?
Also, the political risk factor, if you are driving towards attracting investment. We are competing for Foreign Direct Investment with other countries in the SADC region and Africa at large.
How have you dealt with the political risk factor? Are we sure that the lack of title deeds on farms is helping us in any way?
I humbly submit Madam Speaker Ma’am.
</blockquote>
<h4>More: <a href="https://openparly.com/index.php/2022/05/15/currency-crisis-mutodi-roasts-mthuli-ncube-for-sleeping-on-duty/">OpenParly</a></h4>

Energy Mutodi Criticises Mthuli Ncube For Sleeping On Duty

Opposition members of parliament have criticised the recent suspension of bank lending by President Emmerson Mnangagwa.
The legislators expressed their frustrations over the measures after Finance and Economic Development Minister Mthuli Ncube presented his state of the economy address in the National Assembly where he defended the interventions.
Former finance minister and Harare East legislator Tendai Biti (CCC) said that the ban on bank lending was unconstitutional. Biti said:
<blockquote>
Honourable minister, the statement you have just presented lacks parliament’s legal backing.
The ban imposed on the extension of lending by banks must be reversed. It is unconstitutional.
There is also interference with the Zimbabwe Stock Exchange (ZSE) which lost US$3 billion in three days. The ZSE has been crippled, the banking sector has been crippled too.
These developments signal the government’s introduction of yet another exchange rate which is not welcome.
Honestly, how can a country survive this kind of pricing system? Float the Zimbabwe dollar. It will stabilise.
</blockquote>
Glenview North Legislator Fani Munengami (MDC Alliance) demanded that Ncube addresses the issues that were raised by legislators. He said:
<blockquote>
Minister, why are you going round and round. Respond to what we asked for. People have one issue.
They want food on the table, rentals and be able to pay their children’s fees.
</blockquote>
Norton legislator Temba Mliswa (Independent) demanded the retraction of the President’s announcement. Said Mliswa:
<blockquote>
There is a need for retraction. Some of the policies by the government have a negative impact on the people. All confidence is gone.
</blockquote>
Meanwhile, the government gazetted a statutory instrument officialising Mnangagwa’s measures on Friday.
Statutory Instrument (SI) 96 of 2022 repealed section 22 G of the Finance Act to legalise the changes regarding the intermediated money transfer tax (IMTT) and cash withdrawals.
<h4>More: <a href="https://www.newzimbabwe.com/mnangagwa-measures-mps-gang-up-against-mthuli-ncube/">NewZimbabwe.com</a></h4>

MPs Combine Against Mthuli Ncube

ZANU PF insiders say President Emmerson Mnangagwa’s move to suspend bank lending was motivated by internal power dynamics in ZANU PF and the fear of losing the 2023 elections to a resurgent opposition.
The ruling party is scheduled to hold its congress later this year and there is speculation that Mnangagwa could be challenged by his deputy Constantino Chiwenga.
ZANU PF insiders who spoke to The Standard claimed that on one hand, Mnangagwa suspects his colleagues are sabotaging him while on the other, he fears the newly formed Citizens Coalition for Change (CCC). Said a senior ZANU PF member:
<blockquote>
Mnangagwa’s measures were calculated to deal with the pressure he is facing internally over the state of the economy.
There are a lot of dynamics at play with the upcoming congress and growing fears that CCC is gaining ground against ZANU PF.
There is also the constant fear that the president is being sabotaged by enemies from within and outside the party.
</blockquote>
On Saturday, 7 May, Mnangagwa issued a decree stopping banks from lending activities or offering credit lines to businesses and individuals.
Thereafter, Mnangagwa met the owners of companies that authorities blame for the exchange rate volatility.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza confirmed to The Standard that they met Mnangagwa last week. Matsheza said:
<blockquote>
We engaged the president and we are expecting the best outcome from those deliberations.
The engagement process is still ongoing and when we have finished the talk, the result will be publicised.
We are glad that he allowed us to meet him to talk about such issues affecting the industries.
</blockquote>
Meanwhile, Victor Bhoroma, a Harare based economist, blamed corruption for the country’s economic challenges. Said Boroma:
<blockquote>
The real causes of the economic failures we are witnessing today have their roots in the central bank.
The bank has no independence from political interference and has zero willingness to allow market forces to determine the price of foreign currency.
</blockquote>
In 2019, the Government reintroduced the Zimbabwe dollar but the local currency has been losing value rapidly over the past few months.
<h4>More: <a href="https://thestandard.newsday.co.zw/2022/05/15/revealed-why-ed-is-panicking-over-z/">The Standard</a></h4>

