Zimbabwe expects a loan from the International Monetary Fund(IMF) in the third quarter of this year, the first since 1999, after paying off foreign lenders by the end of June, the central bank governor said on Wednesday.

Zimbabwe would also receive an $896 million loan from an unnamed country to pay off arrears to the World Bank. In addition, the African Export-Import Bank would provide $601 million for Harare to clear arrears to the African Development Bank (AfDB). Zimbabwe would then receive the same amount as a grant from the AfDB, Mangudya said.

The worst drought since 1992 has left 4 million Zimbabweans facing hunger and had forced the government to lower its growth target for 2016. Once Zimbabwe clears its arrears, it would be ready for rating by international ratings agencies, with a view to issue international bonds in future, said Mangudya. The government had issued $250 million in treasury bills to raise money for its operations in 2015, Mangudya said, adding that the bank would soon start holding public auctions of treasury bills to enhance transparency in state borrowing.

The Environmental Management Agency (EMA) said 16 March it had reduced Environmental Impact Assessment (EIA) fees from 1,5 percent of project cost in an effort to improve the ease of doing business in Zimbabwe. In a statement, EMA said charges would now be based on a “sliding scale” with small impact projects paying a fee of $210, moderate impact projects paying 0,8 percent of project cost while high impact projects would pay one percent. Extremely high impact projects would pay 1,2 percent of the total project cost.

EMA said：“The new fee structure is aimed at boosting sustainable investment in the country as we endeavour to balance environmental, economic and social components in a growing green economy.”

The Mongu-Kalabo Road Project total work progress has reached 80% and is scheduled to complete in April 2016.

MINISTER of Foreign Affairs Harry Kalaba says the construction of the 87km Mongu-Kalabo road will enhance plans for the establishment of an oil pipeline between Zambia and Angola and promote trade between the two countries.

“This road is going all the way up to Sikongo border, meaning that we are opening up Angola and Zambia and we will have a lot of traffic. The market in Zambia is yawning, the market in Angola is yawning, and so this road interlinking the two countries is significant,” Mr Kalaba said.

The minister, who was in Mongu to officiate at the Youth Day commemoration, said the Patriotic Front (PF) administration is determined to improve infrastructure such as roads to enable youths participate in trade and economic development.

In its latest update, consumer watchdog, the Consumer Council of Zimbabwe (CCZ) said notable decrease was recorded in fuel which has been going down over the past few months following international oil prices which have also been on the downward trend. This has led to the price decrease of some commodities like sugar, fresh milk, laundry bar and cabbage.

“We assume that the above price decreases are necessitated by the reduction of fuel costs as more commodities are imported from outside the country. However, the increase in mealie-meal prices is due to importation costs and shortage of maize in the country,” said the consumer watchdog.

CCZ Matabeleland regional manager Mr Comfort Muchekeza said there was an urgent need for the Government to engage maize producing countries and purchase more to alleviate shortage of mealie-meal. He also said that prices of commodities have been gradually dropping since last year, one of the reasons being attributed to the fall of the South African rand in recent months. ”As a result of South Africa being our number one trading partner, the fall of that country’s currency made it cheaper for local wholesalers and retailers to an extent that the price drop was felt by consumers,” said Mr Muchekeza.

VICE-PRESIDENT Inonge Wina told Parliament on 12th March that it may take some time for Zambia’s economy to benefit from the recovery of the price of copper on the international market.

Mrs Wina said the rising copper price does not automatically guarantee benefits to the Zambian economy.  “It may take time to benefit Zambia’s economy. It is a long process and not a one-day thing,” she said, “Our economic future is very bright. The indicators are there.”

The Vice-President explained that Government is diversifying the economy to trigger growth. “Inflation is triggered by many factors and our export earnings were under pressure but we are on a path to recovery with the measures we have put in place,” Mrs Wina said.

Farmers in Zimbabwe can now use the 99-year leases to borrow money from the banks after Government and bankers ironed out sticking points that made banks reluctant to accept the leases as security. The move, barring El Nino-induced drought, is expected to boost agricultural production and ensure maximum land utilisation.

In an interview yesterday, Finance and Economic Development Minister Patrick Chinamasa said Government and bankers had cleared outstanding issues and came up with a draft tradeable document.

”Boosting productivity is not a once-off thing. ”he said, since the agriculture sector was important as 70 to 90 percent of the population depended on the industry. He said Government was also in the process of remapping farms with financial support from the European Union and the United Nations Development Programme and the resources provided by Treasury. Government is also working to improve irrigation, value addition and macro-environment for the purpose to achieve a rapid and inclusive growth of the country.

ZAMBIA will become a regional exporter of electricity once the development of new sources such as the 600 megawatts (MW) solar photo voltaic power plants are commissioned, Deputy Minister of Commerce, Trade and Industry Raymond Mpundu has said.

Speaking yesterday at the Zambia scaling solar bidders’ conference, Mr Mpundu said Government has prioritised energy diversification with solar power being a key priority.

He said Government will not be required to support the procurement and development of a large-scale solar power into Zesco through provision of a sovereign guarantee since the World Bank has already confirmed its support for the initial 300MW one through a partial risk guarantee facility (PRG).

The winning bidders will be responsible for the financing, construction, operation and maintenance of their respective plants under 25-year power purchase agreements.

THE ZAMBIA Revenue Authority (ZRA) says workers on the pay as you earn (PAYE) scheme and faithfully pay tithe annually to their churches are eligible for refund by the authority.

ZRA Chipata revenue officer Kafuna Maboshe said as an incentive, the authority can refund faithful Christians who are good church stewards, but that most people did not know about the tithe refund. He said this during a Seventh Day Adventist (SDA) professions and business meeting at Lutembwe SDA church in Chipata on Sunday.

Convener of the meeting, SDA Chipata district mission pastor, John Phiri commended the facilitators and said the objective of the meeting was to encourage church members to be effective Christian stewards.

Government of Zimbabwe is working on setting up a $10 billion compensation fund to settle disputes and bring closure to the fast-track land reform exercise. On Wednesday, MDC-T legislator Eddie Cross told the visiting IMF head of Delegation Domenico Fanizza that government was working on a commercial farm compensation fund. He said the comprehensive document was given to legislators on March 1. The document was inserted in legislators’ pigeonholes at Parliament. In an interview on Friday, Cross said legislators were given the document and that the compensation included land, improvements, immovable assets, cattle and tractors.

“The purpose of the fund is to provide resources for the payment of compensation to former farm owners whose farms were acquired by the state under the land reform programme and to enhance productivity on allocated land. The fund shall be administered by the secretary responsible for land and rural resettlement.” he said.

Lands and Rural Resettlement minister Douglas Mombeshora, however, said he was not aware of the document as he was not responsible for compensation, which falls under the purview of Treasury.

(Resource of picture: http://sztqb.sznews.com/html/2009-06/14/content_660372.htm)

Ronald Chitotela (centre) addresses a Zambia
School of Management Studies meeting on the minimum wage in Lusaka

Government says it has sourced funds to facilitate the creation of 500,000 jobs for youths in the country. Deputy Minister of Youth and Sport Ronald Chitotela disclosed this on March 6, 2016 during the Kwacha good morning Zambia programme on Zambia National Broadcasting Corporation (ZNBC) in Lusaka.

Mr Chitotela said government intends to create 500, 000 jobs for youths through entrepreneurship before the end of this year.

Mr Chitotela pointed out that thousands of youth across the country have already applied to be considered for the youth empowerment fund in order to start up new and boost old businesses.