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Pressure from Members of Parliament has led Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, Mthuli Ncube, to announce increases in funding for lawmakers, <a href="https://www.zimlive.com/ncube-raises-parliaments-budget-and-doubles-cdf-to-us100k/">reported ZimLive</a>.
In response to their demands, Ncube has doubled the Constituency Development Fund (CDF) allocation and pledged to purchase more vehicles for MPs.
Originally, Ncube allocated ZiG1.7 billion for Parliament in his budget statement presented on November 28. However, following parliamentary pressure, he raised this amount by an additional ZiG1 billion.
During the debate on his 2025 budget on Wednesday, Ncube explained that financing the added costs required tapping into “back pocket funds.”
Some of the specific requests from MPs included more vehicles for parliamentary committee chairpersons, allowances for staff, residential stands for lawmakers, the clearance of CDF arrears, as well as increased sitting, fuel, and foreign allowances.
To meet these demands, Ncube allocated approximately US$120 million for staff salaries, ZiG250 million for additional cars for MPs, ZiG378 million for clearing CDF arrears, ZiG72 million for MPs’ fuel allowances, ZiG50 million for domestic and foreign allowances, and another ZiG50 million for lawmakers’ offices and tools of trade.
Additionally, Ncube doubled the CDF allocation to US$100,000 per constituency for the country’s 210 constituencies and set aside funds to purchase buses for transporting parliamentary staff. He said:
<blockquote>
What we did not do is in a sense we can see that it is an area of pressure and we need some back pocket to approve what they were proposing but to make provision for it because within our budget to cater for additional motor vehicles.
Now let me go back and say that for the CDF and clearance of tools of trade and office equipment for staff and MPs, I am proposing an additional ZiG72 million.
To support additional motor vehicle requirements which is a tool of trade, I am proposing an additional ZiG50 million.
For MPs’ fuel requirements, I am proposing an additional budget of ZiG378 million.
I am proposing a back pocket for parliament of ZiG200 million and an additional ZiG50 million for the constituency offices and other tools of the trade ZiG250 million.
For domestic and foreign allowances, I am proposing ZiG 50 million.
</blockquote>
Ncube said that the issue of residential stands for parliamentary staff is still under consideration and being addressed by the Ministry of Local Government.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe's Finance Minister, Mthuli Ncube, gave more money and benefits to MPs after they asked for it. He doubled the amount of money each constituency gets to help its people and promised to buy more vehicles for MPs. Ncube had originally set aside a certain amount of money for Parliament, but had to add more because MPs wanted more. He provided extra money for things like staff salaries, cars for MPs, fuel, allowances, and office supplies. He also promised to buy buses for parliamentary staff. Ncube said he will think about giving residential stands to parliamentary staff.

In A Year Of Drought, Mthuli Ncube Pampers MPs With Stands, Cars, And Increased CDF

Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube has said Zimbabwe has benefited from a weaker local currency, which has promoted economic growth over the past three years.
The Reserve Bank of Zimbabwe (RBZ) recently devalued the domestic currency, the Zimbabwe Gold (ZiG), by 43 per cent after the gap between the official foreign exchange rate and the parallel market rate widened.
The ZiG is the country’s sixth attempt to introduce a stable currency in 15 years and has been depreciating against the United States dollar since its debut in April 2024.
During a signing ceremony of four financing agreements between Zimbabwe and the European Union (EU) in Harare on Wednesday, Ncube attributed the country’s stagnating economic growth for this year to climate change, not the ZiG. He said (via <a href="https://www.newsday.co.zw/local-news/article/200034319/weak-currency-key-to-economic-growth-mthuli">NewsDay</a>):
<blockquote>
If your sole reference currency is foreign currency, you need a domestic currency to grow. And that’s what we have in the form of ZiG. And it is supporting economic growth.
Do you think it is surprising that in all the currency volatility we have experienced in the last five years, the Zimbabwean economy has grown at an average rate of 6,8% in the last three years?
How did this happen if currency was such a big deal? And I think it shows and proves to you that having a weaker domestic currency has actually produced more advantages than disadvantages.
And it shows economic growth. And the reason why we have slower growth this year is not because of the currency. It’s actually because of climate change.
What I’m also saying is that, you know, a currency that weakens presents opportunities and advantages to one group of people, but disadvantages to others.
So it is not advantage all the way, but disadvantage all the way. So, for example, if you’re an exporter, after the depreciation of ZiG, suddenly your inflows in ZiG terms have doubled.
So that’s why currency depreciation really supports what we call export competitiveness.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Minister Mthuli Ncube said Zimbabwe's weak currency helped the economy grow. The local currency, Zimbabwe Gold, was devalued by 43% by the Reserve Bank of Zimbabwe. The currency has been falling against the US dollar since 2024. Ncube said the currency helped economic growth even though it weakened. He also said that the country's slower growth this year was due to climate change, not the weak currency. A weaker currency can help exporters because they make more money when they sell things overseas.

Weaker Local Currency Drives Economic Growth, Says Mthuli Ncube

The government plans to mandate that most taxes and fees be paid exclusively in Zimbabwe Gold (ZiG) currency to increase demand and stabilise its value.
This was said by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube during a dialogue with development partners in Harare on Wednesday. Said Ncube:
<blockquote>
Already, customs duties are now payable in local currency. Going forward and in line with the de-dollarisation roadmap, other taxes will also be paid exclusively in local currency, including payment for government services.
</blockquote>
However, most Zimbabweans believe that confidence in the ZiG currency would increase if essential items like fuel and services such as passport fees were payable in the local currency.
According to Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu, the ZiG is supported by US$450 million in foreign reserves as of October 10, 2024.
Since its introduction in April, the ZiG has depreciated from US$1: 13.5616 to US$1: 26.6718 as of October 16.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government wants people to pay taxes and fees in Zimbabwe Gold (ZiG) to make the currency stronger and more valuable. Finance Minister Mthuli Ncube said this during a meeting. Right now, only customs duties can be paid in local currency, but soon all taxes may be paid that way. People want essential things like fuel and passport fees to also be paid in ZiG. The currency is supported by $450 million in reserves. Since it started, ZiG's value has gone down. The government hopes this change will help the economy.

Taxes And Fees To Be Paid Exclusively In ZiG - Mthuli

Economist Professor Gift Mugano has called on the government to clarify the relationship between the value of the Zimbabwe Gold (ZiG) currency and gold, as well as other precious metals.
Mugano asserted that the government appears to have changed its stance on exchange rate determination and should provide an explanation of how fluctuations in gold prices affect the ZiG exchange rate.
Posting on X, Mugano noted that when the Reserve Bank of Zimbabwe (RBZ) launched the ZiG in April 2024, the initial exchange rate of ZiG to USD was calculated as follows:
<blockquote>
– ZiG1 = 1 milligrams of gold (ZiG1 = 1/1000)
– Price of 1 gram of gold on 5 April 2024 = US$73.3
– 1 milligrams of gold (i.e., ZiG1) = 73.3/1000 = US$0.0733
-Using a direct formula of exchange rate determination, US$1 = 1/0.0733 = ZiG13.64
If we use the same formula &amp; take into account the price of gold which has since shot to US$85.52 per gram (i.e., US$2,653.25 today), our new exchange should be:
US$1 = 1/0.08552 
US$1 = ZiG11.69
Ko US$1 = ZiG25 (exchange rate after devaluation) yabvepi?
Please give us the correct government position on the ZiG exchange rate determination &amp; gold price movement nexus so that we can speak we are guided accordingly.
</blockquote>
Mugano also urged the government to reconcile statements made by Finance Minister Mthuli Ncube on Wednesday with an excerpt from the RBZ’s Monetary Policy Statement (MPS) that explains the value of the ZiG in relation to other currencies. An extract of the MPS reads as follows:
<blockquote>
17. What is going to determine the exchange rate of the structured currency in relation to other currencies?
The starting exchange rate shall be determined by the prevailing closing interbank exchange rate as at 5 April and the London PM Fix price of Gold as at 4 April 2024. The intervening exchange rate shall be determined by the inflation differential between ZiG and USD inflation rates and the movement in the price of the basket of precious minerals held as reserves. The weights will be determined by the composition of reserve assets.
</blockquote>
Mugano was responding to remarks made by Minister Ncube during an interview with journalists in Mt Hampden on Wednesday, following President Emmerson Mnangagwa’s State of the Nation Address (SONA) to Parliament.
During the interview, Ncube was asked to explain the central bank’s decision to devalue the ZiG by 42.55 per cent against the United States dollar while gold prices were on the rise.
In his response, Ncube stated that although the ZiG is backed by gold, its exchange rate is not fixed to gold prices. He said:
<blockquote>
There is a difference in fixing an exchange rate and there is a difference in backing an exchange rate. Gold backs the exchange rate. So as I speak, our reserves are about US$370 million.
And the central bank has been intervening in the market and has been able to sell the gold which is backing the ZiG to supply the market with much-needed US dollars for importation purposes.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Economist Gift Mugano wants government to explain how gold prices affect ZiG exchange rate. When ZiG launched, 1 USD = ZiG13.64, now should be ZiG11.69. Mugano asks for clear government position on ZiG exchange rate and gold price connection. Mugano also wants government to clarify statements made by Finance Minister Mthuli Ncube on ZiG devaluation. Ncube says ZiG backed by gold, but exchange rate not fixed to gold prices. Central bank selling gold to get US dollars for imports.

