Regional Human Capital Operations Manager – Human Capital x2 (Harare)

SAP Support Analyst (F1) – ICT: LEVEL 9 (Harare)

ABAP Developer: Level 9 (Harare)

Procurement Manager: D5 (Harare)

Financial Accountant (Harare)

Sales Consultant (Kadoma)

Cervical Cancer & Clinical Service Mentor Nurse

Laboratory Technician (Harare)

Spport Driver (Harare)

Food Security and Livelihoods Head of Department (Harare)

Accountant (Harare)

Accounting Assistants x3 (Harare)

Communications Intern (Harare)

Corporate Legal Counsel (Kamativi)

Company Secretary (Harare)

Marketing Manager (Harare)

Sales Manager (Harare)

Procurement Manager (D5)

Director Policy and Market Development (Harare)

Assistant Valuer Grade 7

Town Planner Grade 10

Till Operator x2 (Bindura)

Ambulance Technician (Bindura)

Business Development Manager

Intellectual Property Manager

Chief Research Officer (Bindura)

Teaching Assistant: Banking and Finance (Bindura)

Technical Assistant: Natural Resource Management (Bindura)

Administrator (Bindura)

Faculties Manager (Harare)

Staff Development Fellow: Department of Veterinary Pathobiology x4 (Harare)

Staff Development Fellow: Department of Construction & Civil Engineering (Harare)

Officer: Student Residential and Logistical Services (Harare)

Student Development Officers (Harare)

Information Manager (Harare)

Graphic Designer x2 (Harare)

Marketing Officer (Harare)

Technical/Copy Editor x2 (Harare)

Proofreader x2 (Harare)

Typesetter x2 (Harare)

Acquisitions Editors x2 (Harare)

General Hand (Harare)

Locum Pharmacists (Mutare & Ngezi)

Drivers x2 (Harare Campus)

Graphic Designer (Gweru)

Drivers (Harare Campus)

Artisan Supervisor – Fleet Maintenance (Gweru)

Transport and Logistics Officer - Tracking (Gweru)

SHEQ Intern/ Attaché (Bulawayo)

Nutrition Officer (Mutare)

Team Leader (Mutare)

Project Field Officer (Mutare)

Monitoring and Evaluation Officer (Mutare)

Assistant Accountant-Retail (Harare)

Trainee Risk Officer (Harare)

Sales Manager (Bulawayo)

Finance Minister Mthuli Ncube has admitted that Zimbabwe’s mounting debt crisis is severely undermining efforts to stabilise the economy.
Speaking in Harare this week, Ncube said that the country’s ballooning debt, stagnant revenues, and shrinking fiscal space were the major issues.
Zimbabwe’s public debt has surged to over US$21 billion, nearly 90% of the country’s GDP. Major creditors include the World Bank, the African Development Bank, the Paris Club, and the non-Paris Club. Said Ncube (via <a href="https://businesstimes.co.zw/debt-crisis-chokes-mthuli/">Business Times</a>):
<blockquote>
If there is anything that keeps me awake at night as the Finance Minister it’s this debt crisis. The issue of debt is critical and albatross that we need to remove from our necks so that the economy can move forward. This issue occupies me for the most of my time [and it’s taking a toll on me].
What is more worrisome to me is that Zimbabwe’s average growth of around 6% is way lower than the interest rates growth.
This means that our debt will continue to be increasing. That’s why we have to restructure our debt to ensure that the debt does not accumulate.
</blockquote>
The country’s growing debt burden limits the government’s ability to fund public services and stifles economic growth prospects.
To tackle the crisis, Ncube revealed plans to divest from underperforming State-Owned Enterprises (SOEs) to raise funds for debt repayment.
The Zimbabwean government has also engaged with international financiers through a high-level dialogue platform led by African Development Bank (AfDB) President Dr Akinwumi Adesina and former Mozambican President Joaquim Chissano.
However, these initiatives have faced challenges due to delays in implementing essential governance reforms, which are crucial for the arrears clearance and debt resolution agenda.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe owes a lot of money to different lenders, which is making it hard for the economy to get better. The Finance Minister is worried about the growing debt because it's almost as much as the country's GDP. This debt is stopping the government from giving people important services and making the economy grow. The Minister wants to sell some government businesses to get money to pay back the debt. They are also talking to other countries and organizations to help solve the debt problem. But, they are facing some challenges in fixing the debt because they need to make some important changes first.

Zimbabwe's Mounting Debt Crisis Is A Barrier To Economic Recovery, Says Mthuli Ncube

A 26-year-old man from Harare, Ignatius Chindudzi, has appeared in court facing serious allegations of raping a vendor who had visited his office to collect a debt.
The case was brought before Harare magistrate Marehwanazvo Gofa. According to the State outline, the incident occurred in October when the complainant arrived at Chindudzi’s office in the Central Business District to collect her money.
Upon her arrival, she found Chindudzi alone. When she asked for payment, he asked why she had declined his love proposal.
In a troubling turn of events, Chindudzi allegedly stood up, locked the door, and spread a blanket on the floor. 
He instructed the woman to lie on the blanket, but she refused.
In a shocking act of violence, Chindudzi then pushed her to the ground and raped her. After the assault, he told his victim that he would return but left the office instead.
The complainant waited nearly an hour for him to return, but when he did not appear, she left the building and returned home.
A few days later, she discovered she had contracted a sexually transmitted infection. Distressed by her situation, she confided in her cousin, who confronted Chindudzi about the incident.
The complainant’s cousin then filed a police report, leading to Chindudzi’s arrest.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

A man named Ignatius Chindudzi is accused of raping a woman who went to collect money from him. The incident happened in October in Harare. Chindudzi allegedly locked the door, pushed the woman to the ground, and raped her. The woman later found out she got a sexually transmitted infection. She told her cousin about the attack, and the cousin reported it to the police. Chindudzi was then arrested. It is important to tell someone if something bad like this happens to you.

