Merchant Services Manager (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)

Driver (Kariba)

Relief Drivers x8

Business Intelligence Analyst (Harare)

Contact Centre Agent-1 (Harare)

Switchboard Operator (OMAO) (Harare)

Procurement Manager (Bulawayo)

Auditor - ICT & Internal Control (Harare)

Legal Officer (Harare)

Auditor (Harare)

Director General (Harare)

Stanbic Bank Zimbabwe’s exclusive annual Wine, Gin &amp; Craft Beer Festival resumes this week after a two-year break caused by the COVID 19 pandemic.
The annual Wine Tasting festival, which is sponsored by Stanbic Bank and its partners, kicked off in 2018 and was scheduled to enter its third year in 2020 before being postponed owing to the restriction of gatherings caused by the menacing COVID 19.
Exhibitors at the Wine Festival, which kicks off tomorrow (Friday) and ends on Saturday, are drawn from South Africa.
The restriction on movement then made it impossible for them to come and display their products leading to its postponement over the last two years.
Stanbic Bank’s Head of Brand and Marketing, Palmer Mugavha expressed delight at hosting the event after the two-year break.
“The Festival was a permanent fixture on our calendar pre-COVID and being the biggest event of its kind in the country, it was a blow not having it over the last two years, but we understood perfectly that the COVID protocols needed to be observed. We are now all set to host the Festival of all festivals as we make up for lost time,” said Mugavha.
Mugavha said Stanbic was determined to make up for lost time by hosting a memorable Festival which should thrill wine and beer enthusiasts who had hitherto been starved of such top-line events.
This year hundreds of budding connoisseurs will come together over two days to sample the different wines, Gin and Craft Beer predominantly from Cape Town and Southern Africa.
He said the Wine Festival provided an opportunity for Stanbic Bank to entertain some of its customers and the general public who appreciate great wines through this unique event.
“We are well aware that due to the restrictions on travelling and gatherings our stakeholders have not yet had much fun in the last two years, so we are putting all stops to make sure this weekend’s event makes up for the two lost years as we seek to demonstrate our appreciation of our clients,” he said.
Wineries from Cape Town, and Gin and Craft Beer producers from the region grace the event displaying their wide range of products. 
In 2019, wine and beer enthusiasts were treated to top-shelf handcrafted beers and wines produced by some of Southern Africa’s best vintners and sommeliers at the event’s usual Queen of Hearts venue.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Pindula News

Stanbic's Exclusive Wine Tasting Festival Resumes After Two-year COVID-19 Induced Break

A Chinese firm, Zhejiang Huayou Cobalt Co Ltd, says it will employ hundreds of Zimbabweans during the construction and production phases of the Arcadia lithium project.
Huayou announced the acquisition of the US$372 million Arcadia lithium project from Prospect Resources Plc and minority shareholders on 20 April 2022.
The firm committed to investing US$300 million to develop the mine and construct a processing plant over the next 12 months.
On Friday, 19 May, Huayou said the mine will have capacity to treat about 4.5 million tonnes of ore per annum.
This translates to about 400 000 tonnes of lithium concentrate per annum. The company said:
<blockquote>
Huayou estimates that there will be more than 600 Zimbabweans employed during the construction phase while direct employment during the production phase will be between 700 and 900 employees.
… There will be a focus on training and development, as well as finding suitable graduates from universities in Zimbabwe for attachment programmes.
</blockquote>
Huayou has already invested in a local school, Vhuta, which is near the mine site as part of its corporate social responsibility.
<h4>More:<a href="https://www.herald.co.zw/acardia-project-targets-1-000-jobs/"> The Herald</a></h4>

Arcadia Lithium Project To Create Hundreds Of Jobs For Zimbabweans

The Zimbabwe Energy Regulatory Authority (ZERA) has announced new fuel prices effective 20 May 2022.
Diesel now costs US$1.74, up from US$1.71 while the price of petrol (Blend – E15) has been increased to US$1.68, up from US$1.64 per litre.
In Zimbabwe dollar terms, diesel now costs ZWL$499.56, up from ZWL$283.87 per litre. Petrol (Blend – E15) now costs ZWL$481.02 up from ZWL$271.85 per litre. ZERA said:
<blockquote>
The public and operators are advised that the blending ratio is now at E15. Operators may sell the 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.
</blockquote>
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

ZERA Increases Fuel Prices Effective 20 May 2022

The Zimbabwe Sugar Association (ZSA) has dispelled fears of a looming shortage of sugar saying there are adequate stocks of all types of sugar within the country.
ZSA chairman Muchadeyi Masunda said that reports claiming that the country’s major sugar producer, Tongaat Hulett, has suspended production are false.  In a statement, Masunda said:
<blockquote>
The Zimbabwe Sugar Association is aware of misleading reports in the media stating that there is a looming shortage of sugar in the country due to the suspension of production by Tongaat Hulett, the country’s major sugar producer.
We wish to advise all our valued stakeholders that these reports are unfounded and incorrect.
There are adequate stocks of all types of sugar within the country following the successful resumption of the milling season in April 2022.
The sugar industry has been operating smoothly without any interruptions and does not expect any disturbances to sugarcane farming, sugar production or the distribution logistics which are currently in place.
We would like to assure our valued customers and stakeholders that the Zimbabwe Sugar Industry remains committed to producing enough sugar for the local market.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Zimbabwe Has Adequate Stocks Of All Types Of Sugar

Econet Wireless Zimbabwe, one of the biggest telecommunications companies in Zimbabwe has announced an impending review of data, voice, and SMS bundle prices.
Econet said the new prices will take effect tomorrow, the 19th of May 2022. Said the mobile network operator in a statement:
<blockquote>
Dear Customers,
Please note, we will review our Voice, Data &amp; SMS bundle prices effective, Thursday 19 May, 2022.
To access Voice &amp; Data bundles dial *143#
To access SMS bundles dial *140#
Visit www.econet.co.zw/services/bundles for more information.
*All other prices remain unchanged.
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Econet Zimbabwe Reviews Voice, Data SMS Bundle Prices