"Exchange Rate Should Be ZiG11.69 Per US$1"

Finance Minister Mthuli Ncube said the Zimbabwe Gold (ZiG) currency is indeed backed by gold, but its exchange rate is not tied to gold.
Ncube made these remarks during an interview with journalists in Mt Hampden on Wednesday, following President Emmerson Mnangagwa’s State of the Nation Address (SONA) to parliament.
In recent days, many Zimbabweans have questioned how the central bank devalued the ZiG by 42.55 per cent against the United States dollar while gold prices were rising.
Ncube clarified that while the ZiG is backed by gold, its exchange rate is not fixed to it. He said (via <a href="https://www.herald.co.zw/salary-review-for-civil-servants/">The Herald</a>):
<blockquote>
There is a difference in fixing an exchange rate and there is a difference in backing an exchange rate. Gold backs the exchange rate. So as I speak, our reserves are about US$370 million.
And the central bank has been intervening in the market and has been able to sell the gold which is backing the ZiG to supply the market with much-needed US dollars for importation purposes.
</blockquote>
Ncube said enough reserves are backing the money in circulation. He added:
<blockquote>
But the issue is about the exchange rate. The rate itself as opposed to the backing, but adequate reserves are backing the ZiG.
</blockquote>
Ncube said the government will implement measures to address the resurgence of the forex black market, but he declined to disclose the specific actions or timeline for these measures.
The Minister also said discussions are ongoing within the framework of the Tripartite Negotiating Forum (TNF) to improve the working conditions for civil servants. He said:
<blockquote>
Yes, we have to, I think we have to. We are looking into it and we are already negotiating through the Tripartite Negotiating Forum to adjust the wages of civil servants.
Hopefully, we will reach an agreement soon and then we can move forward and assist the civil servants.
</blockquote>
He said the adjustments will be implemented before the end of the year, adding that the induced devaluation of the local currency made the salary adjustment necessary. He said:
<blockquote>
It is a matter that we are already looking into. That is why I mentioned that it will require some adjustment in wages.
Wages have to be adjusted both in the public sector and private sector to improve the buying power of wages for workers, so that has to happen.
But that is what happens when a currency is adjusted. It causes those other negative impacts.
But also there are other positive impacts on the business front. We are determined to save jobs in our formal economy.
</blockquote>
It’s important to recognise that the exchange rate of a currency backed by gold can vary according to market conditions, supply and demand, and other economic factors.
In contrast, a currency fixed to gold (commonly referred to as a gold standard) maintains a set exchange rate with gold, meaning the currency’s value is directly linked to the price of gold.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's ZiG currency is backed by gold, but its exchange rate is not fixed to gold, according to Finance Minister Mthuli Ncube. This means that the value of ZiG can change depending on market conditions and other factors. The Minister also mentioned that discussions are happening to improve civil servants' wages and working conditions. Adjustments to wages will be made before the end of the year due to the devaluation of the local currency. Overall, it's important to understand that a currency backed by gold can have a flexible exchange rate, unlike a currency fixed to gold.

ZiG Is Backed By Gold, But Not Fixed To Gold, Says Mthuli Ncube

Minister of Finance, Economic Development, and Investment Promotion, Mthuli Ncube, has said civil servants will soon receive a salary increase to help mitigate the effects of a recent decision by the Reserve Bank of Zimbabwe (RBZ) to devalue the ZiG by over 40%.
In interviews with journalists following President Emmerson Mnangagwa’s State of the Nation Address (SONA) to parliament on Wednesday, October 2, Ncube explained that the devaluation was intended to close the gap between the official and parallel market values of the local currency.
He acknowledged that the decline in the ZiG has affected salaries, hence the need to restore their purchasing power. However, Ncube said salaries for civil servants will not be fully restored. He said:
<blockquote>
Putting in place a flexible exchange rate or devaluation does have an impact immediately on incomes, on prices.
And for us as a government, we will make some adjustments, naturally, to civil service salaries to make sure that the purchasing power of the salaries is somewhat restored.
Maybe not in full, but because someone wants to get in there. So, there is bound to be pain, there’s bound to be impact, and that’s what happens with any policy.
Any policy does have negative impacts and that’s what will happen. But we will make some adjustments to make sure that those who are losers can be compensated somewhat.
It won’t be everybody who will be looked after, but we’ll do our best.
</blockquote>
Meanwhile, about a fortnight ago, civil servants’ representatives rejected a Cost of Living Adjustment (COLA) offer presented by the government during a National Joint Negotiating Council (NJNC) meeting.
The Zimbabwe Confederation of Public Sector Trade Unions (ZCPSTU) said that they had decided to escalate the matter to higher authorities for further engagement.
This means that even if civil servants receive a salary increase now, which Ncube acknowledged will not bring their salaries back to pre-ZiG devaluation levels, they will still be worse off and unlikely to feel satisfied.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government is going to increase the salaries of civil servants in Zimbabwe because the value of the local currency has decreased a lot. This decrease is causing problems for people who work for the government. The Finance Minister said that even though the salaries will be increased, they won't go back to what they were before. This means that the civil servants may still not be happy with their pay. The union for civil servants rejected an offer from the government, so the issue is still not solved.

Civil Servants To Get Salary Increase

Zimbabwe’s foreign currency remittances rose by 16.5% to hit a record US$1.2 billion in the first half of 2024 resulting in a favourable impact on the country’s current account balance.
This was said by Finance Minister Mthuli Ncube while presenting the Mid Term Budget Review Statement in Parliament Thursday. He said:
<blockquote>
Remittances grew significantly by 16.5%, from US$1 billion in the first half of 2023 to US$1.2 billion in 2024, reflecting higher inward remittances from the diaspora, resulting in a favourable impact on the current account balance.
</blockquote>
Minister Ncube also revealed that total foreign currency receipts increased by 9.5% to US$6.2 billion during the period from January to June 2024. He said:
<blockquote>
Mr Speaker Sir, total foreign currency receipts increased by 9.5% to US$6.2 billion during the period from January to June 2024, from US$5.6 billion received during the same period in 2023, largely driven by the growth in export receipts, mainly from gold, agriculture commodities and manufactured 
products, as well as diaspora remittances.
In line with this improvement in foreign currency receipts, preliminary estimates indicate that the current account recorded a surplus of US$19.2 million in the first half of 2024, a turnaround from the deficit of US$13.8 million recorded in the same period last year.
To year-end, the current account surplus is projected to narrow to US$44.5 million in 2024, relative to a surplus of US$133.9 million recorded in 2023.
</blockquote>
Ncube said the country’s total debt has soared to US$20.5 billion with the government resorting to local borrowing.
The country’s stock of debt as at end of June 2024 amounted to an equivalent of around US$20,5 billion with external debt making up US$12 billion and domestic debt US$8.47 billion.
The debt stock is broken down as 58.7% external debt and the remainder being domestic debt 41.3%. Said Ncube:
<blockquote>
Mr Speaker Sir, the country’s stock of debt as at end of June 2024 amounted to ZiG287.2 billion, comprising of external debt of ZiG168.5 billion and domestic debt of ZiG118.7 billion.
The debt stock is broken down as 58.7% external debt and the remainder being domestic debt 41.3%.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe got a lot of money from people overseas, reaching $1.2 billion in the first half of 2024. This helped the country's financial balance. The total money coming from outside increased by 9.5% to $6.2 billion. The country's debt also went up to $20.5 billion, with the government borrowing from inside the country. Most of the debt is external, meaning the country owes money to other countries. The Finance Minister shared all this information in Parliament.

