Zimbabwe’s government is again scouting for an investor to revive Ziscosteel — once Africa’s largest steelworks — Finance Minister Patrick Chinamasa revealed yesterday, confirming the collapse of a deal with India’s Essar group.
Zimbabwe’s Finance Minister Patrick Chinamasa yesterday said the economy will expand by 2.7 percent in 2016, from 1.5 percent this year, adding that the country’s growth prospects hinge on plans to clear arrears to international lenders by the first quarter next year, which will unlock fresh funding for the stuttering economy.
Some highlights from the 2016 budget presentation by Finance Minister Patrick Chinamasa in Parliament today.
Zimbabwe’s Finance Minister Patrick Chinamasa today said the economy will grow by 2.7 percent in 2016, from 1.5 percent this year and plans to clear arrears to multilateral institutions in the first quarter next year to unlock funding for its stuttering economy.
The 2016 budget to be presented today by Finance Minister Patrick Chinamasa will indicate the government’s new economic thrust as the country tries to regain the confidence of the West without upsetting its all-weather friends from the East.
The former majority shareholder of Telecel Zimbabwe, Vimpelcom, which sold its stake to the government for $40 million this month, is reportedly in talks to pay about $775 million to settle United States allegations that it paid bribes in Uzbekistan to win business.