News about Zimbabwe that you can use
Why Chinamasa is not bringing back the Zimdollar – Finance Minister Patrick Chinamasa said yesterday the multiple currency system was there to stay in Zimbabwe.
He said the government could not bring back the Zimbabwe dollar because the conditions were not yet right. According to a statement availed on NewZimbabwe.Com Chinamasa said the Zimbabwe dollar would only return when there is: sustainable economic growth; a sustainable current account position; industry competitiveness; sufficient international reserves without which the local currency will be under immense pressure; and restoration of confidence in the banking system and economy.
“Given the current state of the economy where real sector activities remain depressed, industry remains uncompetitive and the balance of payments situation remains acute, it is ill-advised to re-introduce the Zimbabwe dollar. Government is committed to ensuring policy consistency and predictability in order to restore confidence and stimulate economic activity. It is in this spirit that government would want to reiterate that the multi-currency is here to stay,” he said.
The Zimbabwe dollar was phased out in 2009.
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The Movement for Democratic Change says one does not need to die first to be recognised and celebrated as a hero. “It is our view that even those who are alive today but who made their mark; who made an indelible national and international imprint in promoting our beloved country deserve our honour and respect,” the party said in a statement to mark Heroes and Defence Forces days.
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The Ministry of Tourism which has been under Walter Mzembi since 2009 came under fire from the Public Accounts Committee after it transpired that it bought six second hand vehicles for US$60 000 and spent US$5 271 servicing one of the vehicles.
The ministry did not follow government procurement procedures. Permanent secretary Josephine Nhekairo admitted that her ministry breached government regulations but said this was because of delays in releasing funds by Treasury.
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Transport Minister Obert Mpofu alleged to have demanded a US$10 million bribe from Lovemore Kurotwi in a billion-dollar diamond deal yesterday said he was a successful businessman and would not have asked for even a bottle of water from Kurotwi because he knew his status.
Kurotwi is charged with defrauding the government of US$2 billion together with former Zimbabwe Mining Development Corporation chief executive Dominic Mubaiwa.
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