Zimbabwe's Foreign Currency Remittances Hit US$1.2 Billion

Economist Gift Mugano has warned that the Zimbabwean economy is rapidly approaching a crisis similar to the one experienced in 2008 when the country’s GDP growth plummeted to -17.7% and the Zimbabwean dollar became virtually worthless.
Reacting to the Mid-Term Budget Review Statement presented to parliament on Thursday by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube, Mugano stated that the Treasury boss should consider introducing a supplementary budget to address the financial shortfall caused by the depreciation of the local currency.. Wrote Mugano on X:
<blockquote>
<h2>The mid-term budget review exposed economic rot</h2>
Forget about nice phrases from my esteemed brother [Mthuli Ncube] – consolidating stability…There is nothing to consolidate. The economy is in a dire situation. The economy going towards the graveyard. We are fast approaching 2008.
These are the facts:
1. Contribution of IMTT to total revenue fell drastically from about 16% in 2019 to 3.4% in 2024 – signifying deepening informality and collapse of the formal economy;
2. Percentage of people employed in the informal sector increased from 75.6% in 2019 to 87.7% in December 2023 – signifying deepening informality and the collapse of the formal economy. @MthuliNcube in the NDS1 was targeting to reduce informal employment to 70% (i.e., increasing formal employment to 30%) by 2025. Right now formal employment is sitting at 11.3%;
3. Youth unemployment is standing at 3.5 million – 3.5 million young people are unemployed. The majority of the youths are drug addicts.
4. National debt has ballooned to US$20.8 billion (ZiG287.2 billion/13.78) up from US$18.73 in 2023, i.e., a staggering US$2 billion increase;
5. Close to 50% of the population is living in extreme poverty.
6. Both the education and health sectors are in intensive care units.
7. Close to 25% of the children under 5 are suffering from stunting growth – future generation &amp; human capital is threatened;
8. Businesses executives tell me that they are failing to access forex from banks with some securing 5-10% of their forex requirement notwithstanding the assurances given by the @ReserveBankZIM
9. Exchange rates are running away – we hear banks are using rates averaging ZiG22.30/US$1 while parallel market rates are hovering around ZiG24/US$1.
10. Aggregate demand is plummeting – mari haisi kubatika or kutenderera – which is now a common statement in the market.
Until GOZ and all stakeholders in the ecosystem of policymaking confess the truth about the state of the economy, we will sleepwalk into 2008.
In view of the fact that the Honourable Minister of Finance didn’t table a supplementary budget, the following question is pertinent:
Official exchange shot from ZWL6000/US$1 (i.e. at the time you presented the 2024 budget in Nov 2023) to ZWL33,882 (now equivalent to ZiG13.52) as of 5 April 2024. Resultantly, the national budget which was equivalent to +US$9 billion when it was presented (under assumption of stable exchange rates) was eroded to US$1.68 billion. Isn’t this enough reason to do a supplementary budget?
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's economy is in big trouble again, like in 2008. A famous economist named Gift Mugano said that the economy is getting worse. The government's budget is not enough, and many people are suffering. Lots of people are losing their jobs and living in poverty. The country's debt is growing, and children are not getting proper healthcare and education. The value of money is dropping, and businesses are struggling. Mugano warned that if things don't change, Zimbabwe could face a crisis like in 2008.

Zimbabwe's Economy Going Towards The Graveyard - Mugano

The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, delivered the 2024 Mid-Term Budget Review Statement under the theme “Consolidating Economic Transformation” on Thursday.
Minister Ncube rebased the initially approved expenditure for the 2024 Budget from ZW$58.2 trillion to ZW$87.9 billion.
He revealed that in the first six months of the year, total expenditure exceeded earnings by ZW$2.4 billion. This was after spending ZW$38.9 billion from total revenue collections amounting to ZW$36.5 billion. Said Ncube:
<blockquote>
Revenue projections to year end stand at ZiG93.221 billion (22% of GDP), against expenditures of ZiG96.8 billion and a resultant deficit of ZiG5.6 billion
Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rates.
In this regard, the fiscal policy thrust is sustaining the prevailing stable environment necessary for inclusive economic growth to achieve the objectives of the NDS 1 and Vision 2030.
</blockquote>
Ncube also announced measures to boost demand for the ZiG currency.
One of the key measures is that government departments will now accept payment for goods and services in the local ZiG currency to help “strengthen demand” for the ZiG.
Ncube said there are also plans to increase the circulation of ZiG notes without raising the overall money supply. 
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube talked about the budget, ZiG2.3 billion was spent more than earned. There is a plan to boost the demand for the ZiG currency. Government will now accept payments in ZiG. The economy is stable. Ncube announced new measures to help the economy grow. The budget has been increased to ZW$87.9 billion. There is a deficit of ZiG5.6 billion. The plan is to make sure the economy grows and reaches its goals.

Mthuli Ncube Delivers Mid Term Review, ZiG2.3 Billion Budget Deficit Recorded

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

The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, has said companies should pay Corporate Income Tax in proportion to the currency used for trade.
In a statement issued this Wednesday, June 19, on the payment of the 2024 second quarter corporate income tax, Ncube said if a company exclusively transacts in local currency, tax shall accordingly be paid in local currency (ZIG). Reads the statement:
<blockquote>
PAYMENT OF SECOND QUARTER CORPORATE INCOME TAX
The Zimbabwean economy has demonstrated relative stability in recent months following the presentation of the Monetary Policy Statement by the Reserve Bank Governor on 5 April 2024 and the successful transition from the Zimbabwe Dollar to the Zimbabwe Gold (ZIG).
The more stable economic environment ushered in by the new Zimbabwe Gold currency has had a positive impact on the economy. Government is pleased by the acceptance of the same by economic agents and the general public.
Against this background, coupled with the need to maintain this positive economic trajectory, Treasury is stepping up to complement the Fiscal and Monetary Policy Framework aimed at further anchoring the currency, exchange rate and price stability.
I therefore wish to advise that Treasury is currently working on a comprehensive review of the Framework of Tax Payments to:
<ul>
<li>Ensure a seamless transition from exclusive payment of taxes in the currency of trade to local currency:</li>
<li>Re-align the legislative requirements, in particular, where the currency of trade is specified in Principal Legislation;</li>
<li>Set the current ratios of transactions in local and foreign currency, and, Minimise economic shocks associated with abrupt policy changes.</li>
</ul>
Cognisant of the above, I wish to advise that payment of Corporate Income Tax should be guided by the provisions of Section 4A of the Finance Act (Cap. 23:04], which provides for payment of tax in the equivalent proportion of the currency of trade.
For example, if a company exclusively transacts in local currency, tax shall accordingly be paid in local currency (ZIG).
Similarly, where a corporate transacts in the ratio of 60%-40%, that is, local and foreign currency respectively, Corporate Income Tax should, accordingly, be accounted in the same ratio.
However, notwithstanding the current legislative provisions, Treasury authority is hereby granted for corporates to account for the 2024 Second Quarter Corporate Income Tax obligations in both local and foreign currency on a 50:50 basis.
Corporates that have already paid tax for the 2 Quarter, in accordance with the current legal provisions are advised that the Commissioner General of the Zimbabwe Revenue Authority is hereby authorised to manage such transactions on an administrative basis as guided by the law.
I am also pleased to advise that business and the general public have the option to pay Government fees and charges in local currency, unless where specified to the contrary.
Additionally, customs duty on imported goods is payable in local currency, except for designated foreign currency dutiable non-essential or luxury products.
As part of the comprehensive review of the Framework of Tax Payments, Treasury will, in due course, specify the taxes which will exclusively be payable in local currency, and the necessary supportive legislation, with the requisite approval by Parliament.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Companies To Pay Tax In Proportion To The currency Used For Trade - Mthuli

