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THE Zimbabwe National Water Authority (ZINWA) is owed a cumulative US$103 million by various customers for water rights and supplies, the Financial Gazette can report. Despite writing off debts to the tune of US$55 million in August 2013 at the behest of the ZANU-PF administration, the authority has found out…
PRESIDENT Robert Mugabe, who celebrates his 91st birthday next month, is on the verge of landing the African Union (AU) chairmanship amid a deepening crisis in his own party, ZANU-PF. ZANU-PF is in the throes of epoch-defining infighting which has been raging nonstop for years. The infighting, which started well…
FISCAL pressures, which worsened last year due to higher-than-budgeted-for wage increases against the backdrop of a weakening economy, have escalated in the New Year amid fears that government operations may grind to a halt unless Treasury gets substantial cash injection to avert the simmering crisis, the Financial Gazette can report.…
ZIMBABWE is the most repressed economy in sub-Saharan Africa and in the bottom five worldwide – due to government intervention, policy inconsistency and corruption, according to the 2015 Index of Economic Freedom which, however notes recent gains in monetary freedom and state spending. The survey, put together by the conservative…
THE government plans to build a new bigger airport in the resort town of Kariba and is in talks with the Chinese government to fund the project, an official said at the weekend. The Chinese government, through China Exim Bank is funding the $150 million upgrade of the Victoria Falls…
FIREBRAND ZANU-PF national political commissar, Saviour Kasukuwere, has plunged the strife-torn organisation into another crisis as sharp differences have emerged over his attempts to restructure the fractured ruling party, the Financial Gazette can report. President Robert Mugabe, currently on holiday, tasked the Mount Darwin South legislator with the tricky task…
THE Ministry of Mines and Mining Development has started internal investigations after auditors exposed fraud and mismanagement of public monies administered through the Special Gold Unit Fund and the Mines and Mining Development Fund. The Mines and Mining Development Fund is among cash cows at the ministry after its revenue…
THE whistle-blowers’ fund introduced by the Zimbabwe Revenue Authority (ZIMRA) as part of efforts to reduce rampant corruption in the public and private sectors has been suspended, the Financial Gazette has learnt. Zimbabwe adopted comprehensive whistle-blower laws for tax purposes in 2001, and this is enshrined in the ZIMRA Act…
BEVERAGE maker Delta Corporation has sounded alarm over the impact of the poor economic outlook on its financial performance, but hopes the recent reduction in excise duty on lagers and the resumption of barley malt exports to Zambia and Mozambique could offset the impact of softening beverage demand. The government’s…
ZIMBABWE’s troubled banking sector, which last year lost at least 1 500 jobs, could shed a further 1 000 jobs this year due to an escalating liquidity crisis in the country, a workers’ union for the sector has said. The Zimbabwe Banks and Allied Workers’ Union (ZIBAWU) said job losses…
