Civil Engineer: Contract (Hwange)

Auto Electrician (Hwange)

Attachee: Sales and Marketing (Harare)

Planning Officer (Bulawayo)

Receptionist (Harare)

Semi-Skilled Cook (Chipinge)

IT Officer

Human Resources Officer

Stores Assistant

Project Coordinator

Graduate Trainee: Agronomy (Chisumbanje)

Estimator – Auto Body Centre Harare

Apprenticeship Trainee- Millwright

Graduate Trainee Program (Traineeship)

Students On Attachment (Various Departments)

Information Technology Graduate Trainee (Chisumbanje)

Counselor

Field Officer

Project Driver (Hwange)

Registered General Nurse (RGN) (Harare)

Intensive Care Nurse (ICN) (Harare)

Sales Agents x50

Tobacco Programmes Officer (Harare)

Payroll Clerk (Harare)

Library Technical Assistant

Assistant Binder

Broadcast Technician

Research, Innovation and Industry Linkage Officer (RIILO)

Safety, Health and Environmental (SHE) Officer

Procurement Officer

Intellectual Property Management Officer

Research Officers x2

Business Development Officers x2

Innovation Lead (Engineering)

Innovation Lead (Arts & Creative Industries)

Innovation Manager

Public Health Specialist: Prevention, Care & Treatment (Harare)

Director General (Harare)

The government of Zimbabwe has suspended duty on equipment imported by approved tourism operators, and miners.
Finance and Economic Development Minister, Mthuli Ncube announced the suspension in his 2023 Budget presentation on Thursday. He said:
<blockquote>
Mr. Speaker Sir, the tourism industry has for the past decade, benefited from rebate of duty on capital equipment, which has enabled operators to revamp their facilities, as well as acquire requisite equipment to match international product standards.
In addition to meeting international standards, Government’s legitimate expectation is that consumers should benefit from responsible and affordable pricing. The benefits to the consumers have, however, been minimal and the contribution to the Fiscus remains insignificant.
I, therefore, propose to replace the facility with suspension of duty on specified capital equipment imported by approved tourism operators, with effect from 1 January 2023.
Furthermore, for ease of administration, I propose that the minimum value of capital equipment to be imported under suspension of duty be pegged at US$25 000, with effect from 1 January 2023.
<h2>Rebate of Duty on Goods Imported by Operators in Special Economic Zones</h2>
Mr. Speaker Sir, companies operating in Special Economic Zones are privileged to import raw materials and capital
equipment duty free. Government recently provided for duty free importation of capital equipment for use by the agriculture, energy, manufacturing, mining and health sectors, hence, the need to align Special Economic Zone incentives to current policy priorities.
I, therefore, propose to limit the Rebate of Duty Facility to operators who meet the qualifying degree of export orientation,
in line with the provisions of the income tax legislation.
This measure takes effect from 1 January 2023.
<h2>Suspension of Duty on Goods Imported for Specific Mine Development Operations</h2>
Mr. Speaker Sir, Government has since 2010, suspended customs duty on goods of a capital nature used for mining development operations. As already alluded to, Government recently provided for a zero-customs duty regime on capital
equipment imported by the agriculture, energy, manufacturing, mining and energy, with a view to simplify tax administration.
Mining companies are, thus, able to import specified equipment without seeking approval from Government Ministries, thereby reducing the cost of doing business.
I, therefore, propose to repeal legislation relating to suspension of duty on specific mine development operations, in line with the Ease of Doing Business Concept, with effect from 1 December 2022.
Notwithstanding the above, mining houses will continue to import eligible equipment until the expiry of the already
gazetted mining locations and periods thereof.
In addition, mining companies will continue to benefit from other tax incentives targeted at supporting growth of the sector.
<h2>Excise Duty on Energy Drinks</h2>
Mr. Speaker Sir, you will be aware that Government, in January 2022, introduced a flat rate of excise duty on energy drinks at a rate of US$0.05/litre, with a view to encourage responsible consumption of such products, as well as mobilise additional revenue to the Fiscus. Additional funds generated from the review of excise duty on energy drinks is ring-fenced towards treatment and support of cancer, diabetes and hypertension patients through the Non-Communicable Diseases Fund.
Mr Speaker Sir, there remains scope to promote responsible consumption of energy drinks, whose health benefits are
minimal, against the consequential hazards.
I, therefore, propose to review upwards, the flat rate of excise duty on energy drinks from US$0.05 cents per litre to US$0.10 per litre, with effect from 1 January 2023.
<h2>TAX RELIEF MEASURES</h2>
<h2>Rebasing of Unredeemed Capital Allowances</h2>
Mr Speaker Sir, corporates are allowed to offset the value of investment in capital equipment against taxable income over a maximum period of four years. However, inflation has eroded the unredeemed balances of capital investment qualifying for deduction in the determination of taxable income.
Recent policy measures to address the erosion of value for unredeemed capital allowances only cover outstanding balances as at 2021, hence, corporates are reporting artificial profits, thereby increasing the tax burden. In order to restore value, I propose that unredeemed capital allowances as at 1 January 2023 be rebased to the local currency equivalent of the outstanding foreign currency invoice value at the beginning of each financial year.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Budget 2023: Duty Suspended On Equipment Imported For Tourism, Mining

Finance Minister Mthuli Ncube has announced that the minimum threshold for deferment of Value-Added Tax (VAT) has been raised from US$500 000 to US$1 million.
The government sanctioned temporary postponement of paying VAT on the importation of specified goods of a capital nature imported by companies in the manufacturing, agriculture, mining, aviation transport and health sectors. 
In his 2023 national Budget presentation, Ncube noted that the facility was being abused. He said:
<blockquote>
Whereas the VAT deferment facility was put in place to mitigate the cash flow impact on business, the benevolence has, however, been abused by most of the beneficiaries through non-payment after the due date.
I, therefore, propose to review the minimum threshold for the deferment facility from the current US$ 500 000 to US$ 1 million, with effect from 1 January 2023, in order to mitigate revenue loss to the Fiscus.
</blockquote>
<h2>Tax Returns and Corporate Tax</h2>
On the prescribed period for submission of Tax Returns and Payment of Corporate Income Tax, Ncube said:
<blockquote>
Specified taxpayers are compelled to submit self-assessment returns not later than four months after the end of the tax year or year of assessment which begins in January and ends in December.
This legislative requirement does not, however, cater for circumstances where taxpayers have approved financial periods that end on a date other than end of a year of assessment.
I, therefore, propose to compel taxpayers with a year of assessment other than the tax year to submit self-assessment returns no later than four months after the year of assessment approved by the Commissioner.
As a consequence of the proposed measures, quarterly payment dates for such taxpayers will be aligned to the approved year of assessment.
</blockquote>
<h2>
Tax Debts: Interest on Tax Debts</h2>
Ncube told Parliament that the Bank Policy Rate was reviewed to 200%, with effect from 24 June 2022 to curb speculative borrowing and to stabilise the exchange rate.
He said interest on outstanding tax remains at 25%. Ncube added:
<blockquote>
Tax revenue has, thus, become a cheaper source of working capital, hence, some companies no longer prioritise remittance of tax, to the detriment of the Fiscus.
In order to limit accumulation of tax debts, I, propose to align the interest rate on local currency tax debts from 25% to the Bank Policy Rate, with effect from 1 December 2023.
The interest rate on foreign currency tax debts will, however, remain at 10% per annum.
</blockquote>
<h2>Preserving the Value of Tax Debts</h2>
Ncube also said some taxpayers were deliberately delaying payment of tax obligations in order to benefit from the loss of value.
He said while charging higher interest on outstanding taxes remains an option, additional measures were necessary to induce compliance. Said the minister:
<blockquote>
I, therefore, propose that all outstanding tax debts be converted to the foreign currency equivalent at the time the debt is incurred.
Payment of outstanding tax will, however, be made in local currency using the prevailing interbank exchange rate at the time of payment.
<h2>Interest on Delayed Remittances of Tax Revenue to the Consolidated Revenue Fund</h2>
Mr Speaker Sir, financial institutions are a critical conduit for the real-time remittance of tax payments to the Consolidated Revenue Fund (CRF).
However, a number of financial institutions are delaying remittance of tax payments to the CRF, thereby depriving the Fiscus of resources to fund critical Government expenditure.
Some of the financial institutions are also utilising the funds as a cheap source of overnight liquidity support.
I, therefore, propose to compel financial institutions to remit tax collections to the CRF within 48 hours of receipt from taxpayers.
Where financial institutions fail to meet the prescribed timeline for remittance, interest will be chargeable at a rate of 15% and the Bank Policy Rate, currently pegged at 200%, on local and foreign currency remittances, respectively.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Deferment Of Value-Added Tax: Minimum Threshold Raised From US$ 500k To US$1 million

