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IMF ready to work with Zimbabwe

IMF’s Kristalina Georgieva
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International Monetary Fund (IMF) managing director Ms Kristalina Georgieva yesterday said they remain committed to working with Zimbabwe to ensure economic stability and the success of the re-engagement with the international community.

She said this in a post on X after participating in a discussion on Zimbabwe’s economic developments and update on the arrears clearance and debt resolution process in Washington DC ahead of the IMF-World Bank Spring Meetings that start today, ending Friday.

“Productive discussion at the Zimbabwe roundtable with donor partners,” she said.

“The IMF stands ready to work with the Zimbabwean authorities to restore macroeconomic stability and re-engage with the international community, which are essential for accessing external financing.”

The roundtable was attended by a number of top officials, including African Development Bank (AfDB) president Dr Akinwumi Adesina, who is also the champion of Zimbabwe’s Arrears Clearance and Debt Resolution process and former Mozambique President Joachim Chissano, who is the high-level facilitator of the process.

In his address, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube said Zimbabwe’s total public and publicly guaranteed debt stock is estimated at US$21,1 billion, comprising external debt of US$13 billion and domestic debt of US$8,1 billion.

“Zimbabwe is currently in debt distress due to the accumulation of external debt payment arrears amounting to US$6,7 billion,” said Prof Ncube.

“The external debt overhang is weighing heavily on the country’s development needs due to lack of access to international financial resources to finance Zimbabwe’s economic recovery and priority projects and programmes, under the National Development Strategy 1: (2021-2025) (NDS1).”

In December 2022, Government established a Structured Dialogue Platform as part of it’s Arrears Clearance, Debt Relief and Resolution Strategy, with all creditors and development partners in order to institutionalise structured dialogue on economic and governance reforms to underpin the Arrears Clearance and Debt Resolution process.

Prof Ncube told delegates that since then, there has been commendable progress with the Structured Dialogue Platform, with growing consensus and confidence in the process, promoted by a transparent and inclusive consultative process.

Since December 2022, five Structured Dialogue Platform meetings were held in Harare, including a High-Level Debt Resolution Forum.

Prof Ncube said the meetings have been focusing on the following strategic three pillars; economic growth and stability reforms; governance reforms; and land tenure reforms, compensation of former farm owners and the resolution of Bilateral Investment Protection and Promotion Agreements (BIPPAs).

Prof Ncube said as a sign of commitment to the engagement and re-engagement process, Government was making quarterly token payments to International Financial Institutions.

The World Bank Group has received US$1 million, taking cumulative payments made to date to US$70 million.

The AfDB Group has received US$500 000, taking cumulative payments to date US$37,4 million, while the European Investment Bank has received US$100 000, taking the cumulative payments made so far to US$5,6 million.

“Government is also making quarterly token payments of US$100 000 to each of the 16 Paris Club bilateral creditors (cumulative token payments made to date are US$12,7 million,” said Prof Ncube.

Turning to the economy, he said Zimbabwe has successfully implemented an IMF Staff Monitored Programme, established a competitive foreign exchange rate regime, ended quasi-fiscal operations at the central bank, brought macroeconomic stability, tight monetary policy and sound fiscal management and ensured availability of social protection for all, among others.

Prof Ncube said negotiations were underway for a broad Staff Monitored Programme framework, adding that the programme is “critical for Government to establish a track record of policy implementation and pave the way for Arrears Clearance and Debt Resolution, including an IMF financial arrangement”.

In terms of the food situation, he said developments during the first three months suggest a difficult year ahead owing to a severe drought attributed to EI-Nino, with serious implications on the agriculture and energy sectors, as well as the rest of the economy.

Prof Ncube said Zimbabwe has already declared the drought a National Disaster and is seeking support of the international community, including from the World Bank and the AfDB, among others. – Business Weekly

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‘Zimbabwe will eventually transition to a new generation of leaders’


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Today (27 April) the new South Africa is 30 years old. Can you believe it was 30 years ago when Mandela stood outside the main Government buildings in Pretoria and launched the new Republic under a democratic government.

Time to reflect and look forward to the next elections in South Africa at the end of May. Across the Atlantic another country is preparing to go into elections and because the USA is still the largest economy in the world, this has consequences for all of us.

When looking back in South Africa, we have to acknowledge the amazing transition from several hundred years of white settler government starting in the Cape in the 1500’s.

