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The Zimbabwe Electoral Commission (ZEC) has stated that 71 percent of the initial budget allocation of ZWL860 billion (US$188 million) from the treasury was used for the preparation and holding of the August 2023 elections.
The budget supported various aspects, including the acquisition of electoral material and equipment, vehicles, training, and the welfare of election officials. ZEC also mentioned that a total of 132,958 electoral officers were recruited for the election, and there were no shortages of personnel, ZimLive reported citing a report by ZEC. The commission commended the treasury for releasing the election funding in a timely manner. Said the electoral body:
<blockquote>
Treasury allocated the commission ZWL860 billion activities leading to the conduct of the 2023 plebiscite and the actual election.
The commission procured sensitive and non-sensitive election materials and equipment through government funds.
Unaudited expenditure as at 18 September 2023 is ZWL612 billion (71 percent).
Treasury availed the budget in time save for delays experienced in some circumstances which was urgently attended to.
The ministry of finance is commended for timely releases of the budget.
</blockquote>
The remaining funds are planned to be used for the upcoming by-elections scheduled for December 9. The Zimbabwe Electoral Commission (ZEC) received additional support from the European Union-funded Zim-ECO project, which mainly focused on publicity programs and media monitoring. However, the EU has expressed its intention to suspend its financial support of $5 million to ZEC. This decision was made due to concerns raised by international Electoral Observation Missions regarding the independence and transparency of the commission during the previous elections. ZEC is currently preparing for the <a href="https://www.pindula.co.zw/2023/11/05/zimbabwe-government-approves-us5-million-budget-for-zec-run-by-elections/">December by-elections, and the government has already allocated US$5</a> million for this purpose.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

ZEC Says It Used US$188 million From Treasury For Preparation Of August 2023 Elections

The Competition and Tariff Commission and National Competitiveness Commission conducted a joint study on the pricing disparities of basic commodities, cost drivers of recent price hikes, and impact of <a class="MarkdownLink_linkifiedLink__KxC9G">import license</a> and duty removal on price stabilization.
The Ministry of Finance and Economic Development recently implemented <a href="https://news.pindula.co.zw/2023/05/12/finance-minister-announces-measures-to-stabilise-exchange-rate-and-macroeconomy/">measures to stabilize Zimbabwe’s exchange rate and macro economy</a>, including lifting restrictions on importing basic goods. The Ministry also listed 11 basic commodities benefiting from the policy: maize meal, rice, milk, flour, salt, cooking oil, sugar, petroleum jelly, toothpaste, bathing soap, and washing soap.
The study, conducted by various government agencies, assessed pricing disparities, investigated cost drivers of recent price hikes, monitored the movement of basic commodities into the informal sector, and tracked the impact of import license and duty removal on price stabilization. 
Summary of Findings:
Price increases of basic commodities in Zimbabwe have been witnessed in local currency (ZWL) terms, while remaining stable in the US$ informal market, indicating that the exchange rate is the primary driver of price increases. US dollar-denominated cost drivers were relatively stable compared to those charged in ZWL, suggesting a positive relationship between the depreciating exchange rate and increases in ZWL-denominated cost drivers.
The lower prices in the informal market are due to local manufacturing discounts for US$ and attractive cash purchase terms over ZWL purchases. Smuggling of basic commodities such as toothpaste, washing powder, and bathing soap into the country is evident, finding their way into the informal market.
The removal of import licenses and duties on basic commodities may strengthen price stabilisation in US$ terms in the informal sector, but it is unlikely to stabilise ZWL prices due to the pricing models of local manufacturers heavily linked to exchange rate movements. Removing duty and licenses on imports of basic commodities will harm local industries producing maize meal, toothpaste, and washing powder as these products are not competitive against imports. For maize, the producer price set by the government is higher than in countries such as South Africa and Zambia.
The report made the following recommendations: 
<ul>
<li>liberalize the exchange rate to allow market forces to determine prices and attain efficiency,</li>
<li>properly fund the Reserve Bank of Zimbabwe (RBZ) to purchase export surrender in a money supply-neutral manner,</li>
<li>carefully manage large payments to contractors to avoid surges in local currency liquidity,</li>
<li>monitor all sources of money supply growth by the RBZ to contain exchange rate movements,</li>
<li>reverse the opening of imports for mealie meal, toothpaste, and washing powder in the short run to protect local industry gains and domestication of local value chains in line with NDS1 aspirations.</li>
<li>The Zimbabwe Revenue Authority (ZIMRA) must strengthen measures to combat smuggling of imported goods, which could reverse the country’s reindustrialization. ZIMRA should also conduct post-clearance audits to ensure that foreign goods sold on the local market follow customs procedures properly.</li>
</ul>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Results Out On Drivers Of Price Hikes, Impact Of Import Duty Removal