The government is struggling to pay fees for more than one million disadvantaged school children registered under its Basic Education Assistance Model (BEAM).
This was revealed by the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, during a question and answer session in the National Assembly on Wednesday.
Responding to a question from Emakhandeni-Luveve MP Discent Bajila (CCC), Ncube said the government owed schools US$57 million in BEAM arrears by the end of the 2023 financial year.
He said during the 2023 financial year, 1,515, 047 children registered for financial support under BEAM. Said Ncube:
<blockquote>
The government availed ZWL$77.5 billion against a budget of ZWL$23 billion thereby reducing school fees arrears as well as clearing ZIMSEC examination arrears for 2023.
Notwithstanding the above efforts, resource constraints exacerbated by changes in the macro-economic environment resulted in the accumulation of arrears for BEAM which stood at an equivalent of US$57 million (ZiG772 million) by the end of the 2023 financial year.
The 2024 budget set aside ZWL805, 087,608 now ZiG322,163,908 million to cater for BEAM. However, due to limited fiscal space, the budget is not able to fully cover the arrears thereby limiting to cover both arrears and current fees obligations.
To this effect, the treasury will ensure the release of the full budget in line with current fees payments to curb further accumulation of arrears.
Treasury will also strive to find additional budget during the course of the year to prioritise payment of arrears to the marginalised schools so that service delivery is not compromised.
</blockquote>
The government has barred school heads and School Development Committees (SDCs) from sending away learners if parents and guardians fail to pay tuition.
Primary and Secondary Education Minister Edgar Moyo said schools should engage debt collectors to deal with parents who are defaulting on settling school fees for their children. He said:
<blockquote>
Legally, school authorities are allowed to engage debt collectors to recover unpaid school fees instead of turning away learners.
As a matter of fact, we have consistently advised our school authorities to engage with parents or guardians in order to pay school fees and levies without even sending pupils away from school.
In the event that parents or guardians are not able to pay all the required fees and levies, the ministry has been on record, for advising school authorities to enter into a flexible payment plan.
However, we want to urge parents or guardians to respect the payment plans which they enter into with school authorities.
</blockquote>
In 2020, President Emmerson Mnangagwa signed into law the Education Amendment Act which compels the State to provide free basic education as stipulated by Section 27 of the Constitution.
In the run-up to the 2018 and 2023 general elections, the Government promised free basic education but has failed to honour the promises.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Admits Failure To Pay BEAM Fees, Arrears Exceed US$57 Million

The Government plans to extend a crackdown that’s targeting street currency traders to retailers (shops) to ensure goods and services are priced using only the official exchange rate of the new ZiG currency.
Responding to questions from legislators during a National Assembly sitting on Wednesday, Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, warned that businesses caught pricing their products or services using an exchange rate higher than the official rate risk severe penalties.
Ncube said there is no longer any “basis” for shops to use any rate above the official rate after the government recently removed the legal provision allowing traders to put a 10 per cent margin above the ruling interbank exchange rate. He said:
<blockquote>
We must protect our currency and keep it stable and discourage unnecessary speculation. The speculation is unjustified.
It is clear what the fundamentals are that drive value, that underpins the value of this currency and therefore it should be clear to everybody that this currency should be stable and an appropriate official exchange rate should be used for transaction purposes.
In our desire to protect that, Mr Speaker Sir, we are putting certain measures, certain sanctions on those who deviate from that objective.
First of all, for those who are managing retail or own retail organisations and sell goods to the public, we are insisting as a Government that they ought to use the willing buyer-willing seller price for foreign currency as the basis for pricing.
We have removed any basis to deviate officially from the official exchange rate, that 10 per cent exchange limit was causing deviation as an excuse for overpricing purposes.
So, from now on, we will make use of the willing buyer-willing seller pricing mechanism and any deviation will be sanctioned through a fine of no less than ZiG200 000 per offence.
So, those are really the measures we have put in place to deal with the pricing by retailers.
</blockquote>
The government gazetted Statutory Instrument 81A of 2024, Exchange Control (Amendment of Schedule to Exchange Control Act) Notice, 2024, last week.
S.I. 81A of 2024 scrapped the provision for a 10 per cent margin above the ruling exchange rate and also laid down the new requirement and the civil penalties that can be levied against defaulters.
Violation of the law now attracts a penalty of a minimum of ZiG200 000 per offence, and if the foreign currency taken in is higher in value, then the penalty equals that foreign currency.
According to <a href="https://www.businessweekly.co.zw/no-mercy-for-violating-exchange-rate-treasury/">Business Weekly</a>, traders and open market foreign currency dealers are pricing the local currency between ZiG17,5/US$1 and ZiG20/US$1.
According to the Reserve Bank of Zimbabwe (RBZ) website, the average interbank rate on 17 May 2024, was ZiG13.39/US$1.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Government To Extend ZiG Currency Crackdown To Shops

Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, has vowed there is no going back in the clampdown on illegal foreign currency dealers and businesses either rejecting the new ZiG currency or using street rates.
Ncube was speaking during the National Assembly’s question and answer session after parliamentarians raised concern about some businesses pegging prices in ZiG but against parallel market rates. He said, as quoted by <a href="https://www.herald.co.zw/no-going-back-on-forex-blitz/">The Herald</a>):
<blockquote>
We really mean business and want to ensure that our law enforcement agencies are equipped to enforce that (compliance with the official exchange rate).
We have instructed the FIU to look at the whole value chain (from manufacturers, wholesalers and retailers) that they are complying with the law.
</blockquote>
Since the launch of ZiG over a month ago, police have arrested 224 illegal money changers in a blitz that has also seen the RBZ’s Financial Intelligence Unit (FIU) freezing 90 bank accounts.
The FIU has also fined over 40 people for violating the Exchange Control Act.
Ncube also told legislators that the government was working on measures to increase the demand for ZiG and reduce demand for the US dollar.
He said the first thing was to ensure the stability of the ZiG for it to be accepted as a transacting currency. He added:
<blockquote>
The second issue is to create super demand for the ZiG and we will soon be announcing which taxes would be paid exclusively in ZiG.
</blockquote>
Zimbabweans have a historic mistrust of the central bank, the Reserve Bank of Zimbabwe dating back to 2008 when it printed ZWD$10 trillion notes during a period of hyperinflation.
The country then abandoned its own currency and relied on foreign banknotes like the US dollar and the South African rand.
In late 2016, Zimbabwe introduced a new currency called the bond note, purportedly backed by a US dollar loan facility, but it lost value due to excessive money printing.
On 05 April 2024, the Government introduced yet another currency, the ZiG, which authorities hope to stabilize the economy, but public reaction has been cautious.
The ZiG replaces the existing ZWL bond notes and the Zimbabwean dollar, aiming to restore confidence in the local currency.
Despite this effort, many Zimbabweans still prefer using the US dollar for transactions, which accounts for 85% of their dealings.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube Vows To Intensify Forex Blitz

Finance, Economic Development and lnvestment Promotion Minister, Mthuli Ncube, said he doesn’t understand why fuel dealers refuse to accept ZiG as payment for their products.
Appearing before joint parliamentary portfolio committees on budget and finance as well as industry and commerce on Tuesday, Ncube said some businesses were still in the transition from ZWL to ZiG but will soon accept the new currency without difficulty. He said (<a href="https://www.zimlive.com/article/finance-minister-says-vexed-by-snubbing-of-zig-by-fuel-dealers/">via ZimLive</a>):
<blockquote>
I don’t know why they don’t accept ZiG. We are in a multi-currency regime; they ought to accept if a buyer of fuel wishes to pay in ZIG.
This issue of transition from a volatile Zimbabwean dollar to a stable ZiG will take time for people to get their heads around it but with time, they will accept ZiG without difficulty. They should accept ZiG.
</blockquote>
Ncube said the Treasury and the Central Bank will continue to encourage the acceptance of the ZiG by the local market.
He said authorities “will search low and high” for measures to ensure that businesses and traders accept the new currency.
The ZiG is the country’s sixth attempt to deliver a functioning local currency since 2008.
<div class="in_article">
<div>
Authorities say the currency is backed by 2.5 tons of gold and $100 million in foreign currency reserves held by the central bank.
</div>
</div>
The Government has come under criticism for offering some of its services exclusively in foreign currency.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli "Doesn't Know" Why Fuel Dealers Don't Accept ZiG

Finance Minister Mthuli Ncube has said the Treasury will soon announce additional measures to support the 2024 Monetary Policy Statement (MPS), reported <a href="https://www.businessweekly.co.zw/mthuli-to-announce-measures-to-bolster-zig/">Business Weekly</a>.
The major highlight of the MPS was the introduction of a structured currency, the Zimbabwe Gold (ZiG) which replaced the Zimbabwe dollar in both electronic and physical forms, commonly referred to as RTGS and bond notes, respectively.
The new currency is backed by a combination of foreign currency and gold reserves held by the central bank and will co-circulate with other foreign currencies in the economy.
Responding to questions in the National Assembly on Wednesday on the 2024 Monetary Policy Statement (MPS), Minister Ncube said:
<blockquote>
The statement is coming. Just be patient with me and we will make the announcement sooner.
In the fullness of time, we will announce specific services that can be purchased in ZiG as we seek to promote the demand for our local currency.
We will be very specific when we announce as to which fees and taxes will be paid in ZiG beyond the request that corporates pay in domestic currency.
</blockquote>
Ncube said that there was a need to give businesses time to adapt following the recent tax adjustments detailed in the 2024 National Budget Statement. He said:
<blockquote>
There will be more coming through. You know, we have just gone through what I will call a very gruelling period Madam Speaker Ma’am since the announcement of the 2024 Budget with various tax measures and so forth, making adjustments, sugar content tax, this and that.
We did not want as fiscal authorities, to start announcing further things on the fiscal front. We have just gone through that. We think the industry is fairly comfortable now.
We want to make sure they are accountable so that they can continue to employ more people to grow exports and so forth.
I did not want to start imposing further fiscal measures immediately. We will do those gradually over time but something is coming.
That is the reason why we held back on announcing a few fiscal measures after having gone through fiscal measures through the 2024 Budget.
</blockquote>
Economist Gift Mugano recently said that Ncube should promptly present fiscal measures that complement the monetary policy statement.
Mugano said Ncube should not delay presenting his mid-term budget review in July or exclusively favour the use of USD over ZiG.
He said Treasury should immediately direct fuel, all duties, taxes, levies and fees including government services such as passports, birth certificates, death certificates, and other statutory payments to Government to be in ZiG.
Mugano also called for a downward review of taxes and the elimination of some tax heads such as the sugar tax, among other interventions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube To Announce Measures To Promote ZiG Currency

Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, has said civil servants will get their salaries on time this month, April 2024, despite the recent introduction of a new currency, ZiG, which replaced the Zimbabwe dollar.
During a question and answer session in the National Assembly on Wednesday, the MP for Emakhandeni-Luveve, Discent Bajila (CCC), sought clarification from Minister Ncube regarding the currency in which civil servants would be paid this month since the central bank announced that ZiG notes and coins will be introduced on 30 April.
In response, Ncube said the local currency component of civil servants’ salaries will be paid electronically in ZiG, but they will not be able to withdraw the physical cash until the end of the month. Said Ncube, as quoted by <a href="https://hararelive.com/2024/04/11/mthuli-ncube-discusses-civil-servants-salaries-post-zig-currency-launch/">HarareLive</a>:
<blockquote>
He is under the impression that ZiG will only begin to work at the end of the month, the 30th of April and yet civil servants will start receiving salaries from the middle of the month, about the 18th of April.
I’m happy to say that his understanding is incorrect. ZiG is already effective and civil servants will be able to receive their salaries on time on the 18th of April.
What the Reserve Bank mentioned was the issue of the availability of hard cash being available slightly later at least by the 30th of April that’s the issue.
But in terms of electronic payments into their accounts, civil servants will be able to receive these by the 18th of April. Anytime because ZiG is already operational.
</blockquote>
Some economists have described the move by the Reserve Bank of Zimbabwe (RBZ) to announce the introduction of a new currency without making the notes and coins readily available as foolish.
This has presented traders, service providers and consumers with new challenges as Zim dollar notes are now being rejected.
This has made it difficult to buy and sell products that cost less than US$1, which is now the lowest denomination in most parts of the country.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZiG Launch Won't Disrupt Payment Of Civil Servants' Salaries - Mthuli

The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, has pleaded for patience following the recent introduction of Zimbabwe Gold (ZiG) currency which has inconvenienced the transacting public, <a href="https://www.newsday.co.zw/local-news/article/200025513/mthuli-pleads-for-patience-on-zigas-citizens-struggle-to-transact">reported NewsDay</a>.
The Reserve Bank of Zimbabwe (RBZ) launched ZiG on Friday last week resulting in Zimbabweans being shut out of electronic banking platforms for days as service providers configured their systems to transition from Zimbabwe dollars to ZiG.
Furthermore, the RBZ said ZiG notes and coins will be released to the market on April 30 and this has caused a “change” crisis as traders rejected the Zimbabwe dollar notes, with the US$1 note now the lowest denomination where the Rand is not widely used.
Addressing lawmakers in Parliament on Wednesday this week, Ncube pleaded with members of the public to be patient as the transition from Zimdollar to ZiG continues. He said:
<blockquote>
Again, if you could be patient and bear with the Reserve Bank; they have really done their best.
It is not surprising that maybe one or two things did not happen as anticipated and on time. It is just a complex issue, but I think that the public will understand.
You have to print new money; you have to make sure the gold in our case is in place, and the diamond is in place. There are just so many variables and I hope you will understand.
</blockquote>
Ncube urged the Zimbabweans to have confidence in the ZiG and to be proud of their currency. He said:
<blockquote>
As the government, we would want this to be acceptable, that citizens have confidence and you can only build that confidence if you communicate and explain how it works in simple language.
We believe that educating the public about the design of the currency and how it has been put together will give them that level of confidence.
I would like to urge members of the public to have confidence in ZiG and use it all the time. It is everyone’s currency, and we should be proud of it. After all, a country derives pride from its currency.
</blockquote>
The Finance Minister also warned those rejecting the Zimdollar that law enforcement agencies are coming after them.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube Pleads For Patience As ZiG Launch Disrupts Commerce

Finance Minister Mthuli Ncube has been urged to promptly present fiscal measures that complement the monetary policy announced by Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu last week.
The 2024 Monetary Policy Statement outlines key strategies and measures aimed at achieving currency stability. These include the introduction of a structured currency called ZiG, backed by reserves and royalties.
Economist Gift Mugano suggests that Minister Ncube should not delay presenting his mid-term budget review in July or exclusively favour the use of USD over ZiG. He said:
<blockquote>
The Minister of Finance must address the following:
1. Directing all local payments by the GOZ to be in ZiG;
2. Directing all duties, taxes, levies and fees including government services such as passports, birth certificates, death certificates, etc to be in ZiG;
3. Directing fuel stations to accept both ZiG and USD – this must enforced in line with the spirit of the use of a multi-currency regime;
4. Recalibrating the financing model for the public infrastructure with a view to moving away from using cash to long-term finance e.g., diaspora bonds;
5. Setting aside a budget for the liquidation of the 25% export retention surrender requirement view a view to stop the RBZ from printing money;
6. Present a new budget statement in ZiG – this budget must include a supplementary budget with a view to accommodate the exchange movements as the current has been eroded by exchange rate upheavals. This submission is grounded on the fact that the fact that the exchange rate shot from ZWL$6,000/US$1 when the 2024 budget was presented to ZWL$33,882.72 as of 5 April 2024.
7. Downward review of taxes and elimination of some tax heads such as the sugar tax – the current tax regime is causing inflation in USD which means that inflation in ZiG will be massive.
</blockquote>
The annual inflation rate in Zimbabwe has recently risen, reaching an over-one-year high of 55.3% in March 2024. This increase follows a rate of 47.6% in February.
The depreciation of the now-discarded Zimbabwe dollar played a role in this surge. Since the beginning of the year, the Zimbabwe dollar experienced a decline of more than 70% against the US dollar before being replaced by ZiG last week.
The introduction of ZiG marks Zimbabwe’s sixth attempt at creating a new currency since 2008.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube Urged To Present Fiscal Measures To Complement Monetary Policy

STATEMENT BY THE HON. MINISTER OF FINANCE, ECONOMIC DEVELOPMENT AND INVESTMENT PROMOTION ON TAX POLICIES ADOPTED BY GOVERNMENT TO GUIDE CONSUMER BEHAVIOUR
1. Government, in observance of the principles of transparency and accountability, takes this opportunity to enlighten the general public on the broad tax policy considerations that have traditionally guided the development of the taxation system, in particular, consumption-based taxes.
2. Consumption taxes are charged on the consumption of goods and services and are generally imposed at the time of the transaction. Targeted tax instruments may, thus, be used to influence or re-direct such consumption, especially, where consumption is deemed or scientifically proven to impose negative externalities to Society.
3. Development and refinement of tax policy measures has always been a result of a consultative process involving business, consumer organisations, civil society, academia, Government Agencies and the general public, among others. Such consultations are in view of the fundamental roles of Stakeholders to exercise their Constitutional right to influence public policy in a responsible manner, with a view to developing this Great Nation.
4. Government has recently noted with concern, the imposing nature of the input from some stakeholders on recently introduced tax measures, notwithstanding the distinct role between stakeholders and policymakers.
5. The implementation of the National Development Strategy 1 (NDS1) is premised on the recognition that bold and transformative measures are needed to underpin the drive towards the attainment of our Vision 2030.
6. One of these measures includes the introduction of the Beverages Sugar Content Tax aimed at addressing quality of life and health matters through mobilising revenue that would be channelled towards such causes.
7. The Beverages Sugar Content Tax has been misconstrued as a levy on sugar when it is applied differently. The tax is, rather, applied on the sugar content in beverages (drinks) specified in current legislation.
8. Government wishes to categorically state that the tax does not apply to sugar in general, hence, should not be misinterpreted as affecting ordinary consumption. Producers of sugar, are, thus, not affected.
9. Specifically, the tax is applied on the Added Sugar in specified beverages, excluding natural sugar, with a view to encouraging responsible consumption of sugar contained therein. It is scientifically proven that excessive consumption of added sugar in beverages is linked to an increased risk of non-communicable diseases.
10. The revision of the tax to US$0.001 per gram is a clear testimony of the commitment by Government to carefully consider and adopt constructive input from relevant stakeholders.
11. Government is also aware that some Producers cannot immediately reconfigure their production processes, whilst there is a commitment to reduce the sugar content by other manufacturers. On the other hand, consumers have to also make the conscious choice to consume responsibly, in view of the negative impact of excessive consumption of sugar on their health status.
12. Government has already made a commitment to initially ring-fence the revenue generated from the Beverages Sugar Content Tax for therapy and procurement of cancer equipment for cancer diagnosis. As a sign of such commitment, Treasury will be commissioning the machines purchased therefrom, and subsequent procurements will be advised accordingly.
13. Notwithstanding the above, Treasury notes the unjustifiable increase of prices for some beverages which is unreasonably attributed to the impact of the Beverages Sugar Content Tax. Such behaviour by the responsible manufacturers, wholesalers and retailers is a clear demonstration of incorrect interpretation and, in some cases, profiteering.
14. Government has, at its disposal, the prices charged by such operators prior to the introduction of the tax, the maximum impact of the Beverage Sugar Content Tax on the beverages in question and the expected prices thereof.
15. Government will continue to consult, as wide as possible, with relevant stakeholders, with a view to ensure enactment of evidence-based policies.
16. In addition, Government remains committed to the implementation of measures targeted at the timely realisation of the NDS1 objectives, also conscious of the Mantra, “Nyika inovakwa nevene Vayo/llizwe lakhiwa ngabanikazi balo”.
Hon. Prof. M. Ncube 
MINISTER OF FINANCE, ECONOMIC DEVELOPMENT AND INVESTMENT PROMOTION 
27 February 2024
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube Defends Unpopular Sugar Tax, Says Beverages Price Increases Are Unjustified | Full Statement