This culminated in 45 years of Apartheid – that ideology of the Afrikaner nation that sought to avoid adopting an integrated society by proposing ‘separate but equal development’. Now we are nearing the end of the ANC era in Government as the dominant force.

My Grandfather was in the Smuts Cabinet in 1949 when the National Party in South Africa came to power. Graham Cross was a lawyer who had spent his life among the Afrikaner community as a Magistrate in several rural Provinces.

He was totally fluent in the language and most of his friends and colleagues were Afrikaners. Smuts was a lifelong friend. He told me that he was confident that eventually the Afrikaners would see the folly of Apartheid and remedy the situation it created.

It took 45 years but once they had decided that change was necessary, they did what was required. They have not been given adequate recognition for that.

Let’s recognise what the Afrikaners achieved during the time they were in near absolute control of the State. When they took power, it was just 4 years after the conclusion of the Second World War. The global economy was only just getting back on its feet.

The Afrikaners had massive social problems in their community, a third of their number were in absolute poverty, they were predominately rural and the English speaking community was still largely in control of the industrial and commercial economy.

In the next 45 years they developed one of the most advanced economies in Africa, kept their currency stable and raised living standards significantly.

The infrastructure was expanded and modernised and basic services were provided to the majority even though the white population continued to benefit in a much larger way than the great majority of the population.

Afrikaner poverty was nearly eliminated. In achieving these things, they created a powerful State which discriminated against the majority systematically and isolated the country on a scale seldom seen before.

Domestic and regional conflict became inevitable and while the rest of the Continent was throwing off the mantle of colonial occupation and control, South Africa became an international pariah State.

The transfer of power to the oldest Liberation Movement in Africa, the African National Congress (ANC), under a locally negotiated Constitution and a national election on the basis of universal suffrage, has to be among the most significant political transitions in history.

The culmination of this process was not so much Mandela’s speech on the steps of Union Buildings in 1994 but when he walked out of Prison, a free man, in February 1990.

He was the perfect choice to lead South Africa out of the debris of Apartheid and into a new future. However, once he retired from Office, his successors did not do well for all the reasons those of us understand have plagued the history of Africa post colonisation.

The consequences are not pretty, urban area services are failing across the country, crime is rampant, unemployment a major problem, corruption is so serious that it threatens all aspects of everyday life.

But it is still a democracy, its Constitution and legal system continues to hold sway and to hold people accountable when asked to do so. Its media is vigorous and defends individual liberties and human rights and shines a light into most of the dark recesses of State.

Perhaps one of the most astonishing aspects of this history is that the Afrikaner speaking community remains perhaps the largest linguistic community in South Africa, its language and culture intact.

In addition, this group remains the dominant player in the economy with many Afrikaner companies playing a major role on the world stage.

Perhaps an example is Naspers Limited with its Headquarters in Cape Town, now one of the largest media and IT businesses in the world. They are also the backbone of one of the most successful agricultural industries in Africa.

All of this is now under threat together with the stability of South Africa and this is a threat to the rest of the region.

One example of this was the orchestrated violence in Natal when billions of Rands damage was done to infrastructure and industry and the biggest Port in Africa was seriously damaged and has still not recovered.

So, what is at stake in South Africa? It looks as if the institutions of Government remain in a sound functioning condition and will survive. But it has long been projected that this time the ANC will lose its clear majority.

Yesterday the latest poll suggested 37 per cent for the ANC and 25 per cent for the DA. 13 per cent for the MK and 9 for the EFF and 5 per cent for Umkhonto.

This means we are either in the space for a National Unity Government of the ANC and minority groups or a Coalition Government.

We in Zimbabwe have been there and done that Unity thing, it really is tough going. Coalitions are fragile and take time. Look at the chaos in Scotland right now. But it does usher in a new measure of uncertainty.

For me, like here in Zimbabwe, we are now in an era when there will eventually be a transition to a new generation of leaders.

Only once this happens will be see South Africa regain its self confidence and stability with growth, because the ‘born frees’ are a completely new dispensation.

In the USA, the 2024 elections play out on the largest stage in the world and its again not a pretty sight. I have absolutely no time for Trump who I think is not fit in any way to be the leader of the most powerful nation in the world.

But at the same time, although I admire President Biden and think he has done a great job in the past 4 years, it really is time he handed the baton on to the next generation.