Professor Mthuli Ncube, the Finance and Economic Development Minister, has announced that as of May 15th, 2023, the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank of Zimbabwe</a> (RBZ) will allow dealers to retain 100% of foreign currency from domestic sales.
In a statement seen by Pindula News, Minister Ncube said the move is meant to promote the banking of domestic sales of foreign currency in the banking system. He said:
<blockquote>
100% Retention of Domestic Foreign Currency Earnings.
In order to promote the banking of domestic sales foreign currency in the banking system, the Reserve Bank of Zimbabwe will with effect from 15 May 2023, exempt all proceeds from domestic sales in foreign currency from the 15% surrender requirement.
</blockquote>
The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe declared in February of this year that authorized dealers must sell 15% of their domestic sale proceeds to the central bank at the prevailing <a class="MarkdownLink_linkifiedLink__KxC9G">interbank market rate</a> within 48 hours of receiving the funds. In a statement seen by Pindula News, RBZ Governor, Dr John Mangudya said:
<blockquote>
In line with the liberalization of the foreign exchange market, Authorised Dealers are advised that the foreign exchange retention on domestic sales has been reviewed upwards to 85%, with effect from 06 February 2023.
This requirement shall apply to all foreign exchange deposits from domestic sales of goods and services, with the exception of deposits of entities listed in Annexure A.
Authorised Dealers are required to sell to the Reserve Bank, the 15% of domestic sale proceeds at the prevailing interbank market rate. The foreign exchange shall be sold to the Reserve Bank within 48 hours from the date of receipt of the funds.
</blockquote>
This comes amid reports that some dealers avoid paying taxes and fail or neglect to submit all of their <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency earnings</a> to the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a>.
Some analysts have been urging the government to provide incentives for compliance to encourage dealers to bank their foreign currency. 
A snap survey conducted by <a class="MarkdownLink_linkifiedLink__KxC9G">Pindula News</a> found that certain dealers in Harare’s central business district (CBD) sell their goods in US dollars without providing receipts to customers, creating challenges in determining <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency sales</a> as dealers can argue that products were purchased using local currency.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Dealers Allowed To Retain 100% Of Foreign Currency From Domestic Sales

The Clerk of Parliament of Zimbabwe, Mr <a href="https://www.pindula.co.zw/Kennedy_Chokuda">Kennedy Chokuda</a>, has said he cancelled the controversial laptop tender in August.
He said this was regardless of compliance with all procurement requirements in choosing the two companies that eventually won <a href="https://zero.pindula.co.zw/treasury-cancels-tender-authorised-by-parliament-directs-that-suppliers-be-blacklisted/">tender to supply laptops and desktops.</a> 
<a href="https://zero.pindula.co.zw/parliament-says-the-blacklisted-companies-had-better-prices-compared-to-competitors/">In a statement</a> seen by Pindula News, Chokuda said the two companies, Blinart Investments P/L ANCE and Mid-End Computers and Hardware (P/L) had the lowest prices compared to their competitors. Reads his statement issued on 17 September 2022:
<blockquote>
However, while all the procurement processes had been adhered to and cognizant of the need to exercise prudence and probity in all procurement processes, our due diligence processes indicated that the prices quoted were highly inflated. It is at this particular point that on Friday 9th August 2022. I, as the Accounting Officer, directed the Parliament’s Director Procurement Unit, in the presence of the Director Audit, to initiate cancellation of the tender and to proceed with retendering as the quoted prices were not justified. It is in this regard, that no contract has been signed with any of the two suppliers, and no payment processes have been activated in respect of the two suppliers.
</blockquote>
Confusion: 
In a different letter dated 29 August 2022, Chokuda notified other companies that had applied for tender that Blinart Investments and Mid-End Computers and Hardware had won the tenders. Reads the letter seen by Pindula News:
<blockquote>
<h2>RE: NOTIFICATION OF AWARD — SUPPLY AND DELIVERY OF 173 LAPTOPS AND 79 ALL-IN-ONE DESKTOPS: TENDER NUMBER: POZ/DOM/013/2022</h2>
I take this chance to appreciate your efforts for the Supply and Delivery of 173 Laptops and 79 All m One Desktops. The Evaluation Committee was impressed by your documentation and how you presented your bid…
The award for the Supply and Delivery of 173 Laptops and 79 All in One Desktops was awarded to the following bidders whose bid was more responsive to the proposal requirements.
</blockquote>
He then stated that Blinart Investments had won the tenders to supply laptops at USD9 264.48 each while Mid-End Computers and Hardware had won the tender to supply desktops at USD3 076.61 each.
His statement issued on Saturday 17 September came after the Ministry of Finance and Economic Development had directed the cancellation of the tender and blacklisting of the concerned suppliers from any future Government procurement process. 
Treasury cited exorbitantly inflated prices. Finance Secretary <a href="https://www.pindula.co.zw/George_Guvamatanga">George Guvamatanga</a> said:
<blockquote>
It has come to Treasury’s attention that Parliament of Zimbabwe had awarded a tender for the supply and delivery of laptops and desktops to the following companies as follows:
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.83">BIDDER</td>
<td title="Character Accurarcy=99.53">DESCRIPTION</td>
<td title="Character Accurarcy=99.81">TOTAL PRICE (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=95.12">Blinart Investments P/L ANCE</td>
<td title="Character Accurarcy=99.32">173 Laptops</td>
<td title="Character Accurarcy=98.69">1 602 755.77</td>
</tr>
<tr>
<td title="Character Accurarcy=90.7">Mid-End Computers and Hardware (P/L)</td>
<td title="Character Accurarcy=99.7">79 Desktops</td>
<td title="Character Accurarcy=99.78">243 052.36</td>
</tr>
</tbody>
</table>
Treasury notes with concern that these suppliers are charging USD9 264.48 and USD3 076.61 for a laptop and desktop, respectively. These USD dollar prices have been exorbitantly inflated way beyond those that are prevailing in the market and hence, are not acceptable.
</blockquote>
It is not clear why Treasury would cancel a tender that was cancelled in August.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Chokuda Says He Cancelled The Laptop Tenders In August