Zimbabwe’s former Finance Minister (GNU era), <a href="https://www.pindula.co.zw/Tendai_Biti">Tendai Biti</a>, has said President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa">Emmerson Mnangagwa</a> and his lieutenants “should just resign” as they have failed to run the southern African country.
Biti who is also a co-vice president in the opposition <a href="https://www.pindula.co.zw/Citizens%27_Coalition_for_Change">Citizens Coalition for Change (CCC)</a> speaks as the economy continues on a downward trend, sharply so in the last two weeks, after the government decided to ban lending services by banks.
The move worsened an already dire situation with some basic commodities beginning to disappear in shops, companies halting operations and downscaling production.
Biti told Newzimbabwe.com in an exclusive interview that such confusion exposed the government’s gross incompetence. He said:
<blockquote>
Why did they impose the ban anyway? This is a reflection that this government is incompetent, it is out of date, it is clueless, it is cruel, it is predatory and destructing.
They should just do the right thing and resign and go back home to farm.
It was a blatantly unlawful, irrational and unsound decision. A country cannot be run on the basics of kick and hope strategies. Irreparable harm was caused and surely heads must roll, shame.
</blockquote>
His remarks echo those of his party which described the reversal of the ban on Tuesday as policy inconsistency.
The ban was implemented on May 9 with the Finance and Economic Development Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> saying it was <a href="https://news.pindula.co.zw/2022/05/12/bank-lending-ban-to-prick-the-speculative-bubble-mthuli-ncube/">aimed at combating indiscipline</a> in the financial services sector driving inflation and weakening the local currency.
Biti said the ban only confirmed that Mnangagwa was clueless and incompetent and must resign.
More: <a href="https://news.pindula.co.zw/">Pindula News</a>; <a href="https://www.newzimbabwe.com/mnangagwa-must-resort-to-peasant-farming-biti/">NewZimbabwe</a>

"Mnangagwa And His Team Should Just Resign," - Former Finance Minister

British Ambassador to Zimbabwe, Mrs Melanie Robinson, has said it is good to see some shops in the United Kingdom stocking products from Zimbabwe.
She also spoke of arrangements in place between Zimbabwe and the UK to facilitate trade between the two nations. Said, Robinson:
<blockquote>
Good to see this visit so soon after ZITF by ZimTrade who are exploring opportunities for exporters. Our UK-Zim trade agreement is in place, giving exporters tariff &amp; quota-free access to the UK. horticultural producers are among those benefiting; keen to see others join them.
</blockquote>
Her remarks were in response to a post by ZimTrade which indicated that it was conducting a survey in the United Kingdom. Read the post:
<blockquote>
Local businesses can leverage the diaspora market to increase exports. We are conducting a market survey in the UK and we’re happy to see some shops stocking some of our favorite local products. We are excited, to discover more opportunities for your business! #EnergisingExports
</blockquote>
<img decoding="async" src="https://pbs.twimg.com/media/FSYt-fbXEAAF-gd?format=jpg&amp;name=large"/><img decoding="async" src="https://pbs.twimg.com/media/FSYt-gQXoAEcJNw?format=jpg&amp;name=large"/>
Before the turn of the millennium, the UK used to be a huge destination for Zimbabwean products.  
The composition of Zimbabwe’s exports to the UK were diamonds, mange tout peas, black fermented tea, oranges, unmanufactured tobacco, fresh avocados, sculptures, fresh peaches, fresh nectarines, fresh raspberries, passion fruit and jewellery, among others. 
Zimbabwe’s exports to the UK have been increasing in recent years with ZimTrade estimating them to have increased by 276 per cent to US$112 million in 2018 from US$30 million in 2012.
The southern African country could become a strategic partner for London, especially in this post-BREXIT era.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

British Ambassador Pleased As Some UK Shops Stock Products From Zimbabwe

The government Tuesday announced that it had reduced the price of fuel by 7 US cents per litre <a href="https://news.pindula.co.zw/2022/05/18/government-increases-mandatory-blending-of-fuel-with-ethanol-to-e-20/">after increasing the mandatory blending of fuel with ethanol from E-10 to E-20.</a>
This was announced at a post-Cabinet meeting in Harare by Information and Publicity minister Monica Mutsvangwa who said:
<blockquote>
Cabinet has adopted resumption of petrol blending at E10 from April 25, 2022, which has reduced the pump price of petrol by US$0,04 per litre. The blending will go up to E20 by end of May 2022, which will lead to a higher reduction in the price of petrol by US$0,07 per litre.
</blockquote>
Responding to questions from the media, Energy and Power Development Minister Zhemu Soda said blending at E10 had reduced the pump price of petrol by 4 US cents per litre while the move to E20 would further. He said:
<blockquote>
This blending is done for a variety of reasons and this is something that we are actually achieving. By using a locally produced product we are averting the dependence on foreign currency to import all the fuel requirements that we have for the country.
“Ethanol is cheaper than unleaded petrol which we are procuring from outside the country.
</blockquote>

Senator Mutsvangwa also said the government has increased efforts to improve the strategic fuel reserve, with US$40 million worth of fuel having been procured in the last six months.
She added that the intention is to maintain at least a 30-day stock cover, which at the current consumption levels translates to 150 million litres. 
The minister said the fuel will be released onto the market when necessary to fill supply gaps or to stabilise prices.
It is also planning to establish a fuel price stabilisation fund that will even out rises in pricing.
The government also intends to set up a fuel price stabilisation fund to cushion consumers from sharp increases in fuel prices. 
The blending of petrol with ethanol was re-introduced in 2008 after the licensing of Green Fuel’s Chisumbanje ethanol plant to minimise fuel shortages and reduce the huge fuel import bill.
The resumption of petrol blending at E10 from April 25 and a subsequent increase to E20 by the end of May, was part of the immediate strategies being adopted.
The blending of fuel is exclusively conducted by licensed blenders only in compliance with Zimbabwe Energy Regulatory Authority regulations.
Motorists previously complained that blended fuel does not last and also is detrimental to vehicles. 
More: <a href="https://www.herald.co.zw/govt-reduces-fuel-prices/">The Herald</a>