Vendor Raped While Collecting Debt

The president of the African Development Bank (AfDB), Akinwumi Adesina, praised Zimbabwe for making significant progress in addressing its US$21 billion public debt, despite challenges such as sanctions and an El Nino-induced drought.
Zimbabwe’s external debt stands at US$12.3 billion, owed to creditors like the AfDB, World Bank, and European Investment Bank. The country also has a domestic debt of US$8.7 billion.
During his speech at the High-level Structured Dialogue Platform Meeting on Arrears Clearance and Debt Resolution in Harare on Monday, Adesina, who is leading Zimbabwe’s debt clearance efforts, said:
<blockquote>
The high-level structured dialogue is the only way, there is no other way. So, we should make it work to deliver the expected end: arrears clearance and debt resolution for Zimbabwe.
That is why the African Development Bank provided US$4,2 million towards facilitating the High-Level structured dialogue.
And we expect to provide additional support because we strongly believe these dialogues are yielding fruits.
</blockquote>
According to the AfDB president, Zimbabwe is too important for the world to overlook. He said:
<blockquote>
With its vast deposits of critical minerals, including lithium and platinum metals group, Zimbabwe is one of the leading countries that holds the future for global energy transitions.
In a world of geo-political competition and drive for securing vital strategic minerals and metals, we must look at Zimbabwe with new lenses.
</blockquote>
Adesina also said Zimbabwe is on track to implement an International Monetary Fund (IMF) Staff Monitoring Programme (SMP), which is crucial for the arrears clearance process.
He said that this is set to take place in January when IMF officials will visit the country.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe has a big debt of $21 billion. They have $12.3 billion to foreign creditors and $8.7 billion to local creditors. The president of AfDB, Akinwumi Adesina, said Zimbabwe is doing well to clear the debt. They need structured dialogues to fix the debt problem. AfDB gave $4.2 million for this. Zimbabwe has important minerals and metals that the world needs. The IMF will visit Zimbabwe in January to help with the debt. Adesina says Zimbabwe is important and needs help to fix its debt.

"Structured Dialogue The Only Path To Zimbabwe’s Arrears Clearance And Debt Resolution"

Zimbabwe’s consolidated debt now stands at a staggering US$18 billion, with a substantial portion owed to international creditors which include institutions like the World Bank, International Monetary Fund (IMF), and bilateral partners, including China.
Domestic public debt has also risen due to non-payment of government-guaranteed debt by private beneficiaries.
The country’s debt burden poses significant threats to national development and access to global financial markets.
Addressing lawmakers in parliament on Wednesday, Minister of Finance, Economic Development and lnvestment Promotion Deputy Minister, David Mnangagwa said the country’s debt was still undergoing validation and reconciliation. Said Mnangagwa (via <a href="https://www.zimlive.com/zimbabwes-debt-burden-balloons-to-us18-billion/">ZimLive</a>):
<blockquote>
Our debt figures are still going through some validation and reconciliation.
There has been US$1.9 billion recapitalisation of the Mutapa Fund and an additional US$1.2 billion that was assumed from the Reserve Bank of Zimbabwe (RBZ).
These would still need to be reconciled and validated before they are entered into the debt profile. That process is still underway.
</blockquote>
Mnangagwa also said the debt reported to the African Development Bank in April stood at US$2.7 billion, higher than the approved budget for this year.
The government’s efforts to address the debt crisis are being hindered by the lack of clarity on how the funds were used.
Zimbabwe’s appeal for debt forgiveness and penalty waivers has so far been unsuccessful.
The United States stopped participating in a critical debt restructuring programme in January citing human rights abuses, lack of electoral reforms and crackdown on opposition politicians.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe’s Debt Burden Rises To US$18 Billion

Finance and Economic Development Minister Mthuli Ncube has said the assumption of the Reserve Bank of Zimbabwe (RBZ)’s external debt by Treasury will make budget financing for the 2024 fiscal year difficult.
On 15 June, President Emmerson Mnangagwa issued Statutory Instrument 108 of 2023 which authorised Treasury to take over RBZ’s external debt.
<a href="https://www.newsday.co.zw/business/article/200015330/rbz-external-debt-gives-treasury-headache">NewsDay</a> reported that this was done to prevent the central bank from printing money to service its debt but since the promulgation of the statutory instrument, Treasury has acquired $7.69 trillion worth of debt accrued by the RBZ between December 31, 2022 and end of May.
The 2024 budget strategy paper released by Treasury last Friday reads in part:
<blockquote>
Government’s financing requirements are expected to remain under pressure during 2024 on account of the takeover of the central bank’s external obligations, growing informalisation and the need to sufficiently provide for NDS1 (National Development Strategy 1) programmes and projects during the medium term.
However, the government’s commitment to maintain the budget deficit within the 3% of GDP (gross domestic product) threshold will be critical in managing inflationary pressures and restoring stability in the economy.
</blockquote>
Ncube said economic growth was expected to remain positive as it was projected at 5.3%, 5.2% and 5% for 2023, 2024 and 2025, respectively, well within the NDS1 growth targets. He said:
<blockquote>
Government measures in support of macroeconomic stability, coupled with the drive towards structural economic transformation, value addition and beneficiation, are expected to sustain this positive growth trajectory.
</blockquote>
He added that increased electricity generation from the Hwange Thermal Power Station and investments by independent power producers will further boost economic activity during 2024.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Treasury Frets Over RBZ External Debt