The Ministry of Finance and Economic Development has accused some local banks of cashing in on civil servants’ United States dollar bonuses through compulsory liquidation of their 13th cheque into local currency.
Civil servants started receiving their bonuses in US dollars this week capped at US$700, with those earning above the limit set to receive the balance in local currency.
The Finance Ministry Friday warned banks against converting US dollar bonuses or levying unnecessary service charges to allow the civil servants to access their bonuses in full. Finance Minister Mthuli Ncube said in a statement:
<blockquote>
It has come to the attention of Treasury that some banks are compulsorily liquidating civil servants bonus payments and thereby forcibly paying them in domestic currency.
In addition, banks have resorted to making arbitrary charges against the bonus payments, with some taking significant portions of the wages in the form of bank charges.
</blockquote>
The ministry said the practices by banking institutions were taking away the intended benefits of the bonus payments. 
Banks were advised that all civil servants should be allowed to withdraw their bonus payments in full US dollar subject only to existing daily cash withdrawal limits set by the Reserve Bank of Zimbabwe. 
Farai Masimu, a teacher who spoke to NewsDay Weekender, expressed anger saying: “I didn’t get my full bonus amount. I only got $180. The rest was lost to service charges, as I was told by the bank authorities.” 
More: <a href="https://www.newsday.co.zw/2021/12/banks-cash-in-on-civil-servants-bonus/">NewsDay</a>

Banks Cashing In On Civil Servants' USD Bonus

The Confederation of Zimbabwe Industries (CZI) has denounced government plans to arrest business leaders violating laws to do with trading foreign currency. 
CZI says the move will cause panic and fear in the industry. Said CZI’s president Kurai Matsheza:
<blockquote>
The arrest of business leaders will only serve to destabilize the relationship between business and authorities as the two need to work together to reindustrialize the economy in pursuit of Vision 2030. Fear will drive business decision making as has happened with the 2007 arrests with resultant shortages as companies could not find any other ways of funding their forex requirements legitimately. The arrests will also cause unnecessary panic in the market and erode consumer confidence in government policies. 
In the meantime, we urge the authorities to ensure that the Auction System is managed in the true spirit of the Dutch Auction System. Additionally. we encourage continuous dialogue between business representatives, the central bank and the authorities to find an amicable way out the current foreign exchange challenge focusing on averting the imminent crisis while creating sustainable solutions to solve the long-standing currency issue as a way to boost economic growth. 
CZI does not in any way condone any errant or unlawful behaviours.
</blockquote>
The statement is issued amid a rising inflation attributed to the fall of the Zimbabwe dollar mainly on the parallel market where some businesses are getting foreign currency to restock.
The Reserve Bank of Zimbabwe (RBZ) sells foreign currency every Tuesday at the auction but the central bank has not been paying the money in time and has a backlog.
The government announced a cocktail of measures meant to curb the rise of the parallel market rate and the arrest of business leaders “fuelling” the rise of the rate is one of the proposed measures.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

CZI Speaks On The Arrest Of Business Leaders

Members of Parliament (MPs) are reportedly restless as their terms of office are coming to an end with the government yet to allocate stands promised to them.
Local Government minister July Moyo last week told Senate during the question-and-answer session that government could not allocate politicians housing stands in the bush as the identified land had not yet been serviced. He said:
<blockquote>
We have government laws which say that we cannot just allocate people stands in bushes without any developments like sewers, roads or any servicing. We agreed that as Parliament, together with the Minister of Finance, money should be allocated for infrastructural development.
We need to look for land, and we agreed to carry out an exercise to ascertain whether there is land. We had another exercise with the Ministry of Finance and Ministry of Lands to determine whether there is land in different towns in Zimbabwe so that we fulfil these promises.
</blockquote>
He added that the land is available but the challenge is infrastructural development and servicing of such land so that when the MPs are allocated a stand, they can get title deeds as required by the law.
More: <a href="https://www.newsday.co.zw/2021/09/govt-fails-to-service-stands-for-mps-senators/">NewsDay Zimbabwe (Nqobani Ndlovu)</a>