Government Reduces Fuel Prices

Prices of some basic commodities have been going up lately while some retailers were running out of some commodities. 
On Monday, Pindula News conducted a snap survey and realised that OK Zimbabwe, one of the biggest retailers in Zimbabwe, had no cooking oil in some of its outlets in Harare.
Some businesses were limiting the quantity of cooking oil one can buy to prevent hoarding. A survey below by The Sunday Mail also suggests the same. 
<blockquote>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.53">GROCERIES</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=83.68">PICK N’ PAY</td>
<td title="Character Accurarcy=99.58">OK ZIM</td>
<td title="Character Accurarcy=99.86">FOOD WORLD</td>
<td title="Character Accurarcy=99.85">DOWN-TOWN RETAIL (US$)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.18">Rice 2kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.83">999.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">818.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.95">1020.50</td>
<td style="text-align: center;" title="Character Accurarcy=90.59">24 2kg X 10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.21">Sugar 2kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.93">1049.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">1600.00</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">949.99</td>
<td style="text-align: center;" title="Character Accurarcy=93.29">23.00 2kg x 10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.74">Tea leaves 250g</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.91">499.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">449.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.92">447.99</td>
<td style="text-align: center;" title="Character Accurarcy=93.31">5.00 24 x 250G</td>
</tr>
<tr>
<td title="Character Accurarcy=95.43">Milk 1litre</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.83">549.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.75">459.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.49">625.15</td>
<td style="text-align: center;" title="Character Accurarcy=88.5">6.80 1litre x 6</td>
</tr>
<tr>
<td title="Character Accurarcy=95.97">Salt 1kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.95">119.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.92">149.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">146.90</td>
<td style="text-align: center;" title="Character Accurarcy=92.14">21.00 1kg x 20</td>
</tr>
<tr>
<td title="Character Accurarcy=99.06">Flour 2kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.69">999.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">879.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.94">1020.95</td>
<td style="text-align: center;" title="Character Accurarcy=92.61">18.00 2kg x 10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.08">Cooking oil 2litres</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=97.51">**</td>
<td style="text-align: center;" title="Character Accurarcy=96.09">*</td>
<td style="text-align: center;" title="Character Accurarcy=99.92">1948.99</td>
<td style="text-align: center;" title="Character Accurarcy=94.92">40.00 2litres x 12</td>
</tr>
<tr>
<td title="Character Accurarcy=96.12">Beef 1kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.94">3249.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.9">3129.90</td>
<td style="text-align: center;" title="Character Accurarcy=99.93">2820.01</td>
<td style="text-align: center;" title="Character Accurarcy=93.68">3.00 /kg</td>
</tr>
<tr>
<td title="Character Accurarcy=95.31">Chicken 1kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.89">1799.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.82">1729.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.75">1773.70</td>
<td style="text-align: center;" title="Character Accurarcy=86.78">2.50/kg</td>
</tr>
<tr>
<td title="Character Accurarcy=92.95">Chunks 1kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.81">599.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.9">419.99</td>
<td style="text-align: center;" title="Character Accurarcy=87.21">*</td>
<td style="text-align: center;" title="Character Accurarcy=98.01">2.00 3kg</td>
</tr>
<tr>
<td title="Character Accurarcy=96.22">Kapenta 1kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.95">7469.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.91">8212.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.47">4482.10</td>
<td style="text-align: center;" title="Character Accurarcy=99.56">10 11x100g</td>
</tr>
<tr>
<td title="Character Accurarcy=99.43">Eggs Irvines (crate)</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.87">1999.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.76">1899.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.72">1906.70</td>
<td style="text-align: center;" title="Character Accurarcy=99.93">3.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.44">Mealie meal 10kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.89">2179.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">2548.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.85">2214.40</td>
<td style="text-align: center;" title="Character Accurarcy=99.85">5.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Bread</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.53">344.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">351.99</td>
<td style="text-align: center;" title="Character Accurarcy=98.15">346.65</td>
<td style="text-align: center;" title="Character Accurarcy=94.42">1.40 x 8</td>
</tr>
<tr>
<td title="Character Accurarcy=99.38">Bathing soap Geisha 250g</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.94">406.00</td>
<td style="text-align: center;" title="Character Accurarcy=99.94">313.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">406.20</td>
<td style="text-align: center;" title="Character Accurarcy=91.81">9.00 250g X 20</td>
</tr>
<tr>
<td title="Character Accurarcy=98.73">Washing powder 2kg</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.88">1379.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.88">1379.69</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">1656.20</td>
<td style="text-align: center;" title="Character Accurarcy=88.81">20.00 2kg x 8</td>
</tr>
<tr>
<td title="Character Accurarcy=99.68">Tissue 4 (BabySoft)</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.93">1799.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.72">1339.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.96">1540.00</td>
<td style="text-align: center;" title="Character Accurarcy=92">8.00 24 x 12</td>
</tr>
<tr>
<td title="Character Accurarcy=99.9">Dish wash 750ml</td>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.91">799.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.64">569.99</td>
<td style="text-align: center;" title="Character Accurarcy=99.91">1202.30</td>
<td style="text-align: center;" title="Character Accurarcy=93.72">9.50 8 X 750ml</td>
</tr>
</tbody>
</table>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FTBbq5WWYAAtWDC?format=jpg&amp;name=medium"/>
</blockquote>
The <a href="https://news.pindula.co.zw/2022/05/16/some-basic-grocery-items-running-out/">disappearance of some commodities from shelves</a> is attributed to a cocktail of measures that were recently announced by the government to address the economic crisis.
Some of the measures, particularly a temporary suspension of bank lending, have since been reversed following public outroar.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Latest: Prices Of Some Basic Commodities