Zimbabwe’s Finance and Economic Development Minister, Professor Mthuli Ncube Thursday presented the national 2023 Budget noting that the country’s spending will double next year. Pindula News presents a table which shows projected expenditure which is in billion Zimbabwean dollars.
<blockquote>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.96">Salaries</td>
<td title="Character Accurarcy=99.96">Operations</td>
<td title="Character Accurarcy=99.96">Capital</td>
<td title="Character Accurarcy=99.98">Total</td>
</tr>
<tr>
<td title="Character Accurarcy=98.55">Information, Publicity and Broadcasting Services</td>
<td title="Character Accurarcy=99.96">1,219.9</td>
<td title="Character Accurarcy=99.95">4,300.0</td>
<td title="Character Accurarcy=99.94">3,100.0</td>
<td title="Character Accurarcy=99.85">8,619.9</td>
</tr>
<tr>
<td title="Character Accurarcy=99.49">Youth, Sport, Recreation, Arts and Culture</td>
<td title="Character Accurarcy=99.93">9,401.2</td>
<td title="Character Accurarcy=99.83">7,500.0</td>
<td title="Character Accurarcy=99.92">8,234.9</td>
<td title="Character Accurarcy=99.85">25,136.1</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Energy and Power Development</td>
<td title="Character Accurarcy=99.45">818.3</td>
<td title="Character Accurarcy=99.91">4,100.0</td>
<td title="Character Accurarcy=99.85">10,550.0</td>
<td title="Character Accurarcy=99.95">15,468.3</td>
</tr>
<tr>
<td title="Character Accurarcy=99.51">Information Communication Technology, Postal and Courier Services</td>
<td title="Character Accurarcy=99.93">1,049.7</td>
<td title="Character Accurarcy=99.89">9,060.0</td>
<td title="Character Accurarcy=99.89">7,277.0</td>
<td title="Character Accurarcy=99.84">17,386.7</td>
</tr>
<tr>
<td title="Character Accurarcy=99.74">National Housing and Social Amenities</td>
<td title="Character Accurarcy=99.95">2,950.6</td>
<td title="Character Accurarcy=99.93">3,100.0</td>
<td title="Character Accurarcy=99.9">21,628.5</td>
<td title="Character Accurarcy=99.81">27,679.1</td>
</tr>
<tr>
<td title="Character Accurarcy=99.77">Judicial Services Commission</td>
<td title="Character Accurarcy=99.71">10,840.8</td>
<td title="Character Accurarcy=97.65">20,300.0</td>
<td title="Character Accurarcy=99.4">6,800.0</td>
<td title="Character Accurarcy=99.95">37,940.8</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Public Service Commission</td>
<td title="Character Accurarcy=99.91">62,537.2</td>
<td title="Character Accurarcy=99.78">12,000.0</td>
<td title="Character Accurarcy=99.93">5,000.0</td>
<td title="Character Accurarcy=99.9">79,537.2</td>
</tr>
<tr>
<td title="Character Accurarcy=99.85">Council of Chiefs</td>
<td title="Character Accurarcy=97.03">–</td>
<td title="Character Accurarcy=99.89">2,700.0</td>
<td title="Character Accurarcy=99.95">1,450.0</td>
<td title="Character Accurarcy=99.8">4,150.0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Human Rights Commission</td>
<td title="Character Accurarcy=98.81">894.6</td>
<td title="Character Accurarcy=99.96">3,010.0</td>
<td title="Character Accurarcy=99.87">836.0</td>
<td title="Character Accurarcy=99.89">4,740.6</td>
</tr>
<tr>
<td title="Character Accurarcy=99.89">National Peace and Reconciliation Commission</td>
<td title="Character Accurarcy=97.25">807.2</td>
<td title="Character Accurarcy=99.93">1,500.0</td>
<td title="Character Accurarcy=99.86">650.0</td>
<td title="Character Accurarcy=99.87">2,957.2</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">National Prosecuting Authority</td>
<td title="Character Accurarcy=99.92">3,741.4</td>
<td title="Character Accurarcy=99.71">6,500.0</td>
<td title="Character Accurarcy=99.89">1,100.0</td>
<td title="Character Accurarcy=99.73">11,341.4</td>
</tr>
<tr>
<td title="Character Accurarcy=99.55">Zimbabwe Anti-Corruption Commission</td>
<td title="Character Accurarcy=99.94">1,678.8</td>
<td title="Character Accurarcy=99.79">4,500.0</td>
<td title="Character Accurarcy=99.86">1,200.0</td>
<td title="Character Accurarcy=99.84">7,378.8</td>
</tr>
<tr>
<td title="Character Accurarcy=99.59">Zimbabwe Electoral Commission</td>
<td title="Character Accurarcy=99.97">3,448.0</td>
<td title="Character Accurarcy=99.85">96,100.0</td>
<td title="Character Accurarcy=99.88">2,100.0</td>
<td title="Character Accurarcy=99.87">101,648.0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.49">Zimbabwe Gender Commission</td>
<td title="Character Accurarcy=99.94">805.7</td>
<td title="Character Accurarcy=99.89">1,930.0</td>
<td title="Character Accurarcy=99.98">750.0</td>
<td title="Character Accurarcy=99.93">3,485.7</td>
</tr>
<tr>
<td title="Character Accurarcy=99.68">Zimbabwe Land Commission</td>
<td title="Character Accurarcy=99.96">722.3</td>
<td title="Character Accurarcy=99.92">8,900.0</td>
<td title="Character Accurarcy=99.89">750.0</td>
<td title="Character Accurarcy=99.89">10,372.3</td>
</tr>
<tr>
<td title="Character Accurarcy=99.6">Zimbabwe Media Commission</td>
<td title="Character Accurarcy=93.61">416.4</td>
<td title="Character Accurarcy=99.86">1,300.0</td>
<td title="Character Accurarcy=99.93">900.0</td>
<td title="Character Accurarcy=99.8">2,616.4</td>
</tr>
<tr>
<td title="Character Accurarcy=99.9">Unallocated Reserve Transfer</td>
<td title="Character Accurarcy=97.23">–</td>
<td title="Character Accurarcy=97.33">–</td>
<td title="Character Accurarcy=99.94">0.0</td>
<td title="Character Accurarcy=99.88">0.0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">General Reserve</td>
<td title="Character Accurarcy=99.97">0.0</td>
<td title="Character Accurarcy=99.6">50,556.2</td>
<td title="Character Accurarcy=99.85">24,150.0</td>
<td title="Character Accurarcy=99.82">74,706.2</td>
</tr>
<tr>
<td title="Character Accurarcy=99.9">Total</td>
<td title="Character Accurarcy=99.83">1,859,622.8</td>
<td title="Character Accurarcy=99.79">1,170,263.2</td>
<td title="Character Accurarcy=97">656,500.0</td>
<td title="Character Accurarcy=99.57">3,686,386.0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.67">Constitutional and Statutory Appropriation</td>
