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The Zimbabwe Revenue Authority (Zimra) has issued new import regulations that are set to result in the formalisation of Small to Medium Enterprises (SMEs), most of which have remained largely informal despite dominating the economic landscape.
President Emmerson Mnangagwa yesterday pledged to pamper the country’s military with salary upgrades and other benefits to cushion them against the skyrocketing cost of living, while urging the rest of the civil servants and hard-pressed citizens to remain patient as his government attempts to fix the economy, saying “the darkest hour comes before dawn”.
National Railways of Zimbabwe (NRZ) board chair, Advocate Martin Dinha, says the country’s economic revival efforts will not be a success without a functioning railway transport system.
Zimbabwe’s President Emmerson Mnangagwa said on Tuesday that a decision to ban the use of foreign currencies was an important step to repair the economy, but local businesspeople and investors were wary a day after the reform was announced.
The Chikurubi Maximum Security Prison in Harare is crumbling at the seams, assailed by overcrowding and a critical shortage of medicines, food and other basics as the economically-crippled country battles to care for its inmates.
In Zimbabwe, thousands of white farmers were forced from their farms, sometimes violently, between 2000 and 2001 under a government programme of land reform. The seizures were blamed for destroying Zimbabwe’s economy, and ruined relations with the West.
President Cyril Ramaphosa said on Tuesday South Africa was ready to help Zimbabwe revive its economy, but within its means, while the two neighbours consider options that could see Harare receiving some financial assistance.
The crackdown on black market currency trading to curb a parallel market blamed for the spike in prices is not enough to address the problem, economists said yesterday.
Eighteen years later, the testament of the land reform still haunts the nation, as it – land reform – continues to negatively affect the economy.
Government’s insatiable appetite for borrowing has alarmed economists who warned that it amounts to mortgaging future generations.