The Zimbabwean government Tuesday announced that the mandatory blending of fuel with ethanol had increased from E-10 to E-20.
This was announced at a post-Cabinet meeting in Harare by Information and Publicity minister Monica Mutsvangwa, who said: 
<blockquote>
Cabinet has adopted resumption of petrol blending at E10 from April 25, 2022, which has reduced the pump price of petrol by US$0,04 per litre. The blending will go up to E20 by end of May 2022, which will lead to a higher reduction in the price of petrol by US$0,07 per litre.
Government has, therefore, increased efforts to improve the strategic fuel reserve, with US$40 million worth of fuel having been procured in the last six months. The intention is to maintain at least a 30-day stock cover, which, at the current consumption levels, translates to 150 million litres. This fuel would be released onto the market to plug supply gaps or to stabilise prices
</blockquote>
The Senator said the move was meant to cushion motorists from the sharp increase in fuel prices caused by the instability caused by Russia’s invasion of Ukraine, resulting in uncertainty in fuel supplies.
Energy and Power Development Permanent Secretary, Engineer Gloria Magombo early this month said the government had reintroduced fuel blending (last month) as a way of ensuring that prices remain stable in the wake of price hikes on international markets.
Fuel prices jumped in February on international markets, following <a href="https://news.pindula.co.zw/2022/02/24/ukraines-foreign-minister-putin-launched-full-scale-invasion-well-defend-and-win/">Russia’s invasion of Ukraine on 24 February</a>, and effects were also felt in Zimbabwe.
Magombo said the reintroduction of mandatory petrol blending, which was <a href="https://news.pindula.co.zw/2022/01/07/zera-scraps-mandatory-petrol-blending/">halted in January due to low ethanol stocks</a>, is one of the identified measures.
She added that ethanol production is improving enabling the government to reintroduce blending.
When mandatory blending of fuel with ethanol was introduced in 2011, consumers complained saying it did not last, while others said their vehicle engines were being damaged. It was abandoned on January 7 this year, only to be resumed last month at E10.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Government Increases Mandatory Blending Of Fuel With Ethanol To E-20

The foreign exchange weighted average rate has fallen to US$1: ZWL$258.5404 from US$1: ZWL$173.2685 which was reported by the Reserve Bank of Zimbabwe (RBZ) on 3 May.
At this week’s forex auction conducted on 17 May, a total of US$6.8 down from the US$26.8 million that was allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
1 068 bids were received on the Small to Medium enterprises forex auction, with 1 015 accepted and 53 disqualified. The total number of bids allotted was 135.
On the main forex auction, a total of 433 bids were received, 407 were accepted and 26 were disqualified. The total number of bids allotted was 50.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
<table class="table table-bordered table-hover" id="table_1" style="width: 95.6267%; height: 30px;">
<tbody>
<tr>
<td style="width: 35.4064%;"> </td>
<td style="width: 23.323%; text-align: center;" title="Character Accurarcy=99.28">SMEFX88/2022</td>
<td style="width: 23.2178%; text-align: center;">MAINFX94/2022</td>
</tr>
</tbody>
</table>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1" style="width: 95.4915%;">
<tbody>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.28">Number of Bids Received :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=99.93">1068</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=99.85">433</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.66">Number of Bids Disqualified :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=99.94">53</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=99.9">26</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.68">Total Number of Bids Accepted :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=99.96">1015</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=99.97">407</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.71">Total Number of Bids Allotted :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=99.94">135</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=99.99">50</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.6">Total Value of Bids Accepted :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=98.67">USD8,998,155.54</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=99.48">USD42,053,973.50</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.21">Amount Allotted :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=97.55">USD1,240,118.58</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=99.06">USD5,604,709.04</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.97">Highest Rate Received</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=98.22">: 300.0000</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=97.57">299.0000</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=97.98">Lowest Bid Rate Allotted :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=98.12">220.0000</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=98.66">220.000</td>
</tr>
<tr>
<td style="width: 43.4187%;" title="Character Accurarcy=99.52">Weighted Average Rate :</td>
<td style="width: 28.268%; text-align: center;" title="Character Accurarcy=99.57">258.5404</td>
<td style="width: 117.325%; text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.73">PURPOSE</td>
<td title="Character Accurarcy=99.8">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td style="text-align: center;" title="Character Accurarcy=99.92">399,298.05</td>
<td style="text-align: center;" title="Character Accurarcy=99.78">3,162,049.14</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td style="text-align: center;" title="Character Accurarcy=99.75">421,176.31</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">1,022,000.57</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.96">152,356.57</td>
<td style="text-align: center;" title="Character Accurarcy=99.93">199,557.09</td>
</tr>
<tr>
<td title="Character Accurarcy=99.1">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.8">118,337.19</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">303,837.41</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">82,083.50</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">335,266.58</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Electricity</td>
<td style="text-align: center;" title="Character Accurarcy=98.6">–</td>
<td style="text-align: center;" title="Character Accurarcy=98.09">–</td>
</tr>
<tr>
<td title="Character Accurarcy=99.46">Pharmaceuticals and Chemicals</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">66,866.96</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">50,000.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Paper and Packaging</td>
<td style="text-align: center;" title="Character Accurarcy=98.42">–</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">531,998.25</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">TOTAL</td>
<td style="text-align: center;" title="Character Accurarcy=99.79">1,240,118.58</td>
<td style="text-align: center;" title="Character Accurarcy=99.8">5,604,709.04</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">GRAND TOTAL AWARDED</td>
<td style="text-align: center;" title="Character Accurarcy=99.94">6,844,827.62</td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<h2>More: Pindula News</h2>