ED's Bank Lending Ban Linked To ZANU PF Internal Dynamics

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that the suspension of bank lending that was announced a week ago will be reviewed this week. Said Mangudya:
<blockquote>
The suspension will be reviewed next week (this week).
</blockquote>
On Saturday, 7 May, President Emmerson Mnangagwa announced the suspension of bank lending as part of measures to stabilise the Zimbabwe dollar that was in free fall.
Meanwhile, Mangudya said the move was necessary to find out what was causing the Zimbabwe dollar to lose value so rapidly and the reason behind rising inflation. Said Mangudya:
<blockquote>
What we have found out is what I have told you, that other corporates were heavily borrowing from the market or from the banks for the purposes of using that money to purchase their products and manipulate the exchange rate, which is called currency attack.
They attack the currency so that it depreciates, then they pay back their loans. In fact, they make a profit from borrowing.
Because the adjustment in the exchange rate is higher than the interest the bank will get. This is why the interest rates route was never going to work for these guys.
Because even if you put the rate at 80 per cent, the rate will depreciate much faster even if you put it at 100 per cent or 150 per cent.
As I read from Professor (Steve) Hanke, who said you need to increase the rate to 166 per cent, even if you put it at 166 per cent, they will send the parallel market rate to much higher than the value of the interest.
By so doing, you continue to chase your tail because they are moving the target. Because their job is to attack the currency.
</blockquote>
Mangudya revealed that the PBZ will investigate companies that were offered contracts by the Government to undertake various infrastructure projects such as roads and dams to see if they are not the ones dumping huge sums of Zimbabwe dollars on the black market. He said:
<blockquote>
That is why I have said let’s have a ceasefire for now in terms of lending, then we see if they (the contractors) are the ones (moving the rate).
Let’s also investigate them to see whether their invoices are correct or whether they are fair, or whether they are pricing using the willing-buyer, willing-seller rate.
In any case, we also understand that the Government is also paying part of those contractors in foreign currency so that the appetite for foreign currency is reduced because they will be having foreign currency from Government to buy their bitumen, spares, tools and fuel that they require for the roads.
So it means the balance that they get in local currency they should be able to keep it in this country.
But, if they want to preserve value by going to sell it again stoking inflation, then they are the wrong people who are working for us.
</blockquote>
<h4>More: <a href="https://www.sundaymail.co.zw/loans-suspension-review-this-week">The Sunday Mail</a></h4>

Bank Lending Ban To Be Reviewed This Week

Finance and Economic Development Minister Mthuli Ncube has issued a statement outlining measures to ensure the continued availability of basic commodities on the market as well as to reward farmers for early delivery of grain to the GMB. Pindula News is publishing the statement below:
<h2>MEASURES TO IMPROVE THE AVAILABILITY OF BASIC COMMODITIES AND INCENTIVISE FARMERS FOR EARLY GRAIN DELIVERIES TO THE GRAIN MARKETING BOARD</h2>
1. Government has been seized with various initiatives aimed at stabilizing the economy, containing inflationary pressures, and therefore restoring the purchasing power of the local currency, with the primary goal being to increase the domestic and external competitiveness of the economy, create and preserve jobs, improve livelihoods whilst limiting damage to the economy, particularly in the face of the COVID-19 pandemic and more recently, the impact of the geopolitical tensions in eastern Europe.
2. Macro fiscal stabilization has been achieved largely through fiscal consolidation and the resultant attainment of both fiscal balance and stabilisation of the current account, as well as increased domestic production of goods.
3. Government is grateful for, and fully recognises the sacrifice and cooperation of all Zimbabweans in the ongoing effort to stabilise the economy, which is now on a firm foundation for growth.
4. The following measures are proposed with immediate effect:
A) IMPROVING ACCESS TO AFFORDABLE BASIC COMMODITIES
To further ensure that citizens have access to affordable basic commodities, in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures. This is with immediate effect.
Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.
B) INCENTIVISING EARLY DELIVERY OF GRAIN TO THE GMB
In the quest to incentivise farmers and encourage early deliveries of maize and other grains to the Grain Marketing Board, the government has taken the decision to pay the maize farmers 30% of the amount due on grain delivered in United States Dollars and 70% in domestic Zimbabwe dollars.
The US Dollar payment will be calculated at the prevailing willing buyer willing seller rate published by the Reserve Bank of Zimbabwe on the date of delivery.
The payments will be backdated to the date of the first deliveries of this season’s maize to GMB.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Govt Announces Incentive For Grain Farmers, Reduction Of Duty On Groceries {Full Text}

The Government has announced that farmers who deliver grain to the Grain Marketing Board (GMB) will get 30 per cent of their proceeds in US dollars and 70 per cent in Zimbabwe dollars.
In a statement, Finance and Economic Development Minister Mthuli Ncube said the US dollar payment will be calculated at the prevailing willing buyer willing seller rate. Said Ncube:
<blockquote>
In the quest to incentivise farmers and encourage early deliveries of maize and other grains to the Grain Marketing Board, the government has taken the decision to pay the maize farmers 30% of the amount due on grain delivered in United States Dollars and 70% in domestic Zimbabwe dollars.
The US Dollar payment will be calculated at the prevailing willing buyer willing seller rate published by the Reserve Bank of Zimbabwe on the date of delivery.
The payments will be backdated to the date of the first deliveries of this season’s maize to GMB.
</blockquote>
Recently, the Government increased the producer price for maize and traditional grains to ZWL$75 000 per tonne.
Previously, the floor producer price of maize was ZWL$58 553 while that of traditional grains was ZWL$70 263.90.
Ncube also said the Government has resolved to reduce import tariffs on basic commodities to enable citizens to access affordable basic commodities from other countries. He said:
<blockquote>
To further ensure that citizens have access to affordable basic commodities, in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures. This is with immediate effect.
Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.
</blockquote>
Meanwhile, responding to the new measures announced by Ncube, award-winning journalist and Government critic, Hopewell Chin’ono said the interventions are too little, too late. He tweeted:
<blockquote>
Woke up to get some water and boom, there is another @MthuliNcube mid-night economic statement online.
Cornered with economic laws that can’t be rigged, the regime is now issuing economic statements at night to fix what should have been dealt with via reforms. The horse bolted!
</blockquote>
On Saturday last week, President Emmerson Mnangagwa banned banking lending resulting in businesses suspending credit to their clients. RBZ Governor John Mangudya said the move is temporary.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

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