MPs Restless As Term Nears End Without Getting Promised Stands

The Ministry of Finance and Economic Development has disowned FAKE messages that invited entrepreneurs to apply for financial aid saying members of the public must ignore the messages. Pindula News present the statement issued by the ministry in response to the messages.
<blockquote>The Ministry of Finance and Economic Development has noted with grave concern, some messages which are circulating on social media, inviting entrepreneurs to submit applications for financial aid as part of the economic recovery programme in the wake of COVID 19. The messages allege that the Department of Local Economic Development has partnered with the International Economic Development Council and Africa Investment Forum to provide financial grants for citizen-owned businesses. Further, the messages cite a non-existent Economic Empowerment Act No.9 of 2020 and SI 36 of 2019, which talks about Financial Services Authority (Regulatory Sandbox Exemption).
The address used on the adverts suggest a connection with the Ministry of Finance and Economic Development. The public is advised that the Ministry does not have a Department of Local Economic Development and the cited individuals are not Ministry officials. 
The messages are hereby declared FALSE and should be regarded with the contempt deserved.
To avoid loss of private information as well as actual and potential financial loss, the Ministry urges the public to ignore any malicious messages and in particular to check the authenticity of any information propagated on social media before sharing personal details. In order to bring the perpetrators to book, appropriate actions to determine the origins of the messages is being pursued through the relevant law enforcement agencies.</blockquote>
The FAKE message claimed that the maximum amount applicable this year had dropped to USD500 000 to allow other applicants equal opportunity to be beneficiaries.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Financial Aid For Entrepreneurs: Finance Ministry Disowns FAKE Message

The government is set to inherit an unspecified Reserve Bank of Zimbabwe (RBZ) debt, a move that will make the central bank debt-free for the first time in two decades.
A similar move in 2013, however, attracted criticism from members of the public who argued that the government’s takeover of the US$1.35 billion RBZ debt would exert pressure on taxpayers who bear the brunt of paying off debts they did not know how they were accrued.
Business Weekly reports that the move will capacitate the bank and pave way for investment by both local and foreign investors. 
This debt takeover is also premised at improving the ability of the central bank to engage in fruitful commercial relationships, including the bank’s ability to mobilise significant external lines of credit needed by the country. 
Sources who spoke to Business Weekly said:
<blockquote>
Some of the debts go back 20 years ago. The Reserve Bank of Zimbabwe has completed consolidation of the debt and it will be transferred to the Ministry of Finance and Economic Development.
The process of transfer to the Ministry has started and the Ministry is now in the process of verification, once completed, the debt will be transferred and consolidated into national debt
</blockquote>
Lines of credit have been dwindling since two decades ago as creditors became reluctant to lend the debt-ridden Southern African country.
Zimbabwe has about US$9.8 billion as domestic debt, while the foreign debt still stands around US$8,1 billion, with 70 percent of these liabilities being arrears.
The incumbent government has since 2017 been pursuing multilateral partners in its efforts to clear outstanding external debt to reopen access to concessional lending from global lenders and reestablish ties with global partners.
Upon transfer, the RBZ debt presumed to be billions of Zimbabwe Dollars will be evaluated by Treasury to ascertain whether the financial liabilities were contracted for or on behalf of the Government.
Recently, the <a href="https://news.pindula.co.zw/2020/11/13/world-bank-commends-zim-for-transparency-on-debt-reporting/" rel="noopener noreferrer" target="_blank">World Bank commended Zimbabwe for its transparency on debt reporting</a> but expressed concern that the Southern African country continues to be in debt distress.
More: <a href="https://www.ebusinessweekly.co.zw/govt-to-take-over-fresh-rbz-debt/amp/?__twitter_impression=true" rel="noopener noreferrer" target="_blank">eBusiness Weekly</a>

Govt Set To Inherit Another RBZ Debt

Zimbabwe’s Finance Minister, Professor Mthuli Ncube has said that the country’s economy has slowed down since the outbreak of the coronavirus pandemic in China last year.
Ncube told NewsDay during an interview last week that the country could have benefited on the reduction of oil prices worldwide but has been dealt a huge blow overall. He said:
<blockquote>But we have benefited when it comes to the oil sector because oil prices have come down and we are a net oil importer, so that is a positive.
But generally, if you look at the global supply chain in terms of raw materials from China and everywhere, that has been impacted and that has contributed to the economic slowdown.</blockquote>
Zimbabwe was already submerged under an economic and humanitarian crisis when the virus emerged in China and the pandemic made matters worse.
The local industry is collapsed therefore the country depends on imports to sustain demand and importation was impossible as countries around the globe were on total shutdown to stop the spread of the deadly virus.
More: <a href="https://www.newsday.co.zw/2020/05/zim-revels-in-global-oil-sector-crisis/">NewsDay</a>

