Articles tagged 'patrick chinamasa'

Mugabe rules out pay increase 17 August 2017 HARARE - President Robert Mugabe has ruled out pay increase for civil servants in a development which marks a huge shift from his populist decisions which analysts have previously blamed for hurting the country's economy. Mugabe has consistently used State occasions such as the Independence Da...
Politics must not be enmity 1 August 2017 HARARE - Last week, there was furore in the National Assembly after Finance minister Patrick Chinamasa pulled a shocker — highly esteemed auditor-general (AG) Mildred Chiri was stepping down. The Treasury chief, to the dismay of legislators across the political divide, went on to announce that...
Parly shoots down Ndudzo appointment 28 July 2017 HARARE - Legislators across the political divide yesterday forced Finance minister Patrick Chinamasa to rescind the appointment of Mike Ndudzo as the new Auditor-General. The Industrial Development Corporation (IDC) chief executive had been earmarked to replace the illustrious Mildred Chiri, w...
'Chinamasa fiscal review an admission of failure' 23 July 2017 HARARE - Finance minister Patrick Chinamasa’s mid-term fiscal policy review is “empty” and an “insult” to long-suffering Zimbabweans, which proves an admission of leadership failure, opposition parties said. Presenting his half year fiscal review in Parliament last week, the Treasury chief hig...
Taxman targets Zanu PF chefs 15 July 2017 HARARE - The country's nouveau riche — especially bigwigs in Zanu PF who have made enormous wealth in the midst of widespread poverty — face lifestyle audits by the Zimbabwe Revenue Authority (Zimra), which is desperate for revenue to fund President Robert Mugabe's bloated administration that has...
Govt in wage bill headache 3 July 2017 HARARE - Government is still struggling to contain its wage bill as it emerged that this expenditure accounted for 86 percent of its overheads in the first month of the year. President Robert Mugabe’s administration, under pressure to live within its means, has previously pledged to lower its ...
Chinamasa against Road Accident Fund 28 June 2017 HARARE - Finance minister Patrick Chinamasa said he is against the establishment of a Road Accident Fund (RAF), aimed at assisting road accident victims, as it will negatively affect insurance firms’ revenues and burden taxpayers. This comes as Transport minister Joram Gumbo has been pushing f...
Zim's public debt rises to $11,6bn 26 June 2017 HARARE - Zimbabwe's economy remains fragile with a “precarious” level of public debt during the year to March rising to over $11 billion, the Parliament Budget Office said in its latest report. Zimbabwe's domestic debt rose 40 percent to $4,3 billion, with external debt standing at $7,5 billio...
Slash public sector wage bill: World Bank 25 June 2017 OUR Deputy Business Editor, Ndakaziva Majaka, talks to World Bank's (WB) outgoing country manager, Camille Nuamah, whose tour of duty ran from June 2014. NUamah will be succeeded by WB's sector manager for Urban Development and Services in East and Southern Africa, Rosemary Mukami Kariuki, who...
Chinamasa against lifestyle audit 23 June 2017 HARARE - Finance minister Patrick Chinamasa said he is against the current lifestyle audit being carried out by various statutory boards on a number of individuals across the country. Chinamasa said the audits, which are being done to combat corruption, are “inaccurate and inhumane.” “You k...
Land reform cost 1,5m jobs: Chinamasa 26 May 2017 HARARE - Zimbabwe's controversial programme to redistribute land taken from white farmers cost 1,5 million jobs, Finance minister Patrick Chinamasa has said. “Right now our economy is highly informalised. I always give the statistics that in 1999 or thereabout, there were two million workers i...
Chinamasa extends olive branch to Zinara 22 May 2017 HARARE - Zimbabwe National Roads Administration (Zinara) income will now be exempt from income tax, Finance minister Patrick Chinamasa said. In General Notice 274 of 2017 published in the Government Gazette of May 19, 2017, the Treasury chief announced that in terms of the Third Schedule of th...