<td title="Character Accurarcy=99.97">0.0</td>
<td title="Character Accurarcy=99.94">0.0</td>
<td title="Character Accurarcy=99.96">0.0</td>
<td title="Character Accurarcy=99.92">0.0</td>
</tr>
<tr>
<td title="Character Accurarcy=98.87">Debt Service: Interest Bill</td>
<td title="Character Accurarcy=99.98">0.0</td>
<td title="Character Accurarcy=99.74">24,967.5</td>
<td title="Character Accurarcy=99.98">0.0</td>
<td title="Character Accurarcy=99.89">24,967.5</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Pension</td>
<td title="Character Accurarcy=99.62">277,497.7</td>
<td title="Character Accurarcy=99.98">0.0</td>
<td title="Character Accurarcy=99.97">0.0</td>
<td title="Character Accurarcy=99.58">277,497.7</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Public Service Pension Scheme</td>
<td title="Character Accurarcy=99.86">27,936.7</td>
<td title="Character Accurarcy=97.81">–</td>
<td title="Character Accurarcy=97.23">–</td>
<td title="Character Accurarcy=99.92">27,936.7</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Transfers to Councils and Local Authorities</td>
<td title="Character Accurarcy=96.95">–</td>
<td title="Character Accurarcy=97.61">–</td>
<td title="Character Accurarcy=99.89">195,503.6</td>
<td title="Character Accurarcy=99.88">195,503.6</td>
</tr>
<tr>
<td title="Character Accurarcy=99.73">Other Constitutional &amp; Statutory Appropriations</td>
<td title="Character Accurarcy=99.95">34,605.8</td>
<td title="Character Accurarcy=99.92">0.0</td>
<td title="Character Accurarcy=99.94">0.0</td>
<td title="Character Accurarcy=99.91">34,605.8</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Refunds of Revenue</td>
<td title="Character Accurarcy=96.88">–</td>
<td title="Character Accurarcy=99.95">50.0</td>
<td title="Character Accurarcy=99.98">0.0</td>
<td title="Character Accurarcy=99.95">50.0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Total Expenditure &amp; Net Lending</td>
<td title="Character Accurarcy=98.75">2,199,663.0</td>
<td title="Character Accurarcy=99.83">1,195,280.7</td>
<td title="Character Accurarcy=99.73">852,003.6</td>
<td title="Character Accurarcy=99.43">4,246,947.3</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Repayment of Loans</td>
<td title="Character Accurarcy=99.8">0.0</td>
<td title="Character Accurarcy=99.94">0.0</td>
<td title="Character Accurarcy=99.98">0.0</td>
<td title="Character Accurarcy=99.59">248,644.4</td>
</tr>
<tr>
<td title="Character Accurarcy=99.6">Total Expenditure &amp; Net Lending Including Loan Repayments</td>
<td title="Character Accurarcy=99.21">2,199,663.0</td>
<td title="Character Accurarcy=99.78">1,195,280.7</td>
<td title="Character Accurarcy=99.62">852,003.6</td>
<td title="Character Accurarcy=99.77">4,495,591.7</td>
</tr>
</tbody>
</table>
</blockquote>
<h2>We also present the same information in plain format:</h2>
<blockquote>
Information, Publicity and Broadcasting Services ….. (Salaries – 1,219.9; Operations – 4,300.0; Capital – 3,100.0; Total – 8,619.9)
Youth. Sport, Recreation. Arts and Culture……………. (Salaries – 9,401.2; Operations – 7,500.0; Capital – 8,234.9; Total – 25,136.1)
Energy and Power Development …………………………….. (Salaries – 818.3; Operations – 4,100.0, Capital – 10,550.0; Total – 15,468.3)
Information Communication Technology. Postal and Courier Services (Salaries 1,049.7; Operations – 9,060.0; Capital -7,277.0; Total – 17,386.7)
National Housing and Social Amenities …………………… (Salaries – 2.950.6; Operations – 3.100.0; Capital – 21.628.5; Total – 27,679.1)
Judicial Services Commission……………………………………. (Salaries – 10,840.8; Operations – 20,300.0; Capital – 6.800.0; Total  – 37,940.8)
Public Service Commission ………………………………………… (Salaries – 62,537.2; Operations – 12,000.0; Capital – 5.000.0; Total – 79,537.2)
Council of Chiefs ……………………………………………………. (Operations- 2,700.0; Capital – 1,450.0; Total – 4,150.0)
Human Rights Commission………………………………………. (Salaries – 894.6; Operations – 3.010.0; Capital –  836.0; Total –  4.740.6)
National Peace and Reconciliation Commission…………(Salaries – 807.2; Operations –  1.500.0; Capital –  650.0; Total – 2.957.2)
 National Prosecuting Authority………………………………..(Salaries – 3.741.4; Operations –  6.500.0; Capital – 1.100.0; Total – 11,341.4)
Zimbabwe Anti-Corruption Commission………………….(Salaries – 1,678.8; Operations –  4,500.0; Capital – 1,200.0 Total – 7,378.8)
Zimbabwe Electoral Commission………………………………(Salaries – 3,448.0; Operations –  96,100.0; Capital –  2.100.0; Total – 101,648.0)
Zimbabwe Gender Commission…………………………………(Salaries – 805.7; Operations – 1,930.0; Capital –  750.0; Total – 3,485.7)
Zimbabwe Land Commission……………………………………..(Salaries – 722.3; Operations – 8,900.0; Capital –  750.0; Total – 10,372.3)
Zimbabwe Media Commission……………………………………..(Salaries – 416.4; Operations – 1,300.0; Capital – 900.0; Total – 2,616.4)
Unallocated Reserve Transfer………………………………………….0.0 0.0 
General Reserve…………………………………………………………..(Salaries – 0.0; Operations – 50,556.2; Capital –  24,150.0; Total – 74,706.2)
Total…………………………………………………………………………..(Salaries – 1,859,622.8; Operations – 1.170,263.2; Capital – 656,500.0; Total – 3,686,386.0)
Constitutional and StatutoryAppropriation…………………..(0.0 0.0 0.0 0.0)
 Debt Service: Interest Bill…………………………………………….. (0.0; Operations –  24,967.5; Capital –  0.0; Total – 24,967.5)
Pension…………………………………………………………………………(Salaries – 277,407.7; Operations – 0.0; Capital – 0.0; Total – 277,497.7)
Public Service Pension Scheme……………………………………… (Salaries 27,936.7; Total – 27,936.7)
Transfers to Councils and Local Authorities ………………….. (Capital – 195,503.6; Total – 195,503.6)
Other Constitutional &amp; StatutoryAppropriations……………..(Salaries – 34,605.8; Operations – 0.0; Capital – 0.0; Total – 34.605.8)
Refunds of Revenue………………………………………………………….. (Operations – 50.0; Total – 50.0)
Total Expenditure &amp; Net Lending Including Loan Repayments…………(Salaries – 2.199,663.0; Operations – 1.195,280.7; Capital –  852,003.6; Total – 4,495,591.7)