Zim Finance Minister Says COVID-19 Slowed Down Economic Growth

MDC Senator, Morgan Femai has asked when Finance Minister Professor Mthuli Ncube will be sacked as he is not underperforming.
Raising a question in Parliament, Femai asked what the government policy was on underperforming ministers adding that if they are really sacked, when will Ncube be fired. He said:
<blockquote>I would like to know government policy concerning a minister who is not performing to expectations. If it’s true that a such a Minister can be fired, I want to know when Minister Ncube will be fired?</blockquote>
<div class="wp-video" style="width: 640px;">
<video class="wp-video-shortcode" controls="controls" height="360" id="video-153441-1" preload="metadata" width="640"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/03/WHEN-WILL-NTHULI-NCUBE-BE-FIRED.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/03/WHEN-WILL-NTHULI-NCUBE-BE-FIRED.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2020/03/WHEN-WILL-NTHULI-NCUBE-BE-FIRED.mp4</a></video></div>
Ncube has become unpopular over the austerity measures the country embarked on, particularly, the transactional 2 per cent tax which have failed to make the economy tick at the same time causing untold suffering on the general populace.
Contrary to high expectations the nation had on the government, the country is submerged under an economic and humanitarian crisis which is characterised by a huge scarcity of mealie-meal, fuel, power, medicines, cash and foreign currency.
The economy is also now inflationary a development that has seen workers’ salaries being rapidly eroded.
<a href="https://twitter.com/larry_moyo/status/1235567457718411264">More: Larry Moyo</a>

"I Want To Know When Minister Mthuli Ncube Will Be Fired?” Senator Femai

The Ministry of Finance and Economic Development has reviewed up the price of subsidised mealie-meal in a bid to address the “market and supply distortions”.
Mealie-meal is scarce in the country and some business people are now importing the commodity from beyond the country’s borders.
Zimbabwe had a poor harvest last year due to drought and cyclone Idai. Authorities have since called for assistance and sympathisers, stakeholders and the international community has since started providing food aid to the country.
We present the ministry’s statement in full below.
<img alt="" class="media-img" data-maxheight="594" data-maxwidth="526" decoding="async" src="https://pbs.twimg.com/media/EQgEJO9XkAAcV0G?format=jpg&amp;name=large"/>

FULL TEXT: Government Increases Price Of Subsidised Mealie-Meal To Address "Market And Supply Distortions"

A USA applied economist, Professor Steve Hanke has advised the government of Zimbabwe to redollarise so as to deal with the soaring inflation.
Hanke posted on Twitter projecting that Zimbabwe’s year on year inflation to be currently at 562%. He posted:
<blockquote>
<div class="css-901oao r-hkyrab r-1qd0xha r-1blvdjr r-16dba41 r-ad9z0x r-bcqeeo r-19yat4t r-bnwqim r-qvutc0" dir="auto" lang="en">As <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://mobile.twitter.com/hashtag/Zimbabwe?src=hashtag_click" role="link">#Zimbabwe</a> welcomes a new decade, it MUST take drastic measures to ensure that this decade isn’t a repeat of the last. First &amp; foremost it must dump its dysfunctional new Zim dollar &amp; replace it with the US dollar. By my measure, <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://mobile.twitter.com/hashtag/inflation?src=hashtag_click" role="link">#inflation</a> today is 562%/yr.</div>
<img alt="Image" class="css-9pa8cd" decoding="async" draggable="true" src="https://pbs.twimg.com/media/ENSM30zWsAANwJW?format=jpg&amp;name=small"/></blockquote>
His remarks come when Zimbabwe last year banned the use of all foreign currencies for domestic transactions.
Authorities through Statutory Instrument 142 of 2019 reintroduced the Zimbabwe dollar which had been ditched a decade ago and made it the sole legal tender in the country.
More: <a href="https://mobile.twitter.com/steve_hanke/status/1212784115558342658">Professor Hanke</a>

USA Economist Advises Zimbabwe On How To Curb Inflation

Members of Parliament have urged Finance Minister, Professor Mthuli Ncube to re-dollarise the economy saying that businesses, including government-owned, had informally re-dollarised already.
These remarks were said by former Finance Minister Tendai Biti who is also the Vice President of the opposition MDC led by Nelson Chamisa. He said:
<blockquote>As I said before, three-quarters of it is the government seeking to enforce payment of taxes in US dollars. If that is the case, why should we pretend that the US dollar is not alive and kicking in our economy? Why should we not simply repeal Statutory Instrument 142 of 2019 and allow the two currencies to operate together; the US dollar and the exchange rate?</blockquote>
His remarks come a few days after President Emmerson Mnangagwa declared at a ZANU PF 18th Annual People’s Conference that there was no turning back on currency reforms.
Biti also speaks when the government announced through the Government Gazette released on 6 December that it had put forward Finance Bill No. 3, 2019, an amendment to several monetary Acts which among other things penalises the re-dollarisation of the economy.
In June this year, Zimbabwe outlawed the use of all foreign currencies for domestic transactions bringing an end to multicurrency regime that was adopted a decade ago.
<a href="https://www.dailynews.co.zw/articles/2019/12/18/parly-demands-us-return">More: Daily News</a>