The United States of America says it will not participate in any financing options for Zimbabwe’s arrears clearance and debt restructuring process through the African Development Bank (AfDB) or otherwise as long as the sanctions it imposed on the country are still in place.
The US imposed sanctions on Zimbabwe under the Zimbabwe Democracy and Economic Recovery Act (ZDERA).
<ul>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/05/26/zimbabwes-debt-crisis-here-are-the-lenders-and-how-much-they-are-owed/">Zimbabwe’s Debt Crisis: Here Are The Lenders And How Much They Are Owed</a></li>
</ul>
Speaking during a Roundtable meeting on Zimbabwe’s arrears clearance and debt resolution process dialogue convened on the sidelines of the AfDB annual general meetings on Wednesday in Egypt, US Assistant Secretary of Treasury, Eric Meyer said they will not support Zimbabwe as long as ZDERA is still in force. Said Meyer:
<blockquote>
I know President (Dr) Adesina mentioned ZDERA in the United States. That Act does bind us in opposing lending (to Zimbabwe) from international financial institutions and until definitely certain criteria under ZDERA are made.
I want to touch on what really some of those criteria are. They are related to the rule of law, free and fair elections, pre-elections insisting on international standards, land reform and related civilian authority over the military and the police.
I think you notice that there is a lot of commonality between the working groups and strategic dialogue that President Chissano outlined this evening and that is what my Government is bound to meet and that is what we are monitoring and looking at.
Until these conditions are met we are not able to participate in financing options for Zimbabwe through the African Development Bank or otherwise.
We are participating in this (Wednesday) strategic dialogue and we are doing this because of the importance of these reforms that extend beyond everything.
These reforms if successfully executed will create the conditions for social and economic growth in Zimbabwe.
I want to take this opportunity to thank Your Excellence President Adesina and President Chissano for your important remarks today (Wednesday) outlining the challenges in the process that has been undertaken here.
I have been thinking about speaking and I realised there is always a risk of the United States supporting this or the United States does not support this.
That is not what we are going to do. What we are going to do is welcome the opportunity to participate in this strategic dialogue.
This is a process that presents an opportunity for Zimbabwe to work with its partners on reforms and measure progress along the way. That’s really important.
For Zimbabwe to reach its ultimate goal of debt resolution the discussions in the dialogue must be supported by actions as has been discussed earlier today.
It’s imperative for Zimbabwe to demonstrate credible progress in implementing governance, economic and land reforms.
Not just reaching agreements with partners but not implementing those agreements.
Building trust and progress takes time and it’s important for Zimbabwe to stay on course through that process.
</blockquote>
Akinwumi Adesina, who is the African Development Bank President, was appointed as leader of Zimbabwe’s arrears clearance and debt process by President Emmerson Mnangagwa in 2022.
Former Mozambique president, Joachim Chissano, was appointed the facilitator between the Zimbabwean government as a debtor, bilateral credit partners, and other relevant stakeholders.
The US enacted ZDERA in 2001 in response to Zimbabwe’s “fast-track land reform” programme.
The US put the Zimbabwean government on a credit freeze through ZDERA (specifically Section 4C titled Multilateral Financing Restriction).
ZDERA forbids US citizens who have senior positions in many multi-lateral institutions from voting for Zimbabwe’s support in areas they have influence.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

United States Declines To Support Funding Zimbabwe's Arrears Clearance, Debt Restructuring