Zimbabwe Dollar Drastically Falls At RBZ Foreign Currency Auction 17 May 2022

<a href="https://www.pindula.co.zw/ZESA">ZESA Holdings</a>’ power distribution arm, the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) <a href="https://news.pindula.co.zw/2022/05/15/zesa-increases-electricity-tariffs-effective-15-may-2022/">recently announced new electricity tariffs</a> which came into effect on 15 May 2022.
In a notice, ZETDC said the <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority">Zimbabwe Energy Regulatory Authority (ZERA)</a> had approved a tariff adjustment in order to restore the value of the tariff to a level of USc10.63/kWh which was approved in 2019. We present a chart of the new tariffs below:
<blockquote>
<table class="table table-bordered table-hover" id="table_1" style="width: 76.1058%; height: 211px;">
<tbody>
<tr>
<td title="Character Accurarcy=95.08">Tariff Band</td>
<td title="Character Accurarcy=97.86">Price/kWh</td>
<td title="Character Accurarcy=99.37">Total kWh</td>
<td title="Character Accurarcy=99.28">Total Per Band (ZWLS)</td>
</tr>
<tr>
<td style="text-align: center;" title="Character Accurarcy=99.32">1 – 50 kWh</td>
<td style="text-align: center;" title="Character Accurarcy=99.9">8.02</td>
<td style="text-align: center;" title="Character Accurarcy=99.47">50</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">401.21</td>
</tr>
<tr>
<td style="text-align: center;" title="Character Accurarcy=99.19">51 – 100 kWh</td>
<td style="text-align: center;" title="Character Accurarcy=99.56">16.08</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">50</td>
<td style="text-align: center;" title="Character Accurarcy=99.38">804.01</td>
</tr>
<tr>
<td style="text-align: center;" title="Character Accurarcy=98.81">101 – 200 kWh</td>
<td style="text-align: center;" title="Character Accurarcy=99.75">28.17</td>
<td style="text-align: center;" title="Character Accurarcy=99.91">100</td>
<td style="text-align: center;" title="Character Accurarcy=99.63">2,817.48</td>
</tr>
<tr>
<td style="text-align: center;" title="Character Accurarcy=98.5">201 – 300 kWh</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">40.22</td>
<td style="text-align: center;" title="Character Accurarcy=99.88">100</td>
<td style="text-align: center;" title="Character Accurarcy=99.8">4,021.64</td>
</tr>
<tr>
<td style="text-align: center;" title="Character Accurarcy=98.68">301 – 400 kWh</td>
<td style="text-align: center;" title="Character Accurarcy=99.82">46.22</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">100</td>
<td style="text-align: center;" title="Character Accurarcy=99.61">4,621.60</td>
</tr>
<tr>
<td title="Character Accurarcy=99.87">401 kWh and above</td>
<td title="Character Accurarcy=99.47">48.24</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_2" style="width: 75.9953%; height: 362px;">
<tbody>
<tr>
<td style="width: 25.1327%;" title="Character Accurarcy=99.49">Cumulative</td>
<td style="width: 22.4779%;" title="Character Accurarcy=0"> </td>
<td style="width: 18.2301%;" title="Character Accurarcy=99.56">Total kWh</td>
<td style="width: 32.5664%;" title="Character Accurarcy=97.79">Total Cost (ZWL$)</td>
</tr>
<tr>
<td style="text-align: center; width: 25.1327%;" title="Character Accurarcy=80.91">1st purchase of</td>
<td style="text-align: center; width: 22.4779%;" title="Character Accurarcy=96.92">–</td>
<td style="text-align: center; width: 18.2301%;" title="Character Accurarcy=99.9">50</td>
<td style="text-align: center; width: 32.5664%;" title="Character Accurarcy=99.85">401.21</td>
</tr>
<tr>
<td style="text-align: center; width: 25.1327%;" title="Character Accurarcy=84.19">1st purchase of</td>
<td style="text-align: center; width: 22.4779%;" title="Character Accurarcy=94.47">–</td>
<td style="text-align: center; width: 18.2301%;" title="Character Accurarcy=99.84">100</td>
<td style="text-align: center; width: 32.5664%;" title="Character Accurarcy=99.66">1,205.22</td>
</tr>
<tr>
<td style="text-align: center; width: 25.1327%;" title="Character Accurarcy=83.02">1st purchase of</td>
<td style="text-align: center; width: 22.4779%;" title="Character Accurarcy=94.13">–</td>
<td style="text-align: center; width: 18.2301%;" title="Character Accurarcy=99.9">200</td>
<td style="text-align: center; width: 32.5664%;" title="Character Accurarcy=99.79">4,022.70</td>
</tr>
<tr>
<td style="text-align: center; width: 25.1327%;" title="Character Accurarcy=82.09">1st purchase of</td>
<td style="text-align: center; width: 22.4779%;" title="Character Accurarcy=91.34">–</td>
<td style="text-align: center; width: 18.2301%;" title="Character Accurarcy=99.92">300</td>
<td style="text-align: center; width: 32.5664%;" title="Character Accurarcy=98.91">8,044.34</td>
</tr>
<tr>
<td style="text-align: center; width: 25.1327%;" title="Character Accurarcy=82.21">1st purchase of</td>
<td style="text-align: center; width: 22.4779%;" title="Character Accurarcy=81.42">–</td>
<td style="text-align: center; width: 18.2301%;" title="Character Accurarcy=99.94">400</td>
<td style="text-align: center; width: 32.5664%;" title="Character Accurarcy=99.65">12,665.94</td>
</tr>
<tr>
<td colspan="4" style="width: 25.1327%; text-align: center;" title="Character Accurarcy=99.95">The tariffs above include 6% Rural Electrification Levy.</td>
</tr>
</tbody>
</table>
</blockquote>
Last month, ZESA Holdings executive chairman, <a href="https://www.pindula.co.zw/Sydney_Gata">Sydney Gata</a>, <a href="https://news.pindula.co.zw/2022/04/08/severe-load-shedding-looming/">warned of imminent debilitating power cuts</a> due to the non-cost reflective electricity tariffs which threatened the power utility’s viability.
Gata said ZESA is importing electricity at a cost of between US8c and US9c per unit while the cost of producing locally is US9.5c.
ZESA has been supplying power to households at far less than the cost of importing and producing, that is, US6c per unit.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Chart: New ZESA Electricity Tariffs Effective 15 May 2022