Parliamentarians Beg Finance Minister To Re-dollarise The Economy

Emotional Zimbabwe doctors are seen in the video below praying for dying patients as public health institutions run out of medicines.
The country’s health sector has been grounded for decades now with the government continuing to allocate fewer resources to one of the critical sector.
The dire situation was worsened by the workers’ ongoing industrial action which started on the 3rd of September this year over unsustainable resources and poor working conditions.
Watch the video below for more.
<div class="jetpack-video-wrapper"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" loading="lazy" src="https://www.youtube.com/embed/JAqRzBFAITI?feature=oembed" title="Emotional Zim doctors pray for dying patients as hospitals runs out of drugs" width="640"></iframe></div>
More: <a href="https://youtu.be/JAqRzBFAITI">The Zimbabwean</a>

WATCH: Zimbabwe Doctors Pray For Dying Patients As Hospitals Run Out Of Medicines

Fired doctors have turned down President Emmerson Mnangagwa’s 48-Hour moratorium to return to work without reapplying for admission.
Doctors said that the moratorium does not bring a new offer since their grievances remain unaddressed therefore returning to work was not possible.
In a statement on Friday morning, Zimbabwe Hospital Doctors Association which represents junior and middle-level doctors said:
<blockquote>We appreciate the role played by the Catholic Bishops which has resulted in the doctors being issued a moratorium, valid for the next 48 hours. Sadly, the moratorium has come without a new offer on the table having communicated to us. Should this moratorium lapse without the formal communication of an offer that is reasonable, it would stand as yet another gracious privilege that is lost.</blockquote>
Doctors have been on strike since the 3rd of September this year demanding sustainable salaries and improved working conditions.
Their absence in the workplace worsened an already dire situation in public health institutions who have inadequate medicines and dilapidated equipment and machinery.
More: <a href="https://www.herald.co.zw/breaking-doctors-reject-gvt-moratorium-masiyiwa-incentives/">The Herald</a>

"Sadly, There Is No New Offer," Doctors Turn Down ED's 48Hr Moratorium

Senior and Junior, as well as middle-level doctors, have notified the police of their joint march scheduled for the 4th of December this year.
In their letter dated 26 November, directed to Harare Central Police Station District Policing officer, Mr Mugomeri, the doctors said that they intend to deliver a petition to Parliament over the deteriorating Health Delivery System in the country.
Doctors have been on industrial action since the 3rd of September this year over paltry salaries and poor working conditions and the government has since fired some of them.
The government and workers have failed to reach a compromise since then with workers rejecting government offers saying they were insignificant given the inflationary economy.
See attached below the doctors’ letter.
<img alt="" class="media-img" data-maxheight="505" data-maxwidth="379" decoding="async" src="https://pbs.twimg.com/media/EKeO5MtWsAYdMxe?format=jpg&amp;name=large"/><img alt="" class="media-img" data-maxheight="505" data-maxwidth="379" decoding="async" src="https://pbs.twimg.com/media/EKeO54XWsAMgtuz?format=jpg&amp;name=large"/>

Senior And Junior Doctors To March To Parliament Next Week

Zimbabwe Association of Doctors for Human Rights has issued a statement saying that it is concerned with the Health Sector Humanitarian Crisis.
The statement is issued when public health caregivers have been on a salary and working conditions strike since the 3rd of September this year.
There has been a standoff between workers and government since then, a development which worsened an already dire situation. We present below the association’s statement in full.
<img alt="" class="media-img" data-maxheight="505" data-maxwidth="368" decoding="async" src="https://pbs.twimg.com/media/EKeGc3KW4AMwPhh?format=jpg&amp;name=large"/>

Zimbabwe Association Of Doctors For Human Rights Statement On Health Sector Humanitarian Crisis

Zimbabwe Banks and Allied Workers Union (Zibawu), has notified Zimbabwe Republic Police of the banking sector workers’ impending anti-austerity measures demonstration scheduled for the 28th of November.
ZIBAWU’s letter to the police dated 22 November 2019 indicated that around 300 union members will “peacefully gather and demonstrate” at the Ministry of Finance offices adding that the Finance Minister brought untold suffering to workers in the financial services sector through his “unfavourable policies”. Part of the letter read:
<blockquote>The austerity measures and the introduction of SI 142 have brought immeasurable suffering to the workers in the banking sector and the generality of workers at large.
Accordingly, it is our right to bring to the minister’s attention the plight of workers in the financial services sector. Workers’ incomes have been eroded over 2 000%, yet the incomes have remained stagnant and in the process, pauperising finance sector workers.</blockquote>
The letter comes after the Finance Minister, Mthuli Ncube announced in his 2020 Budget Statement that the country was now exiting austerity and was now entering a phase of growth and employment creation.
The government embarked on austerity measures two years ago claiming that they were necessary to jump-start the economy that was and is still in a parlous state or worse.
More: <a href="https://www.newsday.co.zw/2019/11/bank-workers-to-demonstrate-against-treasury/">News Day</a>

