HARARE Zimbabwe (Xinhua) --
Zimbabwe’s central bank governor on Wednesday
presented his first post-Mugabe monetary policy statement, warning
the nation not to expect an overnight change in economic fortunes.
Zimbabwe’s former president Robert Mugabe resigned in November last
year after 37 years in power, paving way for a new government led by
President Emmerson Mnangagwa.
Governor John Mangudya said more work was required to grow the
economy through opening up for business, increasing export
production and intensifying foreign investment attraction.
He said the country would continue to use the multiple currency
regime introduced in 2009 until economic fundamentals are right for
reintroduction of a local currency.
Meanwhile, the central bank was negotiating a
1.5-billion-U.S.-dollar facility with African Export-Import Bank (Afreximbank)
to guarantee investors’ funds as well as improve liquidity.
The bank was also arranging a 400-million-dollar facility to finance
critical imports and allow investors to repatriate funds, the
He said in 2017, the forex-starved country drew down 1.1 billion
dollars from various nostro stabilization facilities, which helped
to stabilize the foreign exchange market and sustain importation of
total of 290 million bond notes was also in circulation as of
December 2017, the governor said.
“This is the money that is in the market, together with the 1.1
billion dollars that we borrowed. It may not be as liquid as we want
but it is liquid enough to sustain the economy going forward,”
The governor said he will give an update on the amount of money that
has been brought back into the country by companies and individuals
that externalized it when the amnesty expires at the end of the
“We are encouraged by the overwhelming response by people who are
taking measures to comply. The response has been positive from both
individuals and corporates,” he said.
Mnangagwa’s government in November issued a three-month amnesty to
people and companies that illegally stashed funds abroad, demanding
repatriation on a “no questions asked” basis.
Mangudya said the central bank will intensify re-engagement with the
international community to resolve the external payment arrears to
the remaining International Financial Institutions (IFIs) as well as
“In this regard, the government will follow the previously agreed
process for clearing external payment arrears to international
financial institutions, which was endorsed by the IFIs and Bilateral
Creditors at a meeting held on the side lines of the Annual Meetings
of the IMF and World Bank in Lima, Peru, in October 2015,” the
Zimbabwe owes the World Bank 1.15 billion dollars, 601 million
dollars to the African Development Bank and over 3 billion dollars
the Paris Club, among other creditors.
Zimbabwe President Mnangagwa
confirms opposition-G40 alliance: state media
HARARE Zimbabwe (Xinhua) --
Zimbabwean President Emmerson Mnangagwa said
Wednesday opposition leader Joice Mujuru and the “G40” faction were
in talks to form a coalition party to challenge the ruling Zanu-PF
party at polls due in July.
Addressing his first rally since assuming power last November in
Mashonaland Central Province, Mnangagwa said he was aware of the
plot by Mujuru and the G40, state media New Ziana reported.
“As we speak, the G40 is meeting in Cape Town, the likes of
Kasukuwere, Jonathan Moyo and Mujuru. They are being funded by an
American group called the Democratic Institute to fight Zanu PF,”
Mnangagwa was quoted as saying.
The president said the ruling party was unfazed by such
“We will not waste time thinking about their plans; instead we will
talk about ways to re-build our country, ways to give our children a
better future and ways to ensure that we eliminate hunger in our
country,” he was quoted as saying.
Zimbabwe opposition leader
Tsvangirai denies reports he is critically ill
HARARE Zimbabwe (Xinhua) --
Zimbabwean opposition leader Morgan Tsvangirai on
Tuesday denied reports that he is critically ill in a South African
hospital receiving cancer treatment.
“I am shocked to read in the press that I am in a critical
condition,” Tsvangirai said in a twitter post. “Of course I have
cancer and not feeling too well but I am stable and the process is
“I have been frequently on twitter of late, I am recovering,” he
Local media on Tuesday quoted unnamed sources from Tsvangirai’s
family as saying that his health deteriorated rapidly on Monday and
that he had lost appetite and had difficulty eating and swallowing
fluids. He also reportedly had breathing problems.
There werer also reports that the Movement for Democratic Change
leader and former prime minister is suffering from weight loss,
exhaustion and muscle thinning.
Tsvangirai has been in and out of hospital since he disclosed in
2016 that he has colon cancer.
Last month, Tsvangirai hinted that he may retire from active
politics, sparking fresh speculation on his possible successor and
future of the opposition in the country.
His illness has also reportedly divided his MDC-T party as senior
party members jostle to succeed him.
He has appointed one of his three deputies, Nelson Chamisa, to
represent him in the MDC Alliance—a loose coalition of seven
opposition political parties that have united to contest against the
ruling ZANU-PF party in elections scheduled for mid-2018.
The MDC Alliance has since started election campaigning, with
Tsvangirai as its presidential candidate.
former trade union leader, Tsvangirai once shared power with former
president Robert Mugabe in a coalition government between 2009 and
His party has arguably been the major and biggest opposition party
to emerge in post-independence Zimbabwe, posing the stiffest
challenge to the rule of Mugabe, who resigned in November 2017 after
military and public pressure.