The Insider

Government intends to compensate farmers whose farms were compulsorily acquired under the land reform programme as the country seeks to restore confidence in the property sector and normalize ties with the international community, finance minister Patrick Chinamasa has said.

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The Reserve Bank of Zimbabwe says it will freeze funds held by financial institutions, pension funds and investment funds on behalf of terrorist groups as it tightens screws on illicit financial movements.

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The major shareholder of struggling Bulawayo-based textile firm Merlin and the judicial manager are fighting over control of the company which is struggling to attract new investors over a decade after surviving liquidation.

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The Movement for Democratic Change led by Morgan Tsvangirai has slammed Information Minister Jonathan Moyo for trying to mislead the nation that President Robert Mugabe was within his rights to intimidate the judiciary not to handle the case of Didymus Mutasa and Rugare Gumbo who have taken the Zimbabwe African National Union-Patriotic Front to court over the December party congress.

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Finance Minister Patrick Chinamasa is rightly worried. The public wage bill is too high, taking 92 percent of government revenue leaving only 8 percent for development.

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The IMF says Zimbabwe has met all targets under its Staff Monitored Program (SMP) and has stepped up repayments to the World Bank, a  development seen clearing the path to debt rescheduling despite substantial economic difficulties.

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The South African, one of the major trading currencies in Zimbabwe, fell to a new 13-year low today and was at one time trading at 12.13 to the United States dollar.

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SABMiller says its Zimbabwean subsidiary – Delta Beverages’ low-cost, mass market sorghum beer – Chibuku Super is key to the growth of the group’s revenue as it turns to markets previously dominated by the informal players in the face of slowing clear beer volumes.

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At least 21 legislators who were elected or appointed to Parliament on the Movement for Democratic Change-Tsvangirai ticket could face the boot as the party is now asking for their recall because they left the party to form their own, the United Movement for Democratic Change. MDC-T Secretary-General Douglas Mwonzora wrote Speaker of Parliament Jacob Mudenda and President of the Senate Edna Madzongwe last week saying the legislators had ceased to be members of the party when they broke away to form the Renewal Team. Legislators cannot cross floors under the current constitution. Their seats must be declared vacant if the party on whose ticket they were elected notifies Parliament. Mudenda side-stepped the issue last year on a technicality saying the matter was before the courts, but he is under pressure to make a decision following his ruling last week on two legislators expelled from the Zimbabwe African National Union-Patriotic Front, Didymus Mutasa and Temba Mliswa. Mutasa is challenging his expulsion from the party in court.

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Low-cost airline Flyafrica has expanded its fleet to five planes and now boasts assets worth over $10 million as it presses ahead with plans to become a competitive regional airline, an official has said.

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