President Emmerson Mnangagwa and Finance and Economic Development Minister Mthuli Ncube attended a Roundtable meeting on Zimbabwe Debt Arrears Clearance in Sharm el-Sheikh, Egypt recently.
The roundtable meeting was held on Wednesday evening and was a side event during the African Development Bank (AfDB) annual general meetings.
Zimbabwe is facing an external debt crisis which has made it difficult for the country to secure loans from international financial institutions such as the International Monetary Fund (IMF) due to arrears.
<h2>What Is External Debt?</h2>
According to an <a href="https://www.investopedia.com/terms/e/external-debt.asp">online source</a>, external debt or foreign debt is the portion of a country’s debt that is borrowed from foreign lenders, including commercial banks, governments, or international financial institutions.
These loans, including interest, must usually be paid in the currency in which the loan was made.
If a country cannot repay its external debt, it is said to be in sovereign debt and faces a debt crisis.
<h2>Zimbabwe’s Debt Inherited From Rhodesia</h2>
<a href="https://debtjustice.org.uk/countries/zimbabwe#:~:text=Zimbabwe%20inherited%20a%20sizeable%20debt,buying%20exports%2C%20including%20military%20aircraft.">Debt Justice</a> says Zimbabwe inherited a sizeable debt from Rhodesia, which grew through the 1980s, that is, the first decade after the country gained independence.
In 1980, Zimbabwe inherited a US$700 million debt from the Rhodesian government of Ian Smith.
The loans had been used to buy weapons in the 1970s, breaking United Nations (UN) sanctions.
The new Government reportedly came under international pressure to take on the debt, whilst being promised over US$2 billion by Western governments for reconstruction and development. Most of the aid money reportedly never materialised.
Zimbabwe also received loans from the United Kingdom and Spain to buy Land Rovers and military aircraft and from the World Bank to plant trees.
By 1990, to keep paying the debt, Zimbabwe had to take out bailout loans from the IMF and World Bank.
Zimbabwe defaulted on repayments in 2000 and the lenders stopped lending to the country.
<h2>What Is a Default?</h2>
Default is the failure to make required interest or principal repayments on a debt, whether that debt is a loan or a security.
Sovereign default occurs when a country does not repay its debts. Though a country cannot be forced to satisfy its obligations by a court, countries that default on sovereign debt might have trouble borrowing again and are likely to have to pay a higher interest rate if they get the chance.
According to <a href="https://www.investopedia.com/articles/investing/102413/why-and-when-do-countries-default.asp">Investopedia</a>, the common causes of sovereign defaults include economic stagnation, political instability, and financial mismanagement.
<h2 class="wp-block-heading">How Much Does Zimbabwe Owe?</h2>
In October 2022, the Ministry of Finance’s Public Debt Management Office released a medium-term debt management strategy that had the latest data on the extent of the country’s debt crisis.
It said the total Public and Publicly Guaranteed (PPG) debt in December 2021 was US$17.2 billion.
This was made up of external debt of US$13.4 billion (77.9%) and domestic debt of US$3.8 billion (22.1%).
The total public debt included blocked funds of US$3.533 billion and an obligation of US$3.5 billion to compensate white former farmers for improvements on resettled land.
Besides the principal amounts owed, Zimbabwe also has arrears and penalties because of not paying its debts on time.
<h2>What Are Arrears?</h2>
When a country is said to be in arrears, it would have failed to make regular contractually required payments. The term arrears applies to an overdue payment.
In December 2021, Zimbabwe had piled up external debt arrears and penalties of US$6.6 billion. This included penalties of US$2.01 billion by December 2021.
Of the total external debt arrears, US$4.2 billion (63%) was due to the bilateral creditors, while US$2.4 billion (37%) was due to the multilateral creditors such as the World Bank and others.
<h2>Who Does Zimbabwe Owe?</h2>
As of December 2021, Zimbabwe owed US$5.6 billion to bilateral creditors – such as individual countries – and US$2.7 billion to multilateral creditors – international financial institutions.
External Debt
<ul>
<li>US$3.9 billion is owed to the Paris Club. This is a group of creditor countries that has 22 permanent members that include Australia, Austria, the UK, Japan and the USA.</li>
<li>US$1.8 billion is owed to the non-Paris Club bilateral creditors.</li>
<li>US$1.5 billion is owed to the World Bank 
US$711 million is owed to the African Development Bank</li>
<li>US$358 million is owed to the European Investment Bank</li>
</ul>
Over the years, the Government has taken over the Reserve Bank of Zimbabwe (RBZ)’s debt.
Zimbabwe owes US$111 million to creditors under the 2015 RBZ Debt Assumption Act, while US$4.9 billion is external debt on RBZ’s balance sheet.
<h2>Zimbabwe’s Chinese Loans</h2>
In 2022, Ncube told Parliament that Zimbabwe had borrowed US$2.7 billion from China since 1980.
He said the outstanding debt to China as of August 2022 amounted to US$1.768 billion.
Most of the Chinese loans have been borrowed for infrastructure projects but Zimbabwe was struggling to service some of the running Chinese loans.
According to the mid-term Debt Management Office, China was not releasing as much of the loans as needed because Zimbabwe was in arrears.
Treasury said Zimbabwe was in arrears on loans for the Victoria Falls Airport (US$65.36 million), NetOne Network Expansion Phase I &amp; II (US$66.65 million) and TelOne National Broadband Expansion Project (US$8.0 million).
<h2>Zimbabwe’s Arrears Clearance And Debt Process</h2>
In 2022, President Emmerson Mnangagwa appointed African Development Bank President Akinwumi Adesina as leader of Zimbabwe’s arrears clearance and debt process.
Addressing delegates during the inaugural Dialogue Platform on Zimbabwe’s Arrears Clearance and Debt meeting at the Rainbow Towers Hotel in Harare in 2022, Ncube said Adesina had agreed and committed to working with other institutions to support Zimbabwe in clearing its arrears and resolving its debts owed to international creditors.
Former Mozambique president, Joachim Chissano, was appointed the facilitator between the Zimbabwean government as a debtor, bilateral credit partners, and other relevant stakeholders.
Chissano is being supported by a technical advisor the former prime minister of Mozambique, Luisa Diogo.
In October 2022, Ncube said the country had started to make token payments to the IMF, World Bank, and other lenders. He said:
<blockquote>
We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank.
And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.
</blockquote>
Ncube also said IMF staff would visit Zimbabwe in December and then discuss a staff-monitored programme in the first and second quarter of 2023.
He said this would enable access to “resources from a sponsor who will help us with bridge funding in order to clear the arrears” to international lenders.
<h2>Debt Restructuring</h2>
Ncube said the “sponsor” will help Zimbabwe to restructure its debt to bilateral Paris Club creditors.
Debt restructuring is a process that involves getting lenders to agree to reduce the interest rates on loans, extend the dates when the debtor’s liabilities are due to be paid, or both.
<h2>Zimbabwe’s Debt Crisis And Reforms</h2>
In May 2023, Mnangagwa told development partners and creditors that Zimbabwe was committed to implementing key reforms that are critical to resolving the country’s debts and arrears.
He was speaking during the high-level debt resolution forum in Harare which was also addressed by Adesina and Chissano.
<a href="https://www.herald.co.zw/president-reassures-development-partners-creditors/">The Herald</a> reported that the majority of Zimbabwe’s combined US$8.3 billion bilateral and multilateral debt was accounted for by arrears.
However, in May 2023, <a href="https://tradingeconomics.com/zimbabwe/external-debt#:~:text=In%20the%20long%2Dterm%2C%20the,according%20to%20our%20econometric%20models.">Trading Economics</a> projected Zimbabwe’s External Debt to trend around US$18.6 Million in 2023.
South Africa’s Finance Minister Enoch Godongwana said that his country supports Zimbabwe’s implementation of key reforms to resolve its debt problems.
Gondongwana presented a message of support during a round-table meeting on Zimbabwe’s debt arrears clearance at the African Development Bank (AfDB)’s 2023 annual meetings.
He said any challenge faced by Zimbabwe will also affect South Africa’s economy.
Zimbabwe is a major market for South African products. South Africa also hosts millions of Zimbabwean economic refugees.
Adesina said Zimbabwe’s arrears clearance and debt resolution involves governance, rule of law, human rights, freedom of speech, and electoral reforms among other issues. He said:
<blockquote>
The issues are not just economic or financial. They also involve governance, rule of law, human rights, freedom of speech, political level playing field, electoral reforms that will assure free and fair elections — as well as fairness, equity and justice for the commercial farmers and other businesses who were dispossessed of their lands, for which there is a clear need for restitution and compensation.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's Debt Crisis: Here Are The Lenders And How Much They Are Owed