Every Chief Executive must know when it is time to go and have the courage to do so. He will win in November but does he really need another four years of that pressure and strain?

Then let’s not forget or play down the importance of the elections underway in India. What a fantastic story that is, 900 million voters, all captured electronically and counted automatically.

The fastest growing economy in the world and will eventually be one of the great super powers along with the USA, China, Japan and the EU.

But no religious freedom and Hindu Nationalism a massive threat to stability and growth, still Modi has been amazing as a leader. India, not China, will be the economy of the 21st Century.

I think India should be the home of the Commonwealth, not London, after all its founder was not English but an Afrikaner, Jan Smuts.

And I think the Commonwealth, not BRICS, would offer Africa a better pathway into the future. But the building bricks of these future alliances are being created in the elections now underway, in this Year and we all have a role to play.

Eddie Cross
Harare, 27th April 2024

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Politics

The Rolling Stones show no signs of slowing down as they begin their latest tour


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HOUSTON — Time marches on and all good things must come to an end. But don’t tell that to The Rolling Stones.

What many believe to be the greatest rock ’n’ roll band in the world showed no signs of slowing down anytime soon as they kicked off their latest tour Sunday night at Houston’s NRG Stadium.

The Stones have been touring for more than 60 years. Frontman Mick Jagger and lead guitarist Keith Richards are both 80, with guitarist Ronnie Wood not far behind at 76. Their tour is being sponsored in part by AARP.

But during a vibrant two-hour show, the Stones played with the energy of band that was on tour for the first time.

“It’s great to be back in the Lone Star State,” Jagger told the packed stadium, filled with longtime fans, many wearing faded concert shirts from previous tours.

Jagger often strutted up and down the stage with seemingly boundless energy while Richards and Wood played many familiar guitar riffs beloved by fans. Jagger often led the audience in sing-alongs.

“The energy level is up and it’s always up with them. The age doesn’t show,” Dale Skjerseth, the Stones’ production director, said Friday before the concert.

The Stones have hit the road to support the release of their latest album, “Hackney Diamonds,” the band’s first record of original music since 2005.

Houston was the first stop on the band’s 16-city tour across the U.S. and Canada. Other cities on the tour include New Orleans, Philadelphia and Vancouver, British Columbia. The tour ends on July 17 in Santa Clara, California.

During Sunday’s 18-song concert set list, the Stones played several tracks off the new record, including lead single “Angry.” They also played classics including “Sympathy for the Devil,” “Gimmer Shelter,” Honky Tonk Women” and “Start Me Up.”

After playing “Beast of Burden,” Jagger said that concertgoers in Houston had voted to include it on the set list.

“You can’t go wrong with that,” one man in the audience could be heard screaming.

The Stones also played some unexpected choices, including “Rocks Off,” from their 1972 double album “Exile on Main St.” and “Out of Time,” a 1966 song that Jagger said during the concert had not ever been played by the band in the U.S.

With the 2021 death of drummer Charlie Watts, the Stones are now comprised of the core trio of Jagger, Richards and Wood. On Sunday, they were backed by various musicians including two keyboardists, a new drummer, backup singers and a brass section.

While the stage was surrounded by a large collection of video screens projecting images throughout the show, the main focus of the concert was the band and their songs

Before Sunday’s concert, Jagger spent time on Friday touring NASA’s Johnson Space Center in suburban Houston, posting photos on his Instagram account of him with astronauts inside Mission Control.

“I had an amazing trip to the space center,” Jagger said.

When asked if the band might be thinking about retiring, Skjerseth said he doubts that will happen.

“This is not the end. They’re very enthused,” he said.

Source: AP

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80 mobile phones recovered as man faces 55 counts of robbery


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SHURUGWi – A Shurugwi suspect notorious for using machetes to rob residents of cellphones and other gadgets is facing 55 counts of robbery in a development in which residents hope that the spate of crimes that terrorized the mining town will come to an end.

Tawanda Roy Ndlovu of village 1 under Chief Ntabeni, Zhombe appeared before Shurugwi Magistrate Sithabile Zungula while three of his accomplices are still at large.

He is pleading guilty to the charges.

The gang operated in areas like Gakaka along Zvishavane road, Bonsor, Nash 1, Dombojena, Surprise and all suburbs surrounding Shurugwi town.

Police indicate that the gang also robbed people of cash clothes and groceries from tucks shops. Some of the properties were recovered.

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