The Insider

Zimbabwe should adjust its trade policies in order to become a more attractive investment destination as it is competing with other African countries for Chinese investment, an official said yesterday.

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Zimbabwe has set up a committee, which will include officials from multilateral finance institutions, to come up with a strategy to clear its $10 billion debt, finance minister Patrick Chinamasa has said.

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Information Minister Jonathan Moyo told British Broadcasting Corporation Hard Talk interviewer Stephen Sackur that it was not a fact that Vice-President Emmerson Mnangagwa was heir apparent to President Robert Mugabe but he also refused to condemn or disqualify him because of the Gukurahundi massacres of the 1980s.

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Regional cement producer Pretoria Portland Cement says cement volumes at its Zimbabwean unit went up nine percent in the first half of the year ended 31 March on new marketing strategies implemented during the period.

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The Movement for Democratic Change- Tsvangirai has called on Finance Minister Patrick Chinamasa to release the full list of debtors of the Reserve Bank of Zimbabwe whose $1.3 billion debt will be taken over by the government if the Reserve Bank of Zimbabwe Debt Assumption Bill is passed by Parliament.

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A tourist levy proposed by the African Union for visitors from outside the continent could make Zimbabwe even less attractive after the southern African country’s own recently introduced 15 percent value added tax, Tourism Minister Walter Mzembi said on Monday, as he continues to make a case against the VAT measure.

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Premier Services Medical Aid Society (PSMAS), Zimbabwe’s largest medical aid society by subscription, is restructuring and could possibly demutualise following a highly publicized corporate scandal which saw its executives pocketing millions of dollars in salaries.

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The National Railways of Zimbabwe (NRZ) struggling with debts amounting to nearly $300 million is banking on a $653 million loan from the Development Bank of South Africa (DBSA) to revive its undercapitalised operations, transport minister Obert Mpofu has said.

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Zimbabwe needs urgent reforms to reduce its labour, utility, funding and tax costs, which are considerably higher than those of its regional peers and make it less competitive than its trading partners, a local economic think tank has said.

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Struggling Bulawayo firm, Marvo Stationery Manufacturers, has been given up to 90 days to get a $1.5 million rescue package or face liquidation, a report has revealed.

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