Stories

The Morgan Tsvangirai faction of the Movement for Democratic Change today said President Robert Mugabe should swallow his pride and resign to save the nation.

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Vice President Phelekezela Mphoko has called on Zimbabweans, especially the media, to leave him alone. He is not interested in becoming president and has important work to do for the nation as a vice-president.

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Zimbabwe’s Transport Minister Obert Mpofu has distanced himself from indigenisation deals involving private equity and advisory firm Brainworks and said he was also not involved in soliciting pledges towards the $50 million Zimuto/Marange community ownership trust (CSOT), as details on the transactions emerge.

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Zimbabwe’s Finance Minister today said the government plans to cut the public sector wage bill to 40 percent of total revenue from the current 80 percent, signalling a move to reduce its bloated civil service, amid a lower economic growth forecast of 1.5 percent from the initial 3.2 percent.

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Finance minister Patrick Chinamasa delivered Zimbabwe’s Mid-Term Fiscal Policy review today. Below are the highlights

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President Robert Mugabe did not attend United States President Barack Obama’s address to the African Union on Tuesday because this was a meeting of the AU commission and not the assembly which Mugabe chairs and is attended by Heads of State.

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Zimbabwe’s Treasury plans to inject a further $150 million into the central bank to restore its lender of last resort role and confidence in the financial services sector, finance minister Patrick Chinamasa said yesterday.

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Local Government Minister Saviour Kasukuwere told the chairman of the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment, Justice Wadyajena, that he was hunting an elephant with a rekeni (catapult). The big animal was, therefore, likely to turn against him.

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AIM-listed resources group Mwana Africa says its full-year profit plunged 86 percent to $7 million compared to the previous year on higher operating costs and falling gold and nickel prices, despite revenue growing by seven percent.

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Zimbabwe’s tax collector says revenue collection for the first half of the year totalled $1.66 billion, nearly six percent behind the $1.76 billion target as most tax heads underperformed due to a weakening economy.

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