Clearing World Bank arrears irresponsible: Biti 1 May 2017 HARARE - Finance minister Patrick Chinamasa's planned move to pay $1,1 billion towards settling Zimbabwe's World Bank dues is “criminally irresponsible and treasonous”, former Finance minister Tendai Biti has said. He said the intended payment will be made on the back of a moribund economy cha...
Zim's frayed theatre of reform 30 April 2017 HARARE - Impoverished Zimbabwe must clear $1,8 billion of debt arrears to the World Bank (WB) and the African Development Bank (AfDB) before the banks can start lending to President Robert Mugabe’s government, economists have said. This comes after Singaporean global commodities firm, Trafigur...
Govt pumps $200m into ailing parastatals 18 April 2017 HARARE - Zimbabwe's cash-strapped government has pumped nearly $200 million into the country’s struggling parastatals. This comes as calls have been getting louder for the cash-strapped country to restructure its loss-making parastatals to make them attractive for foreign investment and recapi...
Govt in desperate move to raise bonuses 11 April 2017 HARARE - Hard-pressed President Robert Mugabe's government is issuing Treasury Bills (TBs) in a desperate move to raise money to pay restive civil servants' 2016 bonuses, Finance minister Patrick Chinamasa told the National Assembly last week. This comes as government buckled under pressure fr...
Cash crisis: Govt targets companies 8 April 2017 HARARE - Under-pressure Finance minister Patrick Chinamasa has promised severe punishment for companies and other traders who are not banking money — accusing them of fuelling the country's cash shortages which have worsened in recent days. This comes as banks have reduced further their daily ...
Chinamasa refuses to bump up Zec budget 7 April 2017 HARARE - Finance minister Patrick Chinamasa has rejected an appeal from an election watchdog which sought permission to petition Parliament on the “meagre” budget allocation to the Zimbabwe Electoral Commission (Zec) for preparations for the crunch 2018 general elections. Section 187 (5) of th...
'Zimbos' now taxed to death 2 April 2017 HARARE - President Robert Mugabe's cash-strapped government is going for broke — slapping long-suffering poor Zimbabweans with a raft of new taxes in its desperate efforts to raise revenue to meet its obligations, including paying its restive workers on time. So financially distressed has the ...
Spot fines hike spurs outrage 2 April 2017 HARARE - Zimbabwean authorities have generated outrage after increasing spot fines by up to 100 percent to try to deter road carnage, to the bemusement and anger of many motorists. Motorists demanded a rollback of that increase to make sure spot fines remain affordable. This comes as Financ...
Broke govt hikes traffic spot fines 30 March 2017 HARARE - President Robert Mugabe's stone-broke government has increased traffic spot fines by nearly 100 percent, in a controversial move it claims will reduce road accidents. This comes as Finance minister Patrick Chinamasa has just slapped suffering small businesses — including hair salons, ...
Govt to tax kombis, hairdressers 28 March 2017 HARARE - Broke President Robert Mugabe's government has introduced taxes for commuter operators – popularly known as kombis – and hairdressers, as part of desperate moves to raise funds. According to last Friday's gazette, authorities were given legal teeth to compel the “operators of hairdres...
2017 budget implementation delayed 16 March 2017 HARARE - Globetrotting President Robert Mugabe is yet to formally approve legislation authorising government to implement the 2017 National Budget. Already, the country's 210-member National Assembly has since voted across the political divide to have the Finance Bill and the Approp...
Mnangagwa taunts Chinamasa 7 March 2017 HARARE - Vice President Emmerson Mnangagwa taunted Finance minister Patrick Chinamasa in humorous remarks last week, saying the frugal Treasury chief is pre-occupied with saving money.  Taking pot-shots at Chinamasa — who has emerged as one of the most prudent spenders of government finances —...
Banks call for quick Lima deal 5 March 2017 HARARE - Government must negotiate the Lima deal to avoid a “cliff edge” cash crisis forcing banks to limit amounts to individuals and companies, leading Zimbabwean commercial banks have said. Finance minister Patrick Chinamasa has said he is forging ahead with formal negotiations with interna...