</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

2023 Budget: Allocations To Government Departments

Zimbabwe more than doubled its spending plans for 2023 as it seeks to revive an economy that exited a recession last year.   
Expenditure will increase by 121% to 4.2 trillion Zimbabwe dollars ($6.5 billion) budget, according to Finance and Economic Development Minister Mthuli Ncube.
He made the projections this Thursday while presenting the 2023 Budget at the newly built multi-million dollar Parliament building in Mt Hampden located 23 kilometres (14 miles) north of Harare.
In his presentation aired on national television, Ncube said the bulk of the funds will be spent on social services and infrastructure projects with a key focus on the mining, energy and agricultural sectors to induce economic growth.
Ncube also estimated gross domestic product (GDP) growth to slow to 3.8% next year from the 4% forecast for 2022. 
More from the Budget presentation:
<blockquote>
a). The Minister expects ZW$21.8 trillion in revenue
b). About ZW$76 billion was allocated toward next year’s general elections in which President Emmerson Mnangagwa is seeking re-election.
c). Budget deficit to GDP is forecast at 1.5%.
d). The government plans a bond issuance on the <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange</a> to fill the funding gap.
e). Youth, Sport, Recreation, Arts and Culture was allocated ZW$25.136 billion.
f). Health and Childcare was allocated ZW$473.7582 billion 
g). Lands, Agriculture, Water, Climate and Rural Resettlement was allocated ZW$362,5206 billion 
h). Defence was allocated ZW$331.1431 billion
</blockquote>
Ncube also highlighted that local economic growth is being affected by economic growth globally which is stunted due to tightening financial conditions as central bankers, including The Reserve Bank of Zimbabwe (RBZ), try to curb high inflation.
These measures have worsened an already dire situation following the war in Ukraine and China’s slowdown. Zimbabwe’s benchmark interest rate is at 200%, while annual inflation is at 269%. 
The IMF last month cut its forecast for global growth next year to 2.7%, from 2.9% and sees Zimbabwe’s economy expanding at 2.8%.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe's Spending To More Than Double In 2023 - Finance Minister

Finance and Economic Development Minister, Professor Mthuli Ncube has said the Public Accountants and Auditors Board (PAAB) has made a resolution for the early adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB). In a statement seen by Pindula News, Ncube said the move is premised on attracting more investment and boosting private sector development in Zimbabwe. Reads the statement:
<blockquote>
<h2>RESOLUTION BY THE PUBLIC ACCOUNTANTS AND AUDITORS BOARD OF ZIMBABWE (PAAB) FOR THE EARLY ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) SUSTAINABILITY DISCLOSURE STANDARDS ISSUED BY THE INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB)</h2>
1. In line with its statutory mandate to prescribe auditing standards, accounting standards and accountancy reporting standards for use in Zimbabwe, including the application of internationally recognised auditing, accounting, and reporting standards, the Public Accountants and Auditors Board (PAAB) has made a resolution for the early adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB). 
2. Taking a cue from the communique issued by the African Ministers of Finance on 9 September 2022, the accountancy profession in Zimbabwe and indeed the Government of Zimbabwe endeavours to meet the needs of capital markets and other stakeholders and enhance transparency, accountability, efficiency, and comparability in business. Zimbabwe has resolved to be an early adopter of the IFRS Sustainability Disclosure standards (when they are finalised and issued by the ISSB). This has the potential to attract more investment and boost private sector development in Zimbabwe in line with the National Development Strategy (NDS1) macroeconomic framework premised on programmes aimed at achieving economic transformation through the creation of a thriving private sector-led, open and competitive economy.
3. Early adoption could help unlock and bring to the country capacity building and support as we prepare for implementation and rollout. Further, Zimbabwe and indeed Africa’s voice will be amplified in the standards development process.
4. The ISSB’s mission is to deliver a high-quality global baseline of sustainability disclosures, which includes an initial focus on detailed climate-related disclosures. Jurisdictional standard-setting in the field of sustainability-related financial disclosures is a relatively new discipline and many jurisdictions, including Zimbabwe, are participating in this process at scale for the first time.
5. “We, therefore, urge the ISSB to work closely with Public Accountants and Auditors Board of Zimbabwe, as a first mover and to provide strong advisory and capacity-building support to achieve early adoption and implementation of the Sustainability Standards.”
Hon. Prof. Mthuli Ncube  
</blockquote>
International accounting standards (IFRS) were formally adopted for use in Zimbabwe in 1993 and were legally operationalised in 1996.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Makes Resolution For Early Adoption Of International Financial Reporting Standards

The Reserve Bank of Zimbabwe (RBZ) recently launched the Collateral Registry, a publicly available database of interests in or ownership of movable assets tendered to secure loans. 
The move is expected to facilitate secured creditors or lenders to register a security interest in movable assets such as livestock, household goods, crops, and business. 
In the video below, the apex bank speaks on the initiative in great detail. 
<div class="wp-video" style="width: 640px;">
<video class="wp-video-shortcode" controls="controls" height="360" id="video-246490-1" preload="metadata" width="640"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/11/Collateral.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/11/Collateral.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2022/11/Collateral.mp4</a></video></div>
<h2><a href="https://news.pindula.co.zw/"> More Pindula News</a></h2>

WATCH: RBZ Launches Collateral Registry To Facilitate Registration Of Security Interest In Movable Assets

The <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority">Zimbabwe Energy Regulatory Authority (ZERA)</a> has announced new fuel prices effective 23 November 2022. The <a href="https://zero.pindula.co.zw/zera-announces-fuel-prices-effective-16-november-2022/">previous review was on 16 November 2022.</a> Pindula News presents the statement issued by ZERA:
Please be advised of the review in fuel prices for diesel and blend with effect from 23 November 2022. The prices have been reviewed as follows:
<blockquote>
Diesel 50 (ZWL/ litre) – $1,116.94
Blend — E20 (ZWL/ litre) – $ 951.85
Diesel 50 (US$ / litre) – $1.73
Blend — E20 (US$/litre) – $1.59
</blockquote>
ZERA advised the public and operators that the blending ratio remains at E20.
Operators may sell petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.
<h2>Fuel prices as of 16 November 2022</h2>
Please be advised of the fuel prices for diesel and blend effective 16 November 2022.
The prices are as follows:
<blockquote>
Diesel 50 (ZWL/ litre) – $1 101.84
Blend — E20 (ZWL/ litre) – $1 022.47
Diesel 50 (US$ / litre) – $1.73
Blend — E20 (US$/litre) – $1.60
</blockquote>
Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

New Fuel Prices Effective 23 November 2023

Joina City, a shopping mall, located at the corner of Jason Moyo and Julius Nyerere streets, in Harare, has announced that the mall will be open for 24 hours with effect from the 25th of November 2022.
In a statement seen by Pindula News, Joina City Management said the move is meant to increase sales. Reads the statement:
<blockquote>
LATE CLOSING OF THE MALL-TURNING JOINA CITY INTO A 24-HOUR MALL. 
Our Valued Stakeholders
In a move to increase your sales, we would like to encourage all tenants to participate in extended shopping hours for the mall. Our target is for Joina City to be the first 24-hour operating mall in Zimbabwe. We currently have tenants who are operating through the night in the Office Tower, and we would like our retail section to participate too.
For a start, we will open the Mall until 2200hrs effective 25th November 2022, and we are ready to adjust the times as per your recommendations.
Should you have any suggestions kindly get in touch with Sharon on 0772 634 844 or Salome on 0772 522 388.
JOINA CITY MANAGEMENT.
</blockquote>
Joina City houses 72 compartments altogether and is the second tallest building in <a href="https://www.pindula.co.zw/Zimbabwe" title="Zimbabwe">Zimbabwe</a> after the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" title="Reserve Bank of Zimbabwe">Reserve Bank of Zimbabwe</a>.
<h2>More Pindula News</h2>

