Zimbabwe’s Robert Mugabe has used his presidential powers to push through shock regulations declaring bond notes legal tender in an apparent bid to block court challenges to the controversial new banknotes.
Zimbabwe failed to repay $1.8 billion to the IMF, the World Bank and African Development Bank by its own June 30 deadline.
Zimbabwean police have arrested Pastor Evan Mawarire on charges of inciting violence after he helped to organize a nationwide strike on July 6.
The number of Zimbabweans requiring food aid has risen to 4 million, up from 3 million initially, as the country grapples with its worst drought in more than two decades.
Zimbabwe has delayed paying December salaries for most of its public sector workers to early next month and has not paid annual bonuses.
Robert Mugabe said public workers would continue receiving annual bonuses, publicly contradicting his finance minister who the government would stop the payments for the next two years.
Zimbabwe is planning talks with Germany on how to resolve a $739 million debt it owes to euro zone’s biggest economy.
Zimbabwe’s gold mining firms are making losses due to weak bullion prices and could collapse unless the government reduces royalties for producers, the Chamber of Mines said.
Zimbabwe has received a $108 million grant from the African Development Bank (AfDB) to improve electricity and water supplies in the country, the finance minister said on Wednesday.
Zimbabwe expects lacklustre economic growth next year, hit by a lack of foreign investment, low commodity prices, a liquidity crunch in the financial sector and weak domestic savings, Finance Minister Patrick Chinamasa said on Thursday.