Opposition <a href="https://www.pindula.co.zw/Citizens%27_Coalition_for_Change">Citizens Coalition for Change (CCC)</a> led by Nelson Chamisa has said the government’s reversal of the suspension of lending by banks confirms policy inconsistency by the Zimbabwean government.
The party speaks after the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> this Tuesday announced that the <a href="https://news.pindula.co.zw/2022/05/17/suspension-of-lending-by-banks-lifted-with-immediate-effect-rbz/">temporary suspension of lending by banks has been lifted with immediate effect. </a>
In a statement, seen by Pindula News, the central bank’s governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya">John Panonetsa Mangudya</a> said the suspension remains in effect for entities under investigation for abusing loan facilities. 
In response to the development, the CCC party said:
<blockquote>
In our press briefing last week on the illegal announcement of “Economic Measures”, we warned that the policy was unlawful, ill-thought-out &amp; would have a catastrophic effect on the economy. 
The U-turn on this issue confirms what we’ve always said – policy inconsistency, bad governance &amp; poor leadership are the root causes of the Zimbabwean crisis. Register to vote for ethical leaders in 2023
</blockquote>
Finance and Economic Development Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> had said the ban on bank lending announced by President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa">Emmerson Mnangagw</a>a last weekend was <a href="https://news.pindula.co.zw/2022/05/12/bank-lending-ban-to-prick-the-speculative-bubble-mthuli-ncube/">aimed at combating indiscipline</a> in the financial services sector driving inflation and weakening the local currency.
The suspension of lending by banks attracted a public outroar with some saying the measures marked the demise of struggling local companies.
Most of Zimbabwe’s businesses import their commodities, including salt and laundry soap, since the local industry cannot meet the demand.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

"RBZ U-turn On Suspension Of Lending By Banks Confirms Policy Inconsistency" - CCC

The Zimbabwe Electricity Distribution Company (ZETDC) a subsidiary of the <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority (ZESA)</a> has issued power updates this Tuesday saying some parts of Bindura and Harare are without power. In a statement seen by Pindula News, ZETDC said there is a power outage in some parts of the Harare region due to an underground cable fault. Reads the update:
<blockquote>
<h2>NOTICE TO OUR VALUED CUSTOMERS: HARARE</h2>
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) would like to apologize to its valued customers in Harare Region for a power outage due to an underground cable fault.
Areas Affected: Panther Close, St Patrick’s Road, Jongwe Corner Rockwood Road, Clive Road, Verona Road, Seke Road, and the surrounding areas.
Our teams are working round the clock to ensure full restoration of service.
The inconvenience caused is sincerely regretted. 
<h2>NOTICE ON MAINTENANCE: BINDURA</h2>
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) would like to advise its valued customers in Northern Region that there will be power supply interruption on Tuesday the 17th of May 2022 from 1030 hours to 1230 hours for the purpose of carrying out critical maintenance works.
Areas Affected: Bindura Cbd, Fredda Rebecca, Timsite, Bindura Hospital, FSG, ZEGu, Bindura University campuses, Chipadze, Chiwaridzo, Low Density, Manhenga, Matepatepa, Chidembo, Avoca, Radco,Danmglass, Pasango, Piedmont, Cleverhill, Craigside, Kunatsa, Madziva Water Works, and the surrounding areas.
Customers are advised to treat all circuits as LIVE during this period as power may he restored without notice.
The inconvenience caused is sincerely regretted. Stakeholder Relations (17/05/2022)
For more information contact us on: E mail: contactcentre@zetdc.co.zw Twitter: @ZetdcOfficial Facebook: ZetdcOfficial Website : www.zetdc.co.zw WhatsApp:+263715519387 / +263715519389 Call Us on: 0242704040 / 08688003485 
Short Code: 704 
</blockquote>
Meanwhile, Cold Comfort and some parts of Warren Park have no power due to a fault around the Mereki area which has been unresolved for over a week. This reporter saw ZESA officials with sensors yesterday trying to locate the exact spot where the underground cable had a fault. The matter remains unresolved.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

ZESA Speaks On Power Outages In Harare And Bindura

The Reserve Bank of Zimbabwe has announced that the temporary suspension of lending by banks has been lifted with immediate effect. In a statement, seen by Pindula News, the central bank’s governor, Dr John Panonetsa Mangudya said the suspension remains in effect for entities under investigation for abusing loan facilities. We present Mangudya’s statement below:
<blockquote>
<h2>UPLIFTMENT OF TEMPORARY SUSPENSION OF LENDING BY BANKS</h2>
Further to the circular the Reserve Bank of Zimbabwe (the Bank) issued to banks on 9 May 2022, the Bank wishes to advise the public that the temporary suspension of lending services by banks has been lifted with immediate effect. 
The lifting of the suspension does not apply to those entities that are under investigation by the Financial Intelligence Unit (FIU) for abusing loan facilities to the detriment of the economy. The FIU has accordingly advised all banks of the affected entities. 
John P Mangudya Governor 
</blockquote>
The suspension of the lending facility was heavily criticised by analysts who said it would worsen an already dire economic crisis.
Local companies also criticised the move saying they would not have the capacity to keep their businesses running and would not be able to compete with importers or multinational companies.
Some basic commodities including cooking oil and sugar had already started disappearing from some shops with owners attributing the “disappearance” to the latest measures. 
Finance and Economic Development Minister Mthuli Ncube had said the ban on bank lending announced by President Mnangagwa last weekend was <a href="https://news.pindula.co.zw/2022/05/12/bank-lending-ban-to-prick-the-speculative-bubble-mthuli-ncube/">aimed at combating indiscipline</a> in the financial services sector driving inflation and weakening the local currency.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Suspension Of Lending By Banks Lifted With Immediate Effect - RBZ

