BULAWAYO, September 21 (The Source) – Zimbabwe’s infrastructure bank has secured funding commitments from three institutional investors for its $12 million student accommodation development in Bulawayo, an official has said. The project, which is designed to house 1,480 students will be delivered through a Special… Read More
CHIPINGE, August 24 (The Source) – Financial services group, Old Mutual Zimbabwe on Thursday commissioned a $5,7 million mini hydro power plant in Chipinge district, southeast of Zimbabwe. The 1,6MW plant has capacity to meet a third of Chipinge’s 5MW power demand. Commissioning the plant… Read More
HARARE, August 7 (The Source) – Finance Minister Patrick Chinamasa on Monday said government would allow local authorities with sound financial management systems in place to issue bonds and raise finance for infrastructural development. Zimbabwe has 92 local authorities, which Chinamasa said did not have… Read More
HARARE, August 4 (The Source) – Minister of Finance has suspended duty on hydrogenated soya bean oil for a year with effect from July 1, 2017, according to the government gazette. Hydrogenated soya bean oil is used to produce margarine, cooking oil, salads. So far,… Read More
HARARE, July 21 (The Source) – Zimbabwe’s banking sector deposits continue to grow but loans and advances dropped as banks remain cautious about lending in the poorly performing economy. Presenting the Mid-Term budget review on Thursday, finance minister Patrick Chinamasa said total banking sector deposits… Read More
By Kuda Chideme, Plaxedes Sibanda and Simbarashe Zishiri, HARARE, July 20 (The Source) – Zimbabwe overspent by $549 million to support recovery of the country’s agriculture sector in 2016 to help the country recover from its worst drought in three decades, Finance Minister Patrick Chinamasa… Read More
HARARE, July 20 (The Source) – The highlights from Finance Minister, Patrick Chinamasa’s Budget Review and Outlook. Economy grew 0.7 percent in 2016 against a target of 2.7 percent due to ElNino induced drought Household consumption fell by 11,8 percent in 2016. Agriculture is expected… Read More
By Kuda Chideme, HARARE, July 19 (The Source) – Finance Minister Patrick Chinamasa will on Thursday take to the Parliament to review the country’s performance in the half-year and give an outlook for the rest of the year.
HARARE, June 30 (The Source) – If anyone needed evidence of why the Auditor-General needs a bigger whip and more teeth, they need to read the section on the Zimbabwe National Road Authority (Zinara) in her 2016 audit. While roads around the country crumble, the… Read More
HARARE, June 28 (The Source) – Finance Minister Patrick Chinamasa on Wednesday told Members of Parliament that the National Assembly was too big, and that the costs of maintaining it were too high.
By Kuda Chideme, HARARE, June 23 (The Source) – Zimbabwe’s loans register is in shambles and the country may have been prejudiced of more than $100 million in fictitious loan repayments, a report by the Auditor General Mildred Chiri has revealed. The report, which was… Read More
HARARE, June 12 (The Source) – State owned Agricultural Development bank of Zimbabwe (Agribank) reported a profit of $1,8 million for the five months to May, over three times the budget, driven by Treasury Bills interest income.
HARARE, April 12 (The Source) – Government has to date issued Treasury Bills totalling $4,417 billion since 2014 with $3,315 billion of those being current, Finance Minister Patrick Chinamasa has said, admitting increased reliance on the paper to bridge the state’s funding gap and to… Read More
HARARE, April 12 (The Source) – The Movable Property Security Interest Bill has gone through a second reading in the National Assembly, as Zimbabwe moves towards the use movable assets such as livestock, motor vehicles, inventory and accounts receivable as collateral to for bank loans.… Read More