South Africa’s Finance Minister Enoch Godongwana said that his country supports Zimbabwe’s implementation of key reforms to resolve its debt problems.
Gondongwana presented a message of support during a round-table meeting on Zimbabwe’s debt arrears clearance at the African Development Bank (AfDB)’s 2023 annual meetings on Wednesday.
He said any challenge faced by Zimbabwe will also affect South Africa’s economy, hence the need to resolve Zimbabwe’s debt crisis and end economic sanctions. <a href="https://www.businesslive.co.za/bd/national/2023-05-25-zimbabwe-to-implement-reforms-critical-to-resolving-debt-and-arrears/">Said Gondongwana</a>:
<blockquote>
All of us are concerned about Zimbabwe. Economic sanctions continue to place Zimbabwe further into unsustainable debt. We support this [debt reforms] initiative with all our effort.
</blockquote>
In February this year, President Emmerson Mnangagwa said the Government was committed to a plan to clear more than US$6 billion of external debt arrears which were hindering its access to international loans.
Zimbabwe had more than US$14 billion in external debt as of September 2022 and has been unable to secure loans from the likes of the International Monetary Fund in more than twenty years, due to its arrears.
Zimbabwe, together with the AfDB and other development partners is working on a process to clear its debts and arrears.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All Of Us Are Concerned About Zimbabwe - SA Finance Minister

The European Union (EU) has blacklisted the Zimbabwean government and public sector from accessing loans from its financial institution.
The EU is concerned that Zimbabwe may fail to repay loans due to its currency volatility and failure to service an external debt of over US$10 billion.
Zimbabwe the EIB over US$300 million.
The EU Ambassador to Zimbabwe Timo Olkkonen said that EIB can advance loans to the private sector and not the government and the public sector.
He was speaking to Business Times at the recent signing between the European Investment Bank (EIB) and First Capital Bank. Olkkonen said:
<blockquote>
The fact that because of the arrear situation in Zimbabwe, the EIB is not able to do public lending in Zimbabwe.
… There are issues around security and ownership tenure of land in the agriculture sector which I know is a cause for concern but there are some discussions which are ongoing.
There are some issues like the level playing field in terms of investments and corruption which are also cause for concern in Zimbabwe.
</blockquote>
Olkkonen said there are some economic and structural reforms that Zimbabwe has to implement in order to attract investment in the country.
Meanwhile, European Union Delegation to Zimbabwe head Bernard De Schrevel said the private sector has exhibited good traits that are different from the public sector. Said Schrevel:
The reason we are not extending the credit lines to the public sector is due to the arrears that are yet to be resolved in years.
He was speaking on the sidelines of the NMB €12.5m signing ceremony, Agriculture, Private Sector and Trade.
<h4>More: <a href="https://businesstimes.co.zw/no-credit-for-zim-government-public-sector-eu/">Business Times</a></h4>