Joina City To Be Open 24 Hours With Effect From 25 November - Management

The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 22 November 2022.
The weighted average rate has moved to US$1: ZWL$ 646.2415.
<a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-15-november-2022/">Last week</a>, the foreign exchange weighted average rate was US$1: ZWL$ 639.1003.
In its latest update, the central bank said a total of US$11,162,090.09, was allotted this week, down from US$13,053,307.52thatwas allotted to various sectors at last week’s auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was  US$1,198,534.51 down from the US$1,333,267.85 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$9,963,555.58 down from US$11,720,039.67allotted last week.
<blockquote>
<ul>
<li>
<h2>Weighted Average Rate 646.2415</h2>
</li>
</ul>
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials ……………………………………………………………………………………. (SME): US$402,137.60 (MA): US$3,604,555.93 
Machinery and Equipment ………………………………………………………………… (SME): US$372,503.96  (MA): US$2,380,110.56 
Consumables (Incl. Spares, Tyres, Electricals, etc) ……………………………… (SME): US$158,705.29  (MA): US$887,266.17 
Services (Loans, Education, Dividends, Disinvestments, etc) ……………… (SME): US$72,326.33 (MA): US$1,414,437.87 
Retail and Distribution (Incl. Food, Beverages, etc) …………………………….. (SME) US$130,237.34 (MA): US$456,596.30 
Electricity Pharmaceuticals and Chemicals …………………………………………  (SME): US$26,037.83 (MA) US$498,493.23
 Paper and Packaging …………………………………………………………………………… (SME): US$36,586.16 (MA): US$722,095.52 
TOTAL ………………………………………………………………………………………………… (SME): US$1,198,53431 (MA): US$9,963,555.58 
GRAND TOTAL AWARDED …………………………………………………………. US$11,162,090.09
<h2>Notes 1. </h2>
<blockquote>
Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified. 
2. Some Bids were allotted on a pro-rata basis. 
3. Willing buyer Willing seller Bid Rate as at 18 November 2022 was ZW$613.3542 
</blockquote>
<h2>More Pindula News</h2>

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 22 November 2022

A Botswana-headquartered investment firm, Norsad Capital has issued a US$10 million medium-term credit facility to support Central Africa Building Society (CABS) Zimbabwe’s growth strategy.
The facility is earmarked towards lending to CABS’ export clients, particularly in the agricultural sector, <a href="https://www.sundaynews.co.zw/cabs-zimbabwe-gets-us10-mil-medium-term-credit-facility/?_ga=2.246260172.930119927.1669117321-787432666.1667110700">The Sunday News</a> reported citing a statement by Norsad Capital investment director and transaction lead, Ms Carol-Jean Harward.
The director said: 
<blockquote>
This investment aligns with Norsad’s sectoral theme of Financial Institutions as well as the impact focus on financial inclusion and sustainable livelihoods.
We are excited to partner with CABS as it plays a catalytic role in unlocking opportunities to enable local farmers and SMEs to export both regionally and internationally.
</blockquote>
CABS deputy managing director, Mr Cecil Ndoro said the funding will help capacitate the exporting industries. Said Mr Ndoro:
<blockquote>
Norsad’s funding will help strengthen CABS’ balance sheet by providing medium-term funding as well as capacitating the exporting industries by providing working capital and capital expenditure facilities, thus boosting the country’s foreign currency earnings.
As CABS, we will deploy the funds to the productive export sectors, notably agriculture, manufacturing, mining, and tourism. The focus will be on generation of foreign currency, creation of employment and value chain financing for the benefit of industry players and the economy at large.
</blockquote>
He said the investment will promote entrepreneurship, enable growth and improve livelihoods.
Norsad Capital is an impact investor and private creditor provider, offering tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa.
Meanwhile, CABS is one of the top three banks in Zimbabwe and has 38 operational branches, over 900 Agents, and the largest Point of Sales machine network of about 25 000 countrywide.
The agricultural sector is key to Zimbabwe’s economy for domestic production, exports, and employment; hence, Norsad’s facility supports sustainable livelihoods and builds a better Africa by impacting lives.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

CABS Zimbabwe Gets US$10 M Loan From Botswana-headquartered Norsad Capital

A new World Bank report has ranked Zimbabwe as the country with the highest food price inflation in the world.
This is despite <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">official figures showing that price levels have been trending downward</a> in recent months.
The continuation of restrictions on fertilizer exports from the Black Sea region, sanctions on exports from Belarus, and China’s fertilizer export ban could further destabilise tight fertilizer markets, <a href="https://thenewshawks.com/zim-still-has-highest-food-inflation/">The News Hawks</a> reported citing the World Bank report.
The Breton Woods institution warns that if energy and fertilizer prices do not moderate in 2023 and 2024 as expected, food prices could increase substantially.
The report shows that Zimbabwe’s monthly food inflation increased by up to 30% this year.
Other countries which also reported high inflation, although lower than Zimbabwe, include Venezuela, conflict-hit Somalia and Lebanon.
If agricultural commodity prices increase, it is likely that the number of people facing food insecurity will continue to increase.
It is projected that the number of people subject to severe food insecurity will exceed 200 million in 2022. 
Populations most exposed to food crises typically live in countries facing extreme weather events and conflict, especially in Sub-Saharan Africa.
The World Bank says price spikes in food and agricultural commodities will affect vulnerable populations by limiting access to affordable staple foods, which can lead to widespread food insecurity.
Effects of climate change including flooding, drought, abnormal dryness, and cyclones, in East and southern Africa, place additional pressure on food security through agricultural production and price channels. 
Zimbabwe has over the greater part of the year been battling <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">rising inflation</a> and a <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-15-november-2022/">weakening domestic currency.</a>
Official figures show that the <a href="https://zero.pindula.co.zw/zimbabwes-annual-inflation-slows-down/">year-on-year inflation rate for October 2022 decreased</a> to 268.8% from 280.4% in September 2022, while the month-on-month inflation rate in October 2022 was 3.2%, down from the September 2022 rate of 3.5%.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

New World Bank Report Says Zimbabwe Has The Highest Food Price Inflation Globally

Vubachikwe Mine located in Gwanda has temporarily suspended operations as it makes efforts to repair infrastructure that was damaged by workers during riots this month, mine management has said.
The wives of the mine workers picketed at the entrance of the mine as early as 3 AM on 8 November demanding to see management over their husbands’ unpaid salaries.
They said they were failing to pay school fees, and medicals and afford decent meals because their husbands had not been paid.
Police were called in and fired tear gas forcing the crowd to disperse, but at night, the disgruntled workers moved around burning and damaging property at the mine and also looting shops.
In a statement Vubachikwe Mine manager, Nan Kananji, said the mine will remain temporarily suspended until it is safe to resume operations. Said Kananji:
<blockquote>
Mining operations have been temporarily suspended due to an illegal strike and riot that occurred on the 8th of November 2022, which caused substantial damage to the mine and physical injury to certain employees.
This illegal strike had been preceded by two other illegal strikes that took place on 17 October and 1 November, which have also contributed to the current situation.
The mine will remain temporarily suspended until it’s declared safe to resume operations by the mine manager.
</blockquote>
Kananji said management and representatives of the workers will come up with a work plan, which will state how and when the workers will be paid their outstanding salaries.
The workers embarked on job action saying they had not been paid the USD component of their salaries for September and October.
More than 100 workers were arrested for public violence in the aftermath of the demonstrations. | <a href="https://www.chronicle.co.zw/vubachikwe-mine-operations-remain-suspended/">Chronicle</a>

Vubachikwe Mine Operations Remain Suspended

Invictus Energy Limited has elected to deepen the Mukuyu-1 well to test its further potential after reaching targetted depth of at least 3.5 kilometers last week.
The Australia-headquartered firm is exploring oil and gas in Muzarabani in the Zambezi Valley.
In an update on Friday, Invictus managing director Scott Macmillan said the Exalo Rig 202 was preparing to drill further down to 3.8 kilometres, to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations. He said:
<blockquote>
Preliminary logging analysis from this early stage of the wireline programme in the current 8½ hole section has been encouraging, indicating multiple potential gas-bearing zones.
However, the presence of moveable hydrocarbons will be determined following the wireline formation testing programme, which will be run following the arrival of the wireline formation testing tool at the well site.
In the interim, we have elected to drill ahead to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations, which will also provide us with valuable geological and geophysical information for future wells in the basin.
We anticipate the remaining activities will require a further 5 -7 days to complete following which final well results will be provided.
</blockquote>
Soon after drilling Mukuyu 1, a second well, the Baobab, will be sunk down to 1.5 km, with both exercises set to give a better idea of the full extent of the reserves in the Muzarabani prospect following the collection of more than 800 km of seismic data in 2021. | <a href="https://newziana.co.zw/2022/11/18/invictus-to-deepen-well-to-further-test-potential/">New Ziana</a>

