Zimbabwean Finance Minister Mthuli Ncube said a rule requiring local investors to control platinum mines will be scrapped and foreigners will be allowed to own 100% in a bid to revive investment.
Zimbabwe said it will allow companies and individuals to trade dollars electronically, as it looks to ease a crippling scarcity of foreign exchange that’s sent the economy into meltdown.
Zimbabwe’s finance minister vowed to press on with economic reforms that have triggered violent protests, as President Emmerson Mnangagwa urged talks with opposition parties to help stabilise the country.
Zimbabwean Finance Minister Mthuli Ncube cut civil servants’ pay and announced a series of other steps to reduce the government’s bloated wage bill.
Zimbabwe expects to raise $700 million a year from a new tax on money transfers that triggered panic buying of goods from fuel to sugar and sent its quasi-currency plunging.
Zimbabwe’s cabinet agreed to cut government jobs as part of a program to stabilise the economy, the Information Ministry said.
After a turbulent election, it looks as if Zimbabwe President Emmerson Mnangagwa is keen on moving on with several fresh faces in his Cabinet.
By Duncan Miriri NAIROBIÂ (Reuters) – African countries’ rapid growth over the past decade may have been the envy of many developed economies, but their number crunchers have struggled to keep up. That barely mattered when investors were desperate to find a place to park their cash as more developed markets careered off course. But now … Read more
By Duncan Miriri KIGALI (Reuters) – African economies are securing new funds through resource finds or dollar bonds but many governments face questions over how they use the money and risk being punished by international capital markets. The dash to build infrastructure, and pressure from citizens for swift rewards from oil and gas discoveries, have … Read more