EU Rules Out Lending To Zimbabwean Government, Public Sector

The Government of Zimbabwe and Trafigura Group have reportedly discussed a deal that would give the latter control over the output from some of the mines of state-run Kuvimba Mining House Ltd as repayment for debts.
Zimbabwe owes Trafigura millions of dollars for fuel, with some of the contracts dating back to 2016.
Trafigura, which is one of the world’s biggest oil and metals traders, will be paid $225.6 million by nickel and gold-mining subsidiaries of Kuvimba.
In response to detailed questions from Bloomberg, the Singapore-based trading house confirmed a deal.
Under the deal, the unpaid bills incurred by the Reserve Bank of Zimbabwe would be transferred to the Finance Ministry, which has control over Kuvimba.
Kuvimba would pay Trafigura $6 million a month and retain 40% of payments to the Freda Rebecca and Shamva gold mines, as well as the nickel mines owned by Bindura Nickel Corp.
Freda Rebecca, Shamva and Bindura Nickel are subsidiaries of Kuvimba.
The agreement shows that Trafigura would also have the right to approve buyers of the metal selected by Bindura and would have the right of first refusal on the metal.
It would also have the right to buy the gold produced by Freda Rebecca and Shamva.
The agreement also says the payments to Trafigura won’t be subject to tax and the transaction documents won’t need to be lodged with any authority in Zimbabwe.
<h4>More: <a href="https://www.newzimbabwe.com/trafigura-seeks-control-of-zimbabwes-metals-for-unpaid-debts-singapore-based-firm-owed-us226m/">NewZimbabwe.com</a></h4>

Zimbabwe Mortgages Minerals To Settle US$226m Trafigura Debt

Former Finance Minister and current MDC vice president Tendai Biti has warned African countries that debt owed by African countries is ballooning and come 2024, most countries will default.
Biti was speaking at an OSISA-organised conference on ‘Southern Africa’s Debt Conundrum’ in Johannesburg on Tuesday.
Below is part an abridged version of what Biti had to say by ZimLive.com:
<blockquote>Debt is increasing. You mention 18 countries that are in the red, but if you look at those 18 countries the bulk of those countries are struggling with traditional debt which is contracted from traditional sources – the London club of creditors, the Paris Club of creditors and the IFIs, in particularly the World Bank, the IMF and the African Development.
But the structure of loan contracting has changed, there are now players, insidious players that have entered the market in a big way. The first one I want to mention is of course China.
China has very unorthodox methods of lending to African countries. They also tend to take some shortcuts; their due diligence is a mixture of politics and economics.
So there’s no set objective standard when it comes to Chinese loan contraction, but Chinese debt is huge and Chinese debt is now populating the balance sheets of most of these African states.
The problem with Chinese debt is that it escapes the traditional scrutiny of the IFIs, in particular, the IMF which has played the de facto role of a debt enforcer on behalf of the Paris club of lenders, the London club of lenders, the World Bank and so forth.
China is outside that. In other words, China can lend to a country notwithstanding that its debt to GDP ratio is unsustainable, the net present value of exports to GDP is unsustainable and that has been happening, Zimbabwe is a good example.
The second entrance on the market is the Eurobond, it’s huge. As of June 2019, the total stock of Eurobonds learnt to Africa is US$104 billion.
The majority of this debt will mature in 10 years’ time in 2024. There have not been defaults except in the case of Mozambique and Zambia, but come 2024 Africa will have this huge obligation to repay of US$104 billion. And it’s easy money.
Just this year alone, three countries have been on the market to source about US$10 billion Eurobonds, and Egypt has actually been there twice.
…  in my respectful submission, the implosion will come in 2024 when this US$104 billion literally becomes due.
… Africa is getting a raw deal. It’s also getting a raw deal because we don’t have the lawyers, the accountants, the sophistication to match those that are leading to us.
Our knowledge and capacity is in its infancy, which is why it’s so understandable that when it comes to election times you will find many political parties say we are going to tear up all the resource contracts that have been contracted, and it’s correct and it’s understandable.</blockquote>
<h4>More: <a href="https://www.zimlive.com/2019/07/02/africa-will-come-to-debt-cliff-in-2024-warns-zimbabwes-tendai-biti/" rel="noopener noreferrer" target="_blank">ZimLive.com</a></h4>

Biti Warns African Countries That They Face A Bleak Future Over Debt

Finance Minister Mthuli Ncube said Zimbabwe is on course to clear its international debt.
Ncube said this in an interview on the sidelines of his presentation to students of Defence Course Intake 7 of 2018, at the Zimbabwe National Defence University in Mazowe. Zimbabwe’s arrears to the African Development Bank (AfDB) are $610 million, over $1,16 billion to the World Bank and $212 million to the European Investment Bank. The arrears have to be settled with all the multilateral financial institutions for Zimbabwe to start accessing funds from them. Said Ncube:
<blockquote>So my view is that we are on track. Of course, it doesn’t mean that any turbulence we face in the country, does not tamper with our plan. When you are piloting an aircraft, when you are going through turbulence you must work harder to keep on course because sometimes it feels like, but you need to keep focus on the destination, and they (creditors) are very supportive of us, in getting to that destination. Equally, those that we owe money are equally supportive, so we are on course.</blockquote>
More: <a href="https://www.herald.co.zw/zim-on-course-to-clear-debts/">Herald</a>