Invictus To Deepen Well To Further Test Potential

The Reserve Bank of Zimbabwe (RBZ) says nearly 500 out of the 4 000 small gold coins it introduced on 15 November 2022 have been purchased so far in their first week.
The central bank introduced gold coins, known as the Mosi-a-Tunya gold coins, to be used as a store of value by both individuals and companies.
This has resulted in the reduction of the excessive money supply since their introduction, according to RBZ governor John Panonetsa Mangudya as quoted by <a href="https://zbcnews.co.zw/2022/11/19/public-acceptance-of-gold-coins-a-signal-of-improved-financial-confidence/">ZBC News</a>. He said:
<blockquote>
The high demand for gold coins is a positive move to the country’s fight against high inflation and going forward we are maintaining the status quo, there will be no excess liquidity that caused exchange rate instability like in the past.
</blockquote>
In his Mid-Term Monetary Policy Statement released on Thursday, 11 August 2022, central bank governor John Mangudya said:
<blockquote>
Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022.
The features, characteristics and the sale terms and conditions shall remain the same as the current trading arrangements of the gold coins in circulation.
</blockquote>

High Demand For Gold Coins A Positive Development - Mangudya

One of the two power generators being built at Hwange Thermal Power Station was successfully turned on for the first time on Tuesday, bringing the country closer to producing an additional 300 megawatts.
The additional power, expected to be fed into the national grid before the end of the year, is premised on easing power shortages in the country.
The 300 MW unit is part of two generators making up the Hwange Thermal Power Station Unit 7 and 8 Expansion Project being undertaken by Chinese firm Sinohydro under a facility from China Eximbank.
When complete, the two units are expected to produce a combined 600 MW. The second unit is due for commissioning in early 2023.
In a brief update, the contractor tweeted:
<blockquote>
Hwange Expansion Project successfully completed the rolling of number 7 unit of steam turbine at rated 3000rpm (3000 revolutions per minute) on November 15, 2022 for the first time.
</blockquote>
Rolling means getting the steam turbine to rotate in order to produce electricity.
In an earlier update, the Zimbabwe Power Company (ZPC) said the new 300 Megawatts from Hwange would not be immediately fed into the grid, said <a href="https://zero.pindula.co.zw/power-projects-update-hwange-unit-7-coming-online-in-2022/">ZPC in its quarterly production update</a>. Read the update:
<blockquote>
The Hwange Expansion Project Unit 7 is expected to be synchronised to the grid by the end of this year. 
The Deka upgradation project is 71.2 percent complete and on track to be completed by March 31, 2023. The pipes have been laid in the order of thickness for the entire 42km. Since then, pipe welding has begun.
</blockquote>
Zimbabwe currently faces a huge power deficit due to old generating plants and low water volumes at Kariba Dam, where the country’s biggest power plant is situated.
Apart from building new power plants, other initiatives to increase electricity generation in the country are being pursued, including refurbishing the old Hwange thermal plant.
<a href="https://zero.pindula.co.zw/zimbabwe-gets-us310-million-from-india-for-rehabilitation-of-hwange-power-station/">ZPC secured US$310 million from the Export-Import Bank of India</a> to rehabilitate Hwange Power Station. The rehabilitation of the ageing thermal power plant shall be done in three phases. It is projected that the work on the refurbishment will begin in the third quarter of 2023.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

China-funded Hwange Power Generator Turned On

Stanbic Bank is this month celebrating 30 years of providing financial services in Zimbabwe.
In a statement to mark three decades of existence in the southern African country, Stanbic Bank’s Chief Executive, Solomon Nyanhongo said the institution is committed to making Zimbabwe great. Nyanhongo said:
<blockquote>
We have contributed millions of dollars to support several infrastructure development initiatives with a direct bearing on the economic development of the country. As we always say, Zimbabwe is our home and we are determined to drive her growth. We are more than committed to make Zimbabwe great.
We are here for our clients. We love our clients and we will continue to work for them and come up with innovative growth strategies for their benefit.
</blockquote>
He said it was fitting that the institution was celebrating 30 years at the same time its parent company, The Standard Bank Group, was also celebrating 160 years of operating.
Nyanhongo paid tribute to all Stanbic Bank stakeholders past and present who played a pivotal role in establishing Stanbic Bank from its inception in 1992 to date, some of them who have since left.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Stanbic Bank Zimbabwe Celebrates 30 Years

The Zimbabwe Revenue Authority (ZIMRA) has warned stakeholders of anticipated delays at the Plumtree Border Post. In a notice seen by Pindula News, the authority says the anticipated delays can be triggered by the installation of automatic rapid high-speed boom barriers. Reads the notice:
<blockquote>
<h2>ANTICIPATED DELAYS AT PLUMTREE BORDER POST DUE TO INSTALLATION OF THE AUTOMATIC RAPID HIGH-SPEED BOOM BARRIER FROM 17th NOVEMBER 2022.</h2>
The Zimbabwe Revenue Authority (ZIMRA) wishes to advise all travellers, importers, exporters, transporters, clearing agents and the general public of installation of automatic rapid high-speed boom barriers at Plumtree Border Post. The installation is expected to kick off this week and the construction works are likely to affect the border post’s traffic handling capacity and cause some delays in traffic movement. 
There will be staggered closure of both the East and West bound traffic lanes and subsequent reduction of working and parking space. The trading public is advised that the reduction in capacity may result in congestion and delays in the effective passage of traffic, both out and in-bound. The delays are projected to last for two weeks from beginning of the project during which period the installation work is expected to be completed. 
The Authority regrets any inconvenience caused to all our clients transacting through Plumtree Border Post, nonetheless, we believe that this project is necessary as it will go a long way in creating efficient and effective traffic management for all stakeholders. 
In the meantime, stakeholders are encouraged to engage the Authority through the available various communication channels should they encounter challenges during this period. ZIMRA remains committed to minimising delays that may be experienced.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

ZIMRA Warns Of Anticipated Delays At Plumtree Border Post

The <a href="https://www.pindula.co.zw/Zimbabwe_Revenue_Authority">Zimbabwe Revenue Authority (ZIMRA)</a> has advised that importers of goods whose duties are ordinarily payable in local currency now have the option to pay duty in foreign currency. In a notice seen by Pindula News, ZIMWA said the development was made possible by the amendment of section 115 of the Customs and Excise Act (Chapter 23:02) following the promulgation of Finance Act No 8 of 2022. Reads the notice:
<blockquote>
<h2>PUBLIC NOTICE: PAYMENT OF DUTY IN FOREIGN CURRENCY ON NON-DESIGNATED GOODS</h2>
The Zimbabwe Revenue Authority (ZIMRA) wishes to advise all valued clients that following the promulgation of Finance Act No 8 of 2022, section 115 of the Customs and Excise Act (Chapter 23:02) has been amended to give importers of non-designated goods (whose duties are ordinarily payable in local currency) an option to pay duty in foreign currency.
Currently, our system is being configured to register declarations (bills of entry) that enable payment of duty on non-designated goods in foreign currency. In the meantime, while our ICT department is working on configuration of our ASYCUDA system, the following measures have been taken to assist clients and to facilitate trade:
Clearance of consignments of non-designated goods for which importers opt to pay duty in foreign currency shall be done through lodgment of manual bills of entry and the following procedure shall be adopted.
• The importer or clearing agent shall apply to the Shift Manager/Station Manager to lodge a manual bill of entry. 
• When authority to lodge the manual bill entry has been granted, the importer or clearing agent shall submit the manual bill of entry and supporting documents for processing in the usual manner.
NB: Please note that this is a temporary measure meant to facilitate trade that will end upon successful configuration of the system.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