The Confederation of Zimbabwe Industries (CZI) yesterday told Parliament that the country’s foreign currency auction system was problematic, resulting in a huge backlog.
These remarks were said by CZI president, Kurai Matsheza while giving oral evidence before the Parliamentary Portfolio Committee on Budget and Finance on the new monetary policy measures on Monday. Mtsheza said:
<blockquote>
When it experienced challenges we continued to engage authorities in terms of what we felt were things that were not being done properly, saying that they should be strengthened.
From time-to-time backlogs were building up, but from our membership we never got to a point where we had 100% clearance of those backlogs. As we speak we have got backlogs. A lot of other people also participate on that platform, but on our side we can confirm that the backlogs still exist and bids from as far as January have not been settled, which is worrisome.
In terms of price discovery, we also felt that it was not a true pricing mechanism. We felt the principles of a Dutch auction system were not followed, and as a result we realised that we get prorated.
</blockquote>
Matsheza added that initially, they were told that the auction system would settle payments within two days. 
The forex backlog is regarded as one of the major factors driving the exchange rate up as businesses are forced to buy foreign currency on the black market.
More: <a href="https://news.pindula.co.zw/">Pindula News</a>; <a href="https://www.newsday.co.zw/2022/05/rbzs-currency-auction-a-headache-czi/">NewsDay</a> (BY HARRIET CHIKANDIWA)

"RBZ Foreign Currency Auction System Is Problematic" - CZI

Zimbabwe has been invited to participate at the World Economic Forum (WEF) in Davos, Switzerland next week.
The forum runs from May 22 to 26 and this will be Zimbabwe’s second time attending the WEF since the coming in of President Emmerson Mnangagwa. 
President Mnangagwa is expected to attend the WEF which will bring together over 2 000 world leaders, presidents and chief executive officers of top global companies, global media outlets and business experts from around the globe, all committed to a Davos spirit of improving the state of the world.
Switzerland Ambassador to Zimbabwe, Malawi and Zambia, Mr Niculin Jager, confirmed Zimbabwe’s invitation after a closed-door meeting with Foreign Affairs and International Trade Minister Ambassador Fredrick Shava at his Munhumutapa offices in Harare yesterday. 
Ambassador Jager said Davos provides Zimbabwe with a platform to market itself to the world. He said:
<blockquote>
I met with the Minister of Foreign Affairs and International Trade where we spoke about the road to Davos. As you are aware that next week the World Economic Forum will take place in Davos and Zimbabwe will attend the forum. 
His Excellency President Mnangagwa and his delegation will have meetings with Swiss industries, companies as well as with Swiss authorities.
We are looking forward to provide a platform for the Zimbabwean delegation to meet with the Swiss authorities and also leading Swiss companies.
</blockquote>
Switzerland remains one of the main European investors with a strong economic footprint and commitment to the food, shoe, tourism, construction, energy, pharmaceutical, natural resources and agriculture sectors in the country.
<h2>More: <a href="https://www.herald.co.zw/second-republic-reforms-receive-global-recognition/">The Herald</a></h2>

Zimbabwe Invited To Participate At The World Economic Forum In Davos

Buy Zimbabwe has engaged the Government following the recent announcement by Finance Minister Mthuli Ncube that those with free funds are allowed to import basic goods at lowered tariffs.
In a statement, Buy Zimbabwe General Manager Alois Burutsa said the move will reserve the industrialisation gains that have been made by the country over the past few years.
Burutsa urged authorities to reverse the measure and instead, support the local industry through tax breaks, among other things. Read the statement:
<blockquote>
Buy Zimbabwe has been inundated with calls from members of the public and business concerned about the negative impact likely to arise following the recent announcement by Finance and Economic Development Minister Professor Mthuli Ncube that those with free funds are with immediate effect allowed to import basic goods at lowered tariffs.
In the main, our concern as Buy Zimbabwe is that this development is likely to reverse the industrialisation gains that have been made by local industry in the supply of basic commodities in the last few years.
Local industry had increased capacity utilisation to 65 per cent while 75 per cent of shelf space is now taken up by locally produced goods.
These gains are now under threat if anyone with free funds begins importing basic commodities at lowered tariffs.
We firmly believe that the solution lies in supporting the local industry through tax breaks, preference on the auction market and public procurement to companies whose goods and services have a minimum local content ratio of 50 per cent.
Buy Zimbabwe is frantically engaging the government to ensure that we do not in the attempt to manage the currency challenges come up with positions that reverse the gains made in the last few years in terms of local production and capacity utilisation.
We have the belief and confidence that if the local industry is supported by government, Zimbabwean companies will not only provide products which are cheaper and competitive but can also satisfy local market demand and the export market.
Buy Zimbabwe remains committed to the production, promotion and preference of local products and services to create and preserve jobs, wealth and pride.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Buy Zimbabwe Registers Disapproval Over Reduction Of Tariffs On Imports