American economist Steve Hanke says Zimbabwe’s Minister of Finance, Economic Development and Investment Promotion should resign as he has failed to turn around the country’s economic fortunes.
The Johns Hopkins professor on Monday said Zimbabwe’s inflation was the highest in the world at 1 397%, 38.80% more than his last reading. He said:
<blockquote>
Welcome to Zimbabwe, home to the world’s highest inflation rate – a stunning 1 397%/yr. It’s time for Finance Minister Mthuli Ncube to resign.
</blockquote>
Zimbabwe’s economic woes have worsened since Ncube was appointed Treasury boss more than five years ago.
The United States dollar now dominates domestic transactions, while the Zimbabwe dollar now trades at ZW$18 000 per US$1 on the parallel market.
Ncube hiked various taxes and introduced new ones in the 2024 national budget and this has resulted in massive price hikes and the erosion of workers’ salaries, particularly civil servants.
President Emmerson Mnangagwa recently hinted at a raft of policy changes that he said were meant to arrest the RTGS dollar’s massive devaluation and halt the country’s gravitation towards full dollarisation.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

It's Time For Mthuli Ncube To Resign, Says Hanke

Zimbabwe is taking steps to stabilise its local currency as it faces economic challenges. Finance Minister Mthuli Ncube recently announced plans to link the exchange rate of the Zimbabwean dollar to hard assets like gold and establish a currency board, <a href="https://www.reuters.com/world/africa/zimbabwe-announce-new-money-supply-growth-mechanisms-create-currency-board-2024-02-12/">Reuters</a> reported. The Zimbabwean dollar has experienced a significant decline of around 40% since the beginning of the year due to factors such as increased foreign currency demand from civil servants receiving December bonuses and lower commodity prices affecting inflows.
President Emmerson Mnangagwa also stated recently, the government’s intention to introduce a “structured currency” without providing details, and the central bank governor confirmed that work is in progress. Minister Ncube explained that the aim is to manage liquidity growth, which is closely tied to money supply growth and inflation. By linking the exchange rate to a hard asset like gold, a currency board system would be implemented to limit the growth of domestic liquidity based on the value of the asset backing the currency.

<ul>
<li><a href="https://www.pindula.co.zw/2024/02/06/president-mnangagwa-says-currency-reforms-coming-to-restore-economic-stability/">President Mnangagwa Says Currency Reforms Coming To Restore Economic Stability</a></li>
<li><a href="https://www.pindula.co.zw/2024/02/11/zimbabwe-treasury-pursues-permanent-solution-to-address-currency-and-price-distortions-mnangagwa/">Zimbabwe Treasury Pursues “Permanent Solution” To Address Currency And Price Distortions – Mnangagwa</a></li>
</ul>
Minister Ncube stated that further announcements regarding these measures will be made in the future, expressing confidence that they will provide a long-term solution to currency volatility. He said in a press briefing:
<blockquote>
The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation. The way to do that is to link the exchange rate to some hard asset such as gold.
To do that you have to have some sort of currency board type system in place where the growth of the domestic liquidity is constrained by the value of the asset that is backing the currency.
</blockquote>
Zimbabwe, still haunted by memories of hyperinflation during Robert Mugabe’s regime, relaunched its local currency in 2019 after a period of dollarisation. However, the currency rapidly lost value, leading authorities to reintroduce the use of foreign currencies in domestic transactions.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Intends To Link The Exchange Rate To Hard Assets Including Gold

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube says he soon will announce new interventions to deal with the recent volatility affecting the Zimbabwe dollar.
Speaking to <a href="https://www.sundaymail.co.zw/fresh-measures-to-prop-up-zimdollar">The Sunday Mail</a>, Ncube attributed the weakening of the local currency in the past few weeks to speculative behaviour and scarcity of hard currency in the market during “this high-demand season”.
He said the measures to prop up the ailing currency may include reforming the foreign currency auction system. He said:
<blockquote>
Currency volatility is being caused by speculative behaviour in the market and a shortage of foreign currency during this high-demand season.
The government will be taking further fiscal and monetary policy measures, which may include auction redesign to deal with the volatility.
The government will also increase the supply of foreign currency at a time when demand for it is high.
</blockquote>
The Zimbabwe dollar has lost significant ground to the United States dollar during the first three weeks of 2024.
The street rate weakened from US$1:$9 800 during the last week of December to US$1: $13 000 last week.
On the official market, the rate stood at US$1: 5 903 on 29 December and has since declined to US$1: $8 331.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Set To Announce New Measures To Stabilise Zimbabwe Dollar

Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube has said ZWL$100 billion will be availed to deal with the consequences of the El Nino which the country is currently experiencing.
El Nino has negatively impacted the 2023/24 summer cropping season, threatening food security in the country.
<a href="https://businesstimes.co.zw/treasury-to-avail-zwl100bn-to-deal-with-el-nino-impact/">Business Times</a> reported Ncube as saying the budget has allocated ZWL$100 billion for grains to enable people to cope with the effects of the looming food shortages. Said Ncube:
<blockquote>
The country is also expected to benefit from the development partners’ assistance to the tune of US$48 million through the Lean Season Assistance and Building Resilient Sustainable Community Systems Programmes implemented by the World Food Programme (WFP).
</blockquote>
Ncube also said the the country anticipated that some organisations, such as Foreign Commonwealth and Development offices would assist vulnerable Zimbabweans. He said:
<blockquote>
Foreign Common Wealth and Development Office is expected to support the vulnerable with cash transfers including food insecure people with a projected disbursement of US$ 1m in 2024.
Furthermore, the People’s Republic of China will provide food assistance in the first half of 2024.
</blockquote>
On Friday, 12 January, Public Service Labour and Social Welfare Minister, July Moyo, said that the Government was working with the World Food Programme (WFP) to distribute food aid to 2.7 million people who are food insecure from January up to March 2024.
Moyo said the Government will cover 56 districts, while WFP will cover four districts: Buhera, Mangwe, Mwenezi and Chivi.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Says Treasury To Avail ZWL$100 Billion To Combat El Nino Impact