Banking Sector Workers Notify Police Of Their Anti-Austerity Demo

The Zimbabwean government last Thursday published the Financial Adjustment Bill HB19 of 2019 in which it seeks to be pardoned for borrowing and spending US$10 679 603 044 without consent from Parliament.
<div class="sqp sqp-clearfix sqp-post-inline sqp-float-center sqp-align-center sqp-column-1">
<div class="sqp-container sqp-type-code" data-adid="139972" data-type="code" id="sqp-139972-1877906398">
<div id="sqp-139972-1877906398-place">If Parliament accepts, it means that the taxpayer will be the one shouldering the unexplained borrowings. The Financial Adjustment Bill reads:</div>
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<blockquote>If a government ministry or department spends money in any financial year in excess of the amount appropriated, or for a purpose for which nothing was appropriated, the Minister of Finance is required, in terms of section 3017 of the Constitution, to cause a Bill condoning the unauthorised expenditure … In line with the above, we seek condonation for unauthorised expenditures incurred by line ministries.</blockquote>
The Bill has already attracted criticism from the chairperson of the Parliamentary Public Accounts Committee, former Finance Minister, Tendai Biti who said that the government stole the money and was unfairly burdening the taxpayer with the responsibility of clearing the debt.
Biti says that the Bill was poorly drafted as it does not explain how the government used the unauthorised borrowings.
More: <a href="https://www.newsday.co.zw/2019/11/govt-squanders-us106-billion/">News Day</a>

Govt Wants Parliament To Okay Over US$10 Billion Unauthorised And Unexplained Expenditure - Report

The governor of the Reserve Bank of Zimbabwe, Dr John Panonetsa Mangudya has said that Zimbabwe needs to walk the talk which has proven to be a difficult thing in the past.
He was giving his remarks on the 2020 Budget Statement that was presented before Parliament by the Finance Minister Professor Mthuli Ncube.
He said the Budget, which he referred to as the Plan, will need the political will for it to achieve the intended goals and objectives.
He said that the local industry has to be up and running as the growth of the economy and every other sectors’ growth depends on it.
Watch the video below for more.
https://twitter.com/InfoMinZW/status/1195713320231284737
More: <a href="https://twitter.com/InfoMinZW/status/1195713320231284737">Ministry Of Information</a>

WATCH: Mangudya's Comments On The 2020 Budget Speech

Finance and Economic Development Minister, Professor Mthuli Ncube today presented the 2020 budget which he said marked a departure from austerity to growth and employment creation.
Among other things, the budget presentation saw the Health sector being allocated almost ten percent of the total budget.
For more, download the <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/11/2020-National-Budget-Speech.pdf">2020 National Budget Speech</a>

Download The 2020 National Budget Speech (PDF)

Finance Minister, Mthuli Ncube has said that the stabilisation of the Zimbabwe dollar is likely to take two years since that is the time needed to boost confidence in a new currency.
He speaks when the Zimbabwe dollar is rapidly shedding value against other great currencies, particularly the United States dollar.
Ncube told reporters on Wednesday that it is important for the local currency to be gaining value during the time itis expected to be stabilising. He said:
<blockquote>I think (it will take) a minimum of two years (to stabilise) because we have to make sure that the domestic currency can retain value. It is about to make sure that the domestic currency is very stable and retain value and build confidence on it and then the pricing moves away from US dollar pricing.</blockquote>
Zimbabwe <a href="https://news.pindula.co.zw/2019/06/24/breaking-rbz-si-142-bans-use-of-all-foreign-currencies-with-effect-from-24-june-2019/">outlawed the use of all foreign currencies for domestic transactions on the 24th of June this year</a> at the same time reintroducing the Zimbabwe dollar, putting an end to the multicurrency regime the country adopted a decade ago.
The original Zimbabwe dollar was ditched after a 231 million percent record high hyperinflation of 2008 and the soaring inflation in the country risks revoking those horror memories.
More: <a href="https://www.theindependent.co.zw/2019/11/08/zimdollar-needs-two-years-to-stabilise-ncube/">Zimbabwe Independent</a>

"It Will Take 2 Years For The Zimbabwe Dollar To Stabilise" Mthuli Ncube

The Zimbabwe Hospital Doctors Association (ZHDA) which represents junior and middle-level doctors has said that its members remained open for negotiations with the government.
These remarks come as the government has fired 77 doctors for being absent from work “for no justified cause”.
ZHDA spokesperson, Dr Tapiwa Mungofa told members at an emergency solidarity meeting held at Parirenyatwa Group of Hospitals on Wednesday that doctors were the ones pushing for dialogue between them and the employer. Mungofa said:
<blockquote>We as the ZHDA, we remain open for dialogue and we have our patients at heart.
Ordinary citizens are suffering, the most vulnerable, the children and the elderly, the pregnant women are suffering and this (firing of the 77 doctors) is what they have decided to do in order to solve the situation? </blockquote>
Doctors have been on industrial action since the 3rd of September this year, demanding sustainable salaries and better working conditions.
Whilst doctors have so far rejected a number of offers the government made to them saying that they were insignificant in an inflationary economy like Zimbabwe, the government has said that a review of salaries can be made in 2020 since it is difficult to mobilise revenue to fund the budget at this time of the year.
More: <a href="https://www.herald.co.zw/junior-doctors-open-to-dialogue/">The Herald</a>