ZIMRA Speaks On Payment Of Duty In Foreign Currency For Non-designated Goods

Time Bank of Zimbabwe Ltd reopened its doors last month, after an 18-year break.
The resumption follows a pre-opening inspection and authorisation by the Reserve Bank of Zimbabwe (RBZ).
The bank will operate a new business model whereby it will start by lending out to various categories of clients without taking deposits and review the model at an appropriate time, <a href="https://www.herald.co.zw/time-bank-reopens-with-new-business-model/">The Herald</a> reported citing a statement by Time Bank. 
The statement also indicated that the bank would now focus more on investment banking activities and has already started offering mortgage loans. Read the statement in part:
<blockquote>
The bank is now offering mortgage loans with effect from 27 October 2022 and other loans, with effect from December 1, 2022.
</blockquote>
These include:
<blockquote>
i). exporters’ loans including first-time exporters, 
ii). corporate loans, 
iii). factoring of book debts, 
iv). discounting of medium-term bills and promissory notes, 
v). discounting exporters’ receivables and consumer loans. 
</blockquote>
Time Bank added that it will with effect from December 1, 2022 offer services such as portfolio management services, advisory services, financial agency services and consultancy services.
The bank closed operations in 2004 and had its banking licence cancelled in 2006, but disputed the reasons for its closure and cancellation of its licence.
The bank in a notice this week said it resumed operations on October 27, 2022, after getting the green light from the central bank but with restrictions not to take in deposits.
<h2>Some context:</h2>
Time Bank which was Founded by Mr Chris Takura Tande, began operations in 1997 becoming the first locally-owned indigenous commercial bank. 
After prolonged legal battles, it emerged the bank was owed US$5 million by RBZ before its closure which created financial problems for the bank.
As Time Bank demanded a refund of the money, RBZ responded by putting the bank under a disputed curator in 2004 and cancelled the licence two years later.
After the cancellation of its licence, the RBZ tried to put Time Bank into ZABG, but Time Bank objected strongly, and given the intensity of legal fights, the RBZ left Time Bank out of ZABG.
The courts reinstated the licence of Time Bank in 2009 but the bank could not operate, as RBZ could not do a handover of the assets, documents and affairs of Time Bank in the normal way at the end of curatorship, from the former curator to the bank’s directors.
In 2015, the RBZ and Time Bank entered into a settlement agreement under which the RBZ agreed to refund Time Bank US$5 million.
They also agreed on the issue of the outstanding handover/takeover as well as the re-opening of Time Bank, subject to pre-opening inspection. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Time Bank Of Zimbabwe Ltd Reopens After An 18-year Break

Former <a href="https://www.pindula.co.zw/CABS">Central Africa Building Society (CABS)</a> chairperson, Enos Dzengedza Chiura, also known as EDC, has died, <a href="https://www.herald.co.zw/business-icon-chiura-dies/">The Herald</a> reported.
He was 89.
EDC’s death was confirmed by his son Allen who is an American board-certified consultant urological surgeon in private practice in Harare.
Chiura was <a href="https://www.pindula.co.zw/Delta_Corporation">Delta Corporation Limited</a>‘s executive chairperson and inaugural chairperson of Zimbabwe Sun Limited (now African Sun Limited).
With the assistance of five other board members including Patrick Rooney, Ron Stringfellow (CEO), Eric Bloch, Robbie Mupawose and <a href="https://www.pindula.co.zw/Muchadeyi_Masunda">Muchadeyi Ashton Masunda</a>, Chiura got Zimbabwe Sun listed on the Zimbabwe Stock Exchange in April 1990.
He also became chairperson of the Central Africa Building Society; Merchant Bank of Central Africa Limited; and the <a href="https://www.pindula.co.zw/National_Social_Security_Authority">National Social Security Authority (NSSA).</a>
EDC also served on the council of the<a href="https://www.pindula.co.zw/IODZ"> Institute of Directors Zimbabwe</a>.
He was an alumnus of Georgetown University in Washington DC.
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Former CABS, NSSA Chairperson Enos Dzengedza Chiura Dies

The <a href="https://newzwire.live/power-projects-update-zpc-sets-2023-for-hwange-old-plant-rehab/">Zimbabwe Power Company (ZPC)</a> says it expects to start a critical refurbishment of the aged Hwange power plant in 2023, according to newZWire.
The project, funded by <a href="https://zero.pindula.co.zw/zimbabwe-gets-us310-million-from-india-for-rehabilitation-of-hwange-power-station/">a US$310 million loan from the Export-Import Bank of India</a>, is meant to extend the life of Hwange’s six existing generator units. ZPC said in its latest update on power projects:
<blockquote>
The rehabilitation of the ageing thermal power plant shall be done in three phases, and we are projecting that the work on the refurbishment will begin in the third quarter of 2023.
</blockquote>
Some context:
The current Hwange units were built close to 40 years ago, and break down often, causing blackouts. 
The project to refurbish them and extend their life will take up to five years, officials said previously. When complete, the units would add up to 880MW.
This will be a separate project to the construction of the two new units, Hwange 7 &amp; 8, which will add a combined 600MW. 
ZPC plans to bring unit 7 online this year, while unit 8 will be connected next year. The project has been slowed down by a combination of government payment delays and COVID-19 disruptions.
ZPC will need more water to supply the new 7 &amp; 8 plants, and this is being done by building a 42km pipeline from the Zambezi. This will only be completed in March.
Zimbabwe faces a huge power deficit as it is generating about 870MW, about half of the current demand.
The crisis is attributed to underinvestment and corruption.
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Power Projects Update: Hwange Unit 7 Coming Online In 2022

The Zimbabwe National Road Administration (ZINARA) has warned that ZimSwitch’s planned system maintenance may affect the processing of transactions. In a notice seen by Pindula News, ZINARA said the maintenance is scheduled to take place on Wednesday 16 November 2022.
<blockquote>
<h2>RE: ZIMSWITCH SYSTEM MAINTENANCE</h2>
This serves to notify that Zimswitch will be carrying out a planned system maintenance exercise on Wednesday 16 November 2022 between 2300hrs to 2330hrs This may affect all transaction sets processed through the Switching platform.
During this period, should you need assistance, get in touch with Zimswitch help desk on helpdesk@zimswitch.co.zw or our support numbers +263 772 687 232 or +263 772 211 315.
We sincerely apologize for any inconvenience that may be caused. Our technical team will advise once the service has been restored. 
Best Regards
Zimswitch Management
</blockquote>
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Transactions May Be Affected By ZIMSWITCH's Maintenance Exercise - ZINARA

Fuel prices are expected to go up next month in South Africa due to higher oil prices.
 The prices of oil have been going up globally due to the war between Russia and Ukraine. 
According to the Automobile Association of South Africa, often abbreviated AA, an automobile association that has been operating in South Africa since 1930, increases will start next month.
The AA says data from the Central Energy Fund forecast increases of between 97 cents and R1.09 a litre, <a href="https://www.enca.com/search/news?search=fuel">eNCA News</a> reported.
Illuminating paraffin is also expected to increase by around 30 cents a litre.
Meanwhile, the price of diesel will decrease by up to 34 cents a litre.
The development will likely have an impact on fuel prices in Zimbabwe since it imports from its neighbour.
Zimbabwe imports fuels primarily from Singapore, South Africa, Mozambique, Mauritius, and United Arab Emirates.
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South Africa: Fuel Prices Expected To Go Up In December