Finance Minister Mthuli Ncube has allowed retailers to buy directly from manufacturers and has also exempted basic food items including bread, milk, cooking oil, mealie meal, salt, sugar, and flour from Value Added Tax (VAT) purposes. In a statement seen by Pindula News, Ncube also said other basic commodities that include meat, rice, bath and laundry soap, washing powder, toothpaste and petroleum jelly have been moved to standard rating, hence, price increases should be minimal. Read the statement:
<blockquote>
<h3>PRESS STATEMENT 2024 REVENUE MEASURES ON ROUTE TO MARKET, VALUE ADDED TAX AND SUGAR CONTENT ON BEVERAGES</h3>
Introduction 
1. Treasury constituted a Technical Committee to receive input from Representative Members under the umbrella body of the Confederation of Zimbabwe Industries.
2. The Committee undertook an impact analysis on the implementation of some of the measures introduced through the 2024 Budget, in particular with regards to tax compliance on route to the market, mitigation of consequences of the sugar on health through a special surtax, and a few tariff lines that were omitted on exemption from Value Added Tax, in order to cover the whole value chain that includes cotton and soya seeds to cooking oil.
3. Findings of the Committee have been presented; hence, Treasury advises on the following fine tuning of the prevailing measures that are enshrined in the Finance Act and subsidiary legislation as follows: Route to Market
4. Taking into consideration the need to preserve some of the pertinent arrangements for delivery of goods into the market efficiently, the legislation will be fine-tuned as follows:
• Retailers can purchase from manufacturers as long as they have obtained a valid Tax Clearance Certificate, and are VAT registered;
• Manufacturers are permitted to sell to institutions such as hotels, schools and other corporates, provided such clients are registered for VAT and possess a valid Tax Clearance Certificate;
• In order to protect the quality of goods and safety of consumers, perishable products that include bread and milk products will be distributed by manufacturers directly to retailers;
• Concern was raised with regards to survival of the rural traders, since they are not registered for tax purposes. These traders will however. continue to purchase their goods from the wholesalers, hence there will not be any disruption of trade. Manufacturers will also supply direct to small traders in the rural areas:
• Where the manufacturer distributes directly to customers who are not registered for VAT, are not in possession of a valid VAT certificate and also not registered for Income Tax purposes, a 5 percent Withholding Tax shall apply:
• Companies that serve online customers are allowed to continue to transact using this method provided they are fiscalised so as to guarantee compliance to the Value Added Tax: and
• In the interest of promoting an environment conducive for healthy and efficient tax collection. local authorities are urged to issue vendors with licenses that are linked to the place of business.
Special Surtax on Sugar Content
5. Cognisant of the need to build volumes, the Special Surtax on Sugar Content on specified beverages has been adjusted to USS0.001 /gram and will be effective on the date of gazetting.
6. For the avoidance of doubt. the Special Surtax will apply on added sugar only.
7. In addition, given the possibility of substituting sugar with sweeteners, these will be deemed as sugar for tax purposes.
8. As revealed through the consultation process, the increase in price of the beverage products should be modest, hence the tax is not expected to disrupt the market.
Value Added Tax
9. In order to ensure consistency in the Cooking Oil value chain, cotton seed and soya beans and its derivative products will be included in the VAT exemption schedule.
Basic Commodities
10. Treasury’s attention has been drawn to the impending increases in prices of the basic commodities. as a result of the re-arrangement of the Value Added Tax system where some of the goods have moved from zero rating to exemption, in line with regional practice and in the interests of revenue to the Fiscus.
11. Basic food items that include bread, milk, cooking oil, mealie meal, salt, sugar, flour, are exempt from Value Added Tax purposes, hence there should be no price increases.
12. Other basic commodities that include meat, rice, bath and laundry soap, washing powder, toothpaste and petroleum jelly have been moved to standard rating, hence, price increases should be minimal.
Statement to the market on moratorium
13. A statement that purports to grant a moratorium by Government on the implementation of the Finance Act, as well as subsidiary legislation obtained under Statutory Instruments 248 and 249 of 2023, has been widely circulated.
14. The Legislation that is purported to have been granted a moratorium pertains to the route to the market, VAT zero rating and exemption and special surtax on sugar.
15. For the avoidance of doubt. the Ministry of Finance, Economic Development and Investment Promotion does not relay information through third parties hence advices of the above steps that will be taken as a consequence of the consultation process.
Conclusion
16. The Ministry of Finance, Economic Development and Investment Promotion wishes to take the opportunity to thank stakeholders on the valued contribution to the above process.
</blockquote>
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Retailers Allowed To Buy From Manufacturers, Basic Food Commodities Exempted From VAT -  Ncube

The cost of meat in Zimbabwe has increased due to the introduction of a new 15% Value Added Tax (VAT) implemented through the 2024 National Budget by Finance Minister Mthuli Ncube.
According to a statement from Texas Chicken, a subsidiary of Associated Meat Packers that specializes in chicken, their chicken prices have remained the same, but they have added the VAT. In a statement seen by Pindula News, the company said:
<blockquote>
Dear Valued Customers
Texas Chicken have been forced to increase beef, chicken, pork and fish prices in line with the introduction of 15% VAT by the Ministry of Finance on the aformentioned product categories.
This is effective 1 January 2024. Please note that our product prices are NOT being increased by our butcheries, but only by the addition of VAT.
Thank you for understanding.
TEXAS CHICKEN MANAGEMENT
</blockquote>
Journalist Hopewell Chin’ono pointed out that these taxes burden poor Zimbabweans who are already facing unemployment and unstable incomes due to a struggling economy and failed politics. He said:
<blockquote>
This is the moment those that say they don’t do politics look foolish and stupid because politics is now doing them, it always does. When we talk about the direct consequences of corrupt rule, incompetence and misplaced policies, this is what we will be talking about! These economic failures will affect you regardless of your political views, when we fight for a better society, we are fighting for everyone including those who are used by ZANUPF as its social base! Economic policies affect people across various political perspectives, they don’t segregate. The conversation around improving society involves addressing such political issues that impact everyone financially especially the poor in townships and rural areas regardless of their political affiliation.
</blockquote>
Some experts, like Professor Gideon Zhou from the University of Zimbabwe, who specialises in Governance and Public Management, have expressed concerns that the budget could have significant negative effects. He said:
<blockquote>
Indeed, a very extractive budget informed by the canons of austerity. However, extracting revenue from an already over-taxed and poverty-ridden citizenry looks like a recipe for far-reaching worse-off livelihood future scenarios. We are at risk of compromising the concerns of Vision 2030 which envisages not only a HEALTHY ECONOMY but a HEALTHY SOCIETY as well. The 2024 Budget seems to be leaving society behind in its efforts to steer the economy towards a middle-income ranking.
</blockquote>
Government authorities, including Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya, have defended the taxes, stating that they are necessary to generate revenue for the struggling economy. They argued that Zimbabwe is unable to secure credit facilities from international financial institutions, hence the need to raise revenue internally. 
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The Cost Of Meat Has Gone Up In Zimbabwe Due To The New 15% Value Added Tax

The Zimbabwe Revenue Authority (ZIMRA) has started implementing the measures outlined in the budget by Finance Minister Mthuli Ncube. The Minister said these measures aim to support retailers and prevent them from facing unfair competition from informal traders. One of the actions taken by ZIMRA is prohibiting companies that are not registered for Value Added Tax (VAT) from purchasing goods directly from wholesalers. This step is intended to create a more balanced and fair business environment for retailers in Zimbabwe. The measures in the Finance Act are summarised as follows:
<h3>Manufacturers are authorised to supply Wholesalers only.</h3>
A: The wholesaler must: a) Have a wholesale licence b) Be registered for VAT; c) Have a valid tax Clearance Certificate;
B: Wholesalers which are not VAT registered and do not have a current tax clearance certificate and retailers are no longer allowed to purchase goods from a manufacturer.
 C: There is no limit of the value of goods that can be purchased.
<h3>Wholesalers must supply:</h3>
1. Retailers
A: The Retailer must: a) Have a retail licence b) Be registered for VAT; c) Have a current tax Clearance Certificate;
B: There is no limit of the value of goods that can be purchased.
2. Any other person which includes: a) Retailers not in 1 above i.e. not registered for VAT. b) Informal traders c) Individuals 
1. Purchases from the same wholesaler should not exceed USD1,000.00 (or its equivalent in ZWL at the auction rate of exchange that prevailed on the date of the purchase) in a period of not less than 30 days; and
2. Produces a receipt of goods purchased from the same wholesaler that is dated no earlier than 30 days from the date of the last purchase
3. Any person who purchases for the first time from that wholesaler in any calendar year, or if the person concerned cannot produce a receipt in proof of a previous purchase from the same wholesaler, such person can only purchase goods not exceeding USD20.00 (or its equivalent in ZWL at the auction rate of exchange prevailing on the date of the purchase).
NB: 
1) The wholesaler shall retain all copies of receipt produced in proof of previous purchases for a period of at least 3 years, or may scan and store such data in digital format in a manner approved by the Commissioner.
2) A wholesaler who was not operating a facility for the purchase of goods by a person other than a registered operator under the conditions as specified in the table above before the 1st January, 2024, shall not avail such a facility after that date without the leave of the Commissioner in writing.
An “informal trader” is defined in the Finance Act as an individual who carries on a trade for his or her own account but is not a registered operator without limiting the generality of the term, includes—(a) a hawker or street vendor; and (b) a person who sells articles at a place commonly known as a “people’s market” or a “flea market”; and (c) the operator of a tuck shop, that, one who sells good on premises, including residential premises, not licensable by the local authority for the sale of goods on a regular basis; (d) any intermediary for any informal trader or informal traders generally who buys goods from a manufacturer or wholesaler and sells them to informal traders;
Registrations are being done through Kiosks or self-service centres at ZIMRA offices and there after a Tax Clearance Certificate (ITF263) can be issued.
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ZIMRA Has Started Implementing Measures Announced By Finance Minister Ncube