"As The ZHDA, We Remain Open For Dialogue,"

The government yesterday failed to restrain the Apex Council salary demonstration as workers felt that the government’s offer was too insignificant.
The government had begged workers’ representatives to put the demo on halt as the employer was working on ways to cushion workers from the inflationary economy. Labour Minister, Dr Sekai Nzenza had said:
<blockquote>We are appealing to civil servants not to go on strike and come to the negotiating table.
We are being weighed down by the liquidity crisis we are facing as well as subsidising transport through Zupco and supporting the presidential input scheme.</blockquote>
The government also said that the cycle of the 2019 budget was coming to an end, therefore, mobilising resources to adjust to new realities was no longer possible.
The Apex Council, however, released a statement after meeting with authorities telling its members that “the march was proceeding as initially planned”.
Workers are demanding that their salaries be indexed in US dollars as per the 2018 agreement and be paid in local currency as per the interbank rate of the day.
More: <a href="https://www.dailynews.co.zw/articles/2019/11/06/govt-fails-to-stop-demos">Daily News</a>

Govt Fails To Avert Apex Council Demo

Interbank rates have been going up since the introduction of <a href="https://news.pindula.co.zw/2019/06/24/breaking-rbz-si-142-bans-use-of-all-foreign-currencies-with-effect-from-24-june-2019/">Statutory Instrument 142 of 2019</a> indicating that the local currency has been losing value against the United States Dollar.
Meanwhile, the <a href="https://news.pindula.co.zw/2019/10/15/the-zimbabwe-dollar-further-loses-value/">parallel market rates seem to have started going up again.</a> <a href="https://news.pindula.co.zw/2019/10/31/official-bank-rate-black-market-exchange-rates-today-31-october-2019/">See today’s black market rates here.</a>
<img decoding="async" src="https://t3n9sm.c2.acecdn.net/wp-content/uploads/2019/10/20191031_110325.jpg"/>
More: <a href="https://www.facebook.com/ZfnZimbabwe/?hc_ref=ARTwcHbPN0L30gsYnQQKk3K_6kVECV-YcjfmwHBjZhWv5Cf-AE9rb1Mb98I0FRqb1hU&amp;fref=nf&amp;__tn__=kC-R">ZFN</a>

PICTURE: Interbank Rates & Bureau De Change Rates Today – 31 October 2019

Finance Minister, Professor Mthuli Ncube has said that the two percent transaction tax will not be removed despite stakeholders including the Zimbabwe National Chamber of Commerce expressing concern over the tax.
Ncube told Zimpapers Television Network on Monday, that the contested tax will be channelled towards the improvement of the country’s productive sectors to stimulate economic growth. He said:
<blockquote>We will not scrap the 2 percent tax because it helps us on the compliance front, in terms of lowering tax. I cannot pre-announce what I will say in the budget, all I can say generally is we want to support growth and productivity. One of the things we have to look at is obviously incentives and tax adjustments.</blockquote>
Ncube previously indicated that part of the tax was being channelled towards social services meant to cushion workers from the wrath of the inflationary economy.
Whilst <a href="https://news.pindula.co.zw/2019/10/08/zimra-defends-mthuli-ncubes-effective-2-transactional-tax/">ZIMRA defended the tax saying it</a> can be a foundation for an effective tax regime in the country, others argued that it constituted double taxing since the tax did not discriminate those who would have paid other forms of taxes including PAYE.
More: <a href="https://www.herald.co.zw/2-percent-tax-to-stay/">The Herald</a>

Finance Minister Speaks On The 2% Transaction Tax

The Zimbabwe Revenue Authority has announced that it is taking measures that are premised at improving its services to the public.
This was revealed by Zimra board vice-chairperson, Mrs Josephine Matambo who said that the plans to acquire a new tax revenue management system was already underway. She said:
<blockquote>The authority is thus making a drive to review, simplify and improve process efficiencies across the whole organisation. This will be achieved through a ‘Business Process Re-engineering Project’, which will cut across all Zimra’s internal business processes and systems,”.</blockquote>
The remarks come when ZIMRA recently revealed that it had surpassed its $6 billion target.
There have been elongated queues at border posts a sign that the clearance system currently in place was overwhelmed.
There have also been concerns over the porous nature of the country’s borders.
More: <a href="https://www.chronicle.co.zw/zimra-outlines-reforms-to-boost-ease-of-doing-business/">The Chronicle</a>

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