The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 15 November 2022.
The weighted average rate has moved to US$1: ZWL$639.1003.
<a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-18-october-2022/">Last week</a>, the foreign exchange weighted average rate was US$1: ZWL$636.2104.
In its latest update, the central bank said a total of US$13,053,307.52, was allotted this week, up from US$11,895,147.24thatwas allotted to various sectors at last week’s auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was  US$1,333,267.85 up from US$1,080,615.32allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$11,720,039.67 up from US$10,814,531.92allotted last week.
<blockquote>
♦ Weighted Average Rate 639.1003
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials………………………………………………………………..US$5,504,579.49
Machinery and Equipment………………………………………………US$2,273,841.85
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$1,245,775.99
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,696,012.26
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$755,839.47
Electricity Pharmaceuticals and Chemicals …………………………US$839,715.68
Paper and Packaging …………………………………………………………US$737,542.78
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,333,267.85
TOTAL Amount allotted for the MAIN FM117/2022 …… US$11,720,039.67
GRAND TOTAL AWARDED ……………………………. US$13,053,307.52
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and
those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 11 November 2022 was ZW$609.6679
</blockquote>

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 15 November 2022

Econet Wireless, which is the country’s leading telecommunications company, says it will review voice, data and SMS prices in both Zimbabwe dollars and US dollars with effect from 16 November 2022.
In a notice to its customers issued this Monday, 14 November, Econet said:
<blockquote>
Please note, we will review our ZWL &amp; USD Voice, Data &amp; SMS Bundle price effective, Wednesday 16 November 2022.
</blockquote>
Responding to social a media user who had asked why the telecoms company was increasing prices in USD considering that the greenback is a stable currency, Econet said:
<blockquote>
Take note that the tariff adjustment is necessitated by the increased operational costs as we want to continue providing exceptional services.
</blockquote>
On 1 November 2022, Econet increased its headline tariffs but did not adjust the cost of its promotional bundles.
Since the start of this month, Econet customers have been paying $41.77 per minute, to make a voice call, up from $25.95.
Data charges also went up to $6.6 per MB, up from $4.1 per MB, while sending an SMS was now costing $8.59 per message, up from $5.33.

Econet Wireless To Raise Tariffs Effective 16 November 2022

Caledonia Mining Corporation PLC has brought its new solar power plant at its Blanket mine in Zimbabwe on stream.
Blanket currently receives its power from ZESA, but in recent years, the electricity supply has not been reliable and this has both economic and safety implications for the underground mine.
Caledonia started constructing the 12.2 MWac solar plant late in 2021.
The solar plant is now operational, and in due course, it is expected that it will provide approximately 27% of Blanket’s average daily electricity demand. Mark Learmonth, chief executive of Caledonia, said:
<blockquote>
I am delighted that the solar plant is connected to the Blanket grid and from today Blanket will start to receive some of its energy directly from solar.
With 21 per cent of Blanket’s on-mine costs relating to energy usage, this solar plant is a very important project for the company as it will improve the quality and security of Blanket’s electricity supply and provide environmental benefits through cleaner energy.
The solar power will displace more expensive power from the grid and from the diesel generators and is expected to reduce Caledonia’s consolidated cost per ounce of gold produced by approximately US$37.
</blockquote>
| <a href="https://www.proactiveinvestors.com/companies/news/998222/caledonia-mining-brings-new-solar-power-generation-capability-on-stream-at-the-blanket-gold-mine-998222.html">Proactive</a>

Caledonia Mining brings New Solar Power On Stream At Blanket Mine

About 90% of clothes being sold in Zimbabwe are smuggled second-hand clothes.
This was said by Zimbabwe National Chamber of Commerce president Mike Kamungeremu during an interview with <a href="https://businesstimes.co.zw/90-of-clothes-in-zim-is-second-hand/">Business Times</a>.
The government banned the importation of second-hand clothes but they are being sold across the country, even in some remote areas an indication that corruption is rampant at the country’s porous borders.
Kamungeremu said support should be given to the textile industry and duty should be increased on clothes imported for resale in order to support the recovery of the local industry. He said:
<blockquote>
There is policy inconsistency with regard to the sale of second-hand clothes (mabhero) – it is illegal to import second-hand clothing (bales) but legally permissible to sell them.
The City Councils levy businesses selling second-hand clothing and surely the local textile industry cannot be resuscitated this way.
About 90% of clothes being sold are smuggled second-hand clothes.
</blockquote>

"90% Of Clothes Sold In Zimbabwe Are Second-hand"

ZESA Holdings has defended the approval of a 50% increase in the electricity tariff to US$0.1221/kWh from US$0.08/kWh saying it was meant to ensure an uninterrupted supply to miners and industry.
Mining companies say the hike threatens the attainment of the US$12 billion mining industry.
However, Howard Choga, the managing director of the Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a subsidiary of ZESA, said for the past twenty years, the power utility had been operating below cost. Choga said:
<blockquote>
Electricity supply challenges are sitting on top of the challenges that the miners are facing.
The mining industry believes that electricity charges are very expensive; they want them to be lowered from the current US$0.1221/kWh to US$0.1026/kWh.
But the challenge is for us to find what is needed to correct the anomaly.
What I can tell you is that we are behind in terms of refurbishment and rehabilitation of the network to the tune of about US$2bn.
This is actually occasioned by the fact that for the past 20 years we have been operating below cost.
… let’s accept the tariff for us to have a better future in Zimbabwe and achieve our targets.
</blockquote>
According to Business Times, this year’s demand was 1850MW against the supply of 1400MW, with imports from Zambia, South Africa, and Mozambique augmenting local supplies. | <a href="https://businesstimes.co.zw/govt-justifies-exorbitant-power-tariff/">Business Times</a>

ZESA Defends Electricity Tariff Hike

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has advised that all banknotes that have been issued by the central bank remain legal tender, following the rejection of smaller denomination notes by some businesses.
Reports indicate that most transport operators and shops in Bulawayo are now rejecting the ZW$20 notes, while ZW$5 and ZW$10 have since been rejected by the transacting public.
Responding to questions from  Sunday News Business, Mangudya said all the bank notes remain legal tender in the country. He said:
<blockquote>
While we are not privy to that predicament raised, it is important to advise that all the bank notes that we issued remain legal tender which can be deposited at banks and banks can bank the same at the RBZ under the normal banking process.
</blockquote>
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu urged businesses to accept the $20 banknotes to avoid inconveniencing the public. Mutashu said;
<blockquote>
We encourage businesses to accept all notes including the ZW$20 notes and not inconvenience the transacting public.
Rejection of particular denominations is usually synonymous with high inflation as currency value erodes, unfortunately, it is only in our environment that economic agencies decide to reject notes.
In Malawi, Zambia, South Africa and other jurisdictions, even the smallest of the denominations like coins are accepted at the point of transacting.
</blockquote>

$5, $10, $20 Notes Still Legal Tender - Mangudya

A 26-year-old Nigerian businesswoman, Olamide Olowe, is the youngest Black woman to raise $10 million in venture capital, according to <a href="https://billionaires.africa/26-year-old-nigerian-entrepreneur-becomes-youngest-black-woman-to-raise-10-million/">Billionaires.Africa</a>.
Olowe’s skincare company, Topicals, which creates products for all skin tones, received the capital injection in its most recent funding round led by consumer-focused investment firm CAVU Consumer Partners.
Olowe, a serial entrepreneur who recently graduated from the University of California, Los Angeles (UCLA), is the former co-founder of SheaGIRL, a Sundial Brands subsidiary now owned by Unilever. 
She is also the youngest Black woman to raise $1 million and $2.6 million in venture funding.
A Forbes report says the news follows Olowe’s inclusion in the Forbes 30 Under 30 list for 2022 after Topicals raised $2.6 million.
Olowe intends to use the $10 million in funding to expand the company and fuel brand awareness through an effective product campaign on TikTok and Instagram.
The funds will also be used to develop products to treat chronic skin conditions such as hyperpigmentation, eczema, and psoriasis.
Topicals has now raised a total of $15 million in venture funding since its inception in August 2020.
The brand has donated more than $50 000 to nonprofits that provide mental health resources to marginalized communities.
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