The president of the Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ), Obert Masaraure, has called on Zimbabweans to stage bus stop protests every Monday, demanding free education. He argues that the gazetted tuition fees are retrogressive and unconstitutional. He said every citizen and permanent resident of Zimbabwe has the right to basic state-funded education, as stated in the constitution. He called on Zimbabweans to stage bus stop protests every Monday, demanding free education.
The Ministry of Primary and Secondary Education, led by Minister Torerayi Moyo, recently announced the fees for government schools, ranging from $5 to $20 per term, depending on the school’s location and density. The fees are specified in US dollars, but parents and guardians are allowed to pay in the local currency at the prevailing exchange rate on the payment date. Some parents argue that the economic situation makes it unfair to increase tuition fees, and they believe the government should have considered the current hardships faced by families. Tatenda Chekai, a parent with a child at Chancellor Junior Primary School in Mutare, spoke to <a href="https://www.newsday.co.zw/local-news/article/200021625/parents-protest-over-usd-fees">NewsDay:</a>
<blockquote>
We have since paid the tuition fees. There is nothing we can do because at the end of the day it is my child who will be disadvantaged.
It is, however, unfair for the government to increase the tuition fees because of the current economic situation. The increase is retrogressive and this is not expected from our government.
</blockquote>
Concerns have been raised about the burden of high taxes and levies, which were introduced in the 2024 budget, in addition to the increased tuition fees. Parents fear these measures will make their lives more difficult, especially for those living in rural areas affected by challenging weather conditions.
The government previously stated that implementing free education would take time. Finance Minister Mthuli Ncube explained that to fully transition to free education, the government needs to carefully assess the requirements, identify any gaps, and plan and implement activities that will ensure education access for every child. He emphasized that this process may take time, but the government is already taking significant steps to improve education access.
In 2020, President Emmerson Mnangagwa signed the Education Amendment Act into law. This law mandates the State to provide free basic education as stipulated in section 27 of the Constitution. This means that the government is legally obligated to ensure that every child has access to basic education without cost. Section 27 reads:
<blockquote>
The State must take all practical measures to promote (a) free compulsory basic education for children…
</blockquote>
For years, the government has been promising free basic education but has failed to implement the policy.
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ARTUZ Urges Zimbabweans To Stage Bus Stop Protests Every Monday Demanding Free Education

The Zimbabwean government has introduced new passport fees starting from January 2024. The Minister of Home Affairs and Cultural Heritage has issued Statutory Instrument 1 of 2024 to announce these changes. The regulations state that the fee for an ordinary passport will be USD 150, while an emergency passport will cost USD 250. Additionally, an extra fee of USD 20 will be charged for every electronically readable passport application to obtain a quick response (QR) code. Read the SI:
<blockquote>
<h3>Citizenship (Passport Fees) (Amendment) Regulations, 2024 (No. 1)</h3>
IT is hereby notified that the Minister of Home Affairs and Cultural Heritage, in terms of section 22 of the Citizenship of Zimbabwe Act [Chapter 4:01], has made the following regulations:—
1. These regulations may be cited as the Citizenship (Passport ees) (Amendment) Regulations, 2024 (No. 1).
2. The Schedule to the Citizenship (Passport Fees), 2022, published in Statutory Instrument 16 of 2022, is repealed and the following is substituted—
“Schedule (Section 13) Fees
The fees payable for obtaining one passport shall be:
(a) ordinary-passport . . . . . . . . . . . . . . . . USD150”. 
(b) emergency-passport . . . . . . . . . . . . . . . USD250”. 
(c) the following additional fee shall be charged for every electronically readable passport application to obtain a quick response (QR) code . . . USD20”.
</blockquote>
Originally, the Finance Minister, Mthuli Ncube, had proposed higher fees of USD 200 for ordinary passports and USD 350 for emergency passports in the 2024 budget statement. However, after facing public criticism and opposition, he <a href="https://www.pindula.co.zw/2023/12/15/mthuli-ncube-revises-passport-fees/">revised his tax proposals</a> before the budget was passed.
Parliament passed the revised budget. During the parliamentary session, only members of the ruling ZANU PF party were present, as opposition MPs from the Citizens Coalition for Change (CCC) were ejected and banned for four sittings. This action was taken after the opposition MPs disrupted proceedings when a new MP for the Mabvuku-Tafara constituency was announced.
The seat was won by Pedzai Sakupwanya by default, as the CCC candidate, Munyaradzi Kufahakutizwi, who had previously defeated Sakupwanya in August, was prevented from contesting due to a controversial recall by Sengezo Tshabangu.
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Zimbabwean Government Announces New Passport Fees

Development projects that were initiated by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube in the run-up to the August 2023 general elections in Bulawayo’s sprawling high-density suburb of Cowdray Park are now in limbo after the academic was defeated at the polls.
Ncube was the ZANU PF candidate for Cowdray Park Constituency, which was among the new constituencies created by the Zimbabwe Electoral Commission (ZEC) during the controversial delimitation exercise.
Unlike other ZANU PF candidates, Ncube was not challenged during primary elections.
He eventually lost the election to Pashor Sibanda of the opposition Citizens Coalition for Change (CCC).
Despite the loss, Ncube was handpicked by President Emmerson Mnangagwa as one of the non-constituency MPs for the ministerial post.
Soon after he was confirmed as the ZANU PF candidate for Cowdray Park in March 2023, Ncube started funding projects such as road rehabilitation, nurse aid training courses, connection of households to the electricity grid, rolling out of free WiFi access points and drilling of boreholes.
Journalist <a href="https://cite.org.zw/author/senzeni/">Senzeni Ncube</a>, writing for CITE, said that while Cowdray Park residents can still access free WiFi at designated points, the rehabilitation of the badly damaged road network which was initiated by Ncube as part of his campaign has since stalled.
Residents say some of the boreholes that were drilled as part of Ncube’s electoral campaign have broken down and Cowdray Park residents, like everyone in the city, are bearing the brunt of Bulawayo’s 120-hour water rationing schedule.
Moreover, thousands of Cowdray Park residents still have no access to electricity as Ncube is yet to deliver on his promise to supply 38 transformers that will enable the connection of their houses to the grid for the first time.
A Bulawayo United Residents Association official in Cowdray Park said Ncube promised he would come back to finish the projects he initiated. The official told CITE:
<blockquote>
Some projects were initiated by Mthuli Ncube when he wanted to be the MP such as the drilling of boreholes, WiFi access points and rehabilitation of roads.
The tarring of the road from Caravan to eMpompini was completed (before the elections), but the other road is yet to be completed and he promised to come back.
Some of the boreholes are no longer functional, but residents can still access the WiFi.
</blockquote>
Bulawayo Progressive Residents Association chairperson in Cowdray Park, Joseph Phiri, said residents “love” Mthuli and he lost because he was on a ZANU PF party ticket. He said:
<blockquote>
The WiFi is still accessible, but the boreholes are not functional and there is no water. All the other projects are stagnant.
We do love Mthuli because he fixed some of our roads and drilled boreholes for us and at the moment two are still functional.
He might feel hurt that he lost, but it was not because people didn’t love him. It was the jacket he was wearing (his political party).
</blockquote>
Nicholas Ngwenya, a community leader from the eMpompini section of Cowdray Park, said:
<blockquote>
Ncube said he will continue with his efforts to turn Cowdray Park into a smart city as per the promises he made in his election manifesto.
He said youths had started enrolling for different courses and that the rehabilitation of roads would resume soon as the programme was disrupted by rains.
He also said people will continue accessing WiFi and he will work with Mujeyi (the new MP).
</blockquote>
Arthur Mujeyi (ZANU PF) is the new MP for Bulawayo’s largest suburb by population following by-elections held on 09 December 2023.
The Cowdray Park Constituency seat fell vacant after Sibanda was recalled by Sengezo Tshabangu, a CCC activist who claims to be the party’s interim secretary general.
Tshabangu blocked Sibanda from contesting the 09 December by-elections.
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