Zimbabwe On Course To Clear International Debt

James Makamba’s multi-million rand Johannesburg mansion is set to be auctioned at the end of the month following an order of the court.
According to a report by Fin24, Makamba owes Absa’s wealth unit R59 million in debt as a result of mortgage, credit card and vehicle financing accounts. Makamba’s property is set to go under the hammer on November 29, with opening bids starting at R25 million.
High Street Auctions Lead Auctioneer and Director Joff van Reenen confirmed in a statement on Wednesday, that Makamba’s Coronation Road’s Villa Royale was being sold as an order of the court on November 29. The statement goes on to say that the manor, which is about 1650m², boasts five luxury suites, immaculate landscaped grounds and several lounge areas. The public rooms include a wine cellar, state of the art gym, 13-seater cinema with reclining leather armchairs, a cigar lounge, a spa and a games room.
More: <a href="https://www.fin24.com/Companies/exclusive-zim-tycoons-multi-million-sandhurst-home-to-go-under-the-hammer-over-debt-20181107">Fin24</a>

James Makamba's SA Mansion To Be Auctioned Over 59 Million Rand Bank Debt

Finance Minister Patrick Chinamasa has said Zimbabwe has secured $1,2 billion needed to clear World Bank arrears. Chinamasa said Zimbabwe will pay back the money once the United States based financial institution announces the amount it will give the country as fresh funding.
Although Minister Chinamasa did not disclose the source of the loan to repay the World Bank, indications are that Afrexim Bank is assisting Zimbabwe. Said Chinamasa:
<blockquote>As you are aware, we cleared our arrears with the International Monetary Fund (IMF) and the rule is, we must address our indebtedness first to other multilateral institutions. All I can say is that we have succeeded to mobilise a commercial loan, which is cheaper than what the World Bank is now charging us, and that is when we know what new money the World Bank will give us, then we should be able to complete the transaction. We cannot pay $1,2 billion without the expectation of new money. It does not make sense for us and they also recognise it does not make sense. I am happy to observe that they are coming our way in terms of that understanding. In our conversation with the World Bank, we have been saying the arrears come to $1,2 billion and it is a large amount of money to pay from a struggling economy. They should indicate to us what they will pay us by way of new money into the economy. We have expectations that when we clear the arrears we should get new money.</blockquote>
Chinamasa said the World Bank and the African Development Bank (AfDB) have been  carrying out an exercise to determine Zimbabwe’s needs across sectors with a view to providing fresh funding.
<hr/>
<h4>Also Read:</h4>
<ul>
<li>
<h4><a href="https://news.pindula.co.zw/2016/11/24/despite-paying-off-imf-arrears-zimbabwe-will-not-get-credit-clears-debts/">Despite paying off IMF arrears, Zimbabwe will not get any credit until it clears all debts</a></h4>
</li>
<li>
<h4><a href="https://news.pindula.co.zw/2016/11/15/imf-removes-zimbabwe-sanctions-says-no-new-funding-without-reforms/">IMF removes Zimbabwe sanctions but says no new funding without reforms</a></h4>
</li>
</ul>
<hr/>
More: <a href="https://www.herald.co.zw/zim-ready-to-clear-12bn-wb-arrears/">Herald</a>

Zimbabwe Secures $1,2 Billion To Clear World Bank Debt, Sets Conditions

The Zimbabwe Revenue Authority (Zimra) has declared that there will be no debt write-off as this could encourage people and businesses not to pay their taxes. The revenue collection authority is owed $3.9 billion by companies and councils. Appearing before the Parliamentary Portfolio Committee on Finance and Economic Development, Happias Kuzvinzwa, the Zimra commissioner for domestic taxes said:
<blockquote>If we write-off, what message do we give to those who are compliant? Yes, if we force them to pay today they will collapse, but if we come up with a payment plan, they will know that they will pay up.
We exceeded target with a level which we didn’t do for the past four years, given the harsh economic environment. We did quite well in line with new dispensation we can safely that the strength of any government is seen by its capacity to mobilise resources.</blockquote>
More: <a href="https://www.newsday.co.zw/2018/02/no-debt-write-off-zimra/">NewsDay</a>

Zimra Says There Will Be No Debt Write-Off, Owed $3.9 Billion

<blockquote>LOCAL AUTHORITIES’ ENGAGEMENT OF DEBT COLLECTORS, JEOPARDISES COUNCIL’S CONSTITUTIONAL MANDATE
ZIMBABWE Lawyers for Human Rights (ZLHR) notes with deep concern the pervasive practice by local authorities in engaging the services of debt collectors who have been issuing out threats of litigation, ultimatums and attachment of property against ratepayers in order to induce payments of utility charges.
Debt collectors have been wreaking havoc in most parts of the country after being contracted by some local authorities to collect arrear utility payments from some defaulting ratepayers. 
The role of some government officials who have been ‘encouraging’ local authorities to use whatever means is at their disposal, including debt collectors to recover money owed by ratepayers is disturbing. This misinformed position is not only overzealous but illegal.
In terms of the Legal Practitioners Act, only a registered legal practitioner in possession of a valid practising certificate can threaten legal action or offer legal advice to their principal for a fee or reward, and doing so without meeting these requirements is a criminal offence.
Local authorities and central government need to appreciate that only legal practitioners have exclusive power to give legal advice, threaten legal action and represent someone legally for reward. In deploying debt collectors to collect arrears and threaten residents with legal action, the local authority is in effect participating in an illegality. Further, debt collectors are not statutorily regulated or controlled and they do not possess any special qualification or learning for their trade, it follows that their practices cannot guarantee lawfulness in the way of procedural regularity and fairness.
This pervasive practice of contracting debt collectors is becoming the desired approach with some government-run hospitals preferring this methodology to induce some patients to settle outstanding medical bills. This is a violation of section 68 of the Constitution which guarantees the right to administrative justice.
Section 68 (1) of the Constitution provides for a right to administrative conduct that is lawful, prompt, efficient, reasonable, proportionate, impartial and both substantively and procedurally fair. 
Therefore, it is not reasonable and neither is it fair for local authorities to employ the services of debt collectors to collect outstanding debts.
It follows therefore that by entrusting their administrative functions to the whim of debt collectors, local authorities have jeopardised their constitutional mandate.
Local authorities should appreciate that they have a higher mandate to safeguard and protect the rights of ratepayers, from their position of being a custodian of the welfare of residents. 
Leaving the rights of citizens to the whims of private debt collectors cannot guarantee the rights of citizens over which the local authorities are placed to guard and therefore it is not reasonable.
In the face of a rigid approach by local authorities and central government, ZLHR warns local authorities that various legal remedies remain at the disposal of ratepayers, which can be filed against the local authorities for the illegal practices of debt collectors which they have contracted.
ZLHR reminds local authorities that they have a constitutional mandate as public administrative bodies to safeguard public interests and rights.</blockquote>

Councils Can Be Sued For Illegal Practises Done By Debt Collectors: Zim Lawyers for Human Rights

State-owned telecommunications company TelOne’s managing director Chipo Mtasa has said that her company will, be introducing a pre-paid billing plan in order to recover more than $200 million owed to it. Most of the money is owed by public entitites. Said Mtasa,
 
<blockquote>We are still owed money of about $200 million. We are trying to move to prepaid such that if a person pays $30 then $20 goes for the current bill and the rest goes towards the debt. We would want to do what Zesa does, I think it’s a good model.
We are on course to recapture the market share that we think belongs to us. The last two weeks we commissioned the link between Bulawayo and Beitbridge, a desired link between TelOne and SA were the major traffic comes in, and it will have a lot of implications to the cost and affordability element we are talking about.</blockquote>
More: NewsDay

TelOne to launch pre-paid billing to recover $200 million arrears

Harare High Court judge Justice Priscilla Chigumba placed Zimbabwe Football Association (Zifa)’s official Steward Bank account under a garnish order in favour of Arena Travel, who are seeking to recover $24 263,50 owed to them by the local governing football governing body.
Arena Travel director Tendai  Gutu approached the courts after Zifa failed to pay for air tickets issued to the Young Warriors for a trip to Cameroon in 2015 for an All-Africa Games qualifier. Any money paid into Zifa’s Steward Bank account will now be immediately transferred to Arena Travel until the debt has been cleared.
More: <a href="https://www.newsday.co.zw/2017/08/01/zifa-bank-account-garnished/">NewsDay</a>

Zifa bank account garnished over $24 000 debt

The <a href="http://www.pindula.co.zw/Harare_City_Council" target="_blank">city of Harare</a> has claimed that at least 80 000 households have not been paying their water bills since 2013, in the hope that the government will order the council to cancel outstanding water debts for residents in the run up to the 2018 elections. In 2013, before harmonised elections were held, then Minister of Local Government, Public Works and Urban Development <a href="http://www.pindula.co.zw/Ignatius_Chombo" target="_blank">Ignatius Chombo</a> ordered the local authorities to cancel all debts owed by residents.
Speaking at a council debt management strategy meeting, Harare City Council spokesman Michael Chideme said:
<blockquote>Our investigations have shown us that there are 80,000 households which have not paid their rates since that period and they are hoping that the same amnesty is going to be extended to them because of the impending national elections.</blockquote>
Chideme revealed that council had opted to engage private debt collectors in an effort to recover the money owing, although Universty of Zimbabwe law lecturer Professor <a href="http://www.pindula.co.zw/Lovemore_Madhuku" target="_blank">Lovemore Madhuku </a>urged residents to <a href="http://www.pindula.co.zw/news/2017/02/24/beat-debt-collectors-prevent-robbing-will-defend-madhuku-residents/" target="_blank">beat up the debt collectors to protect their property because the actions of the debt collectors are illegal</a>. Madhuku added that he would provide representation for such people, in case the debt collectors reported to the police.
More: <a href="http://www.newzimbabwe.com/news-34950-80,000+not+paying+water+bills+in+Harare/news.aspx">New Zimbabwe</a>

Harare city claims that  80 000 households have not been paying water bills since 2013 in the hope of another amnesty

Small to Medium Enterprises minister <a href="http://www.pindula.co.zw/Sithembiso_Nyoni">Sithembiso Nyoni</a> and former Presidential Affairs minister <a href="http://www.pindula.co.zw/Didymus_Mutasa">Didymus Mutasa</a> have been taken to court over debts.
Nyoni allegedly owes Zimbabwe Farmers’ Development Company (ZFDC) $81 900 for dump trucks acquired in 2008, but were not fully paid for. Mutasa, now a leading member of the opposition ZimPF, allegedly owes Zimbabwe Leaf Tobacco Company (ZLTC) $81 137,08. Both companies have separately approached the courts to recover the debts.
Mutasa’s case is set to be heard tomorrow in the motion court before High Court judge, Justice Amie Tsanga, while Nyoni is yet to enter an appearance to defend notice.
More: <a href="https://www.newsday.co.zw/2016/11/08/council-battles-put-pomona-fire/">NewsDay</a>

Debt Latest News

Latest Jobs