Stanbic Bank Zimbabwe was part of a stellar team of stakeholders led by the Rotary Club of Harare City, who chipped in with assistance in cash or kind during the construction of the Shavanhowe footbridge in Murehwa about 90 km northeast of Harare.
The leading financial services institution contributed US$35 000 towards purchasing steel products for the construction of the bridge as stakeholders sought to curb the persistent deaths of children and adults intending to cross the river to go to school.
The life-saving footbridge was officially handed over to the community over the weekend.
Stanbic Head of Brand and Marketing, Palmer Mugavha said the donation was part of the leading financial services institution’s assistance to the community in which it operates.
Mugavha said Stanbic Bank did not hesitate to put its shoulder on the wheel in response to the plea by Rotary Club of Harare to help build the bridge.
In its plea, Rotary Club of Harare had indicated that over one thousand school children risked their lives crossing the river to attend school and Stanbic saw it fit to chip in with the financial support. Said Mugavha:
<blockquote>
Ladies and gentlemen, Stanbic Bank attaches great importance to ensuring that children and students especially from socially challenged backgrounds receive adequate education for them to sustain their lives in the future hence the quick response to assist.
We did not hesitate to come on board as soon as we learnt that the construction of the bridge would go a long way in providing safe access to school for children from nearby communities.
</blockquote>
He said the donation is in keeping with the Standard Bank Group’s subsidiary to support children, education and communities through a comprehensive Corporate Social Investment (CSI) strategy.
Over 1300 children from Chemhondoro School, which is on the Western Side of the Shavanhowe River in Murehwa District face difficulties going to school due to flooding of the river during the rainy season.
Mugavha said Stanbic Bank was also concerned that not only children were at risk while crossing the flooded river but families who lived on the west bank who use makeshift ropes to cross the river. Said Mugavha:
<blockquote>
We were spurred to help in the construction of the bridge by the worrying statistics that at least 14 students and five adults were reported to have drowned in this river in 2018 as they attempted to get to Chemhondoro School.
This moved us to not only save lives but also ensure that the children pursued their dreams through education.
</blockquote>
He thanked Rotary Club of Harare for taking the lead in facilitating the construction of the bridge for this community.
The coordinators of the project, Rotary Club of Harare, roped in other stakeholders such as Rotary Club of Du Pont Circle W.A. USA, NJR Steel RSA, Key Logistics, Gwaze Quantity Surveyor, National Arts Gallery, Zimplats Mining, Ascon Africa, Masimba Holdings, Steve Margolis Resort, Arundel Village Shopping Centre, Delta Resources Scaffolding and Mangwende Community.
Flooded rivers in remote areas present a hazard to human beings who walk on foot to access different parts of the rural districts in order to attain essential services such as medical assistance and education amongst others.
Mugavha said Stanbic Bank had also constructed the US$100 000 Mothers’ Waiting Home at Nyamuzuwe Hospital in Mutoko, also in Mashonaland East.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Stanbic Chips In For Life-saving Bridge Construction

Local manufacturers have criticised Government’s decision to reduce import duty on basic commodities to enable citizens with free funds to import groceries to meet their personal needs.
On Saturday, Finance and Economic Development Minister Mthuli Ncube said that import tariffs on basic commodities will be slashed to enable citizens to access affordable basic commodities from other countries.
The move is expected to force local manufacturers to reduce their prices due to competition.
However, Confederation of Zimbabwe Industries president Kurai Matsheza told NewsDay that the measures had the capacity to cripple the economy. Said Matsheza:
<blockquote>
It doesn’t sound like a good policy because if there was a problem, what they should do is reduce duties on raw materials.
That move alone means the local manufacturers will not be able to manufacture the goods.
The imported goods will be on our shelves. So the productive sector out there will be very busy filling our shelves here.
So if you look at the value chains that are involved, they are killing our economy. So I don’t think that helps at all.
</blockquote>
Market analyst Maxwell Saungweme said that the statement by Ncube shows that the Government has run out of ideas on how to deal with ongoing economic challenges. Saungweme said:
<blockquote>
This statement is an admission by the government that it has failed and it is also an admission of cluelessness, policy inconsistencies and contradictions which are tell-tale signs of people who have run out of ideas.
Last week, the President issued a statement that seemed to be discouraging the use of foreign currency. So this is an admission of hopelessness.
</blockquote>
Meanwhile, Zimbabwe National Chamber of Commerce (ZNCC) chief executive Christopher Mugaga said the Government has done the right thing by reducing import duty on basic commodities. He said:
<blockquote>
Ncube simply opened the floodgates for realism. If we look at our local production, look at the contribution of factories, gross domestic product and all, it has been going down.
Now with the current issue, it will determine whether we will be able to satisfy this market. So I think Ncube just did the right thing.
That statement is the reality, we need to liberalise a bit in terms of product accessibility for our consumers which is important to a certain extent.
There is certainly no shocker; I’m surprised when people are surprised by that statement. I’m not sure what they expected.
</blockquote>
In the statement issued on Saturday, Ncube also said grain farmers will be paid 30 per cent of their proceeds in US dollars when they deliver grain to the Grain Marketing Board.
<h4>More: <a href="https://www.newsday.co.zw/2022/05/panic-as-basics-run-out/">NewsDay</a></h4>

"Reducing Import Tariffs On Basic Commodities Will Kill Local Industry"

Sugar processor Tongaat Hulett has announced new sugar prices effective 14 May 2022. The prices are pegged in US dollars.
According to a notice by the company, recommended retail selling prices of sugar are as follows: US$1.62 for 1kg, US$3.25 for 2kg, US$8.12 for 5kg and US$16.25 for a 10kg pocket.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FS2vm5HXwAY9Gpn?format=jpg&amp;name=900x900"/>
The latest price hike comes in the wake of President Emmerson Mnangagwa’s ban on banks from lending to corporates and individuals.
The ban on bank lending has triggered shortages and price hikes of basic products.
On Saturday, Finance and Economic Development Minister Mthuli Ncube announced a reduction in import tariffs on basic commodities.
Ncube conceded that the prices of basic goods are now beyond the reach of many hence citizens with free funds can now buy their groceries from other countries. Said Ncube:
<blockquote>
To further ensure that citizens have access to affordable basic commodities, in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures. This is with immediate effect.
Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Tongaat Hulett Hikes Sugar Prices

Finance and Economic Development Minister Mthuli Ncube has issued a statement outlining measures to ensure the continued availability of basic commodities on the market as well as to reward farmers for early delivery of grain to the GMB. Pindula News is publishing the statement below:
<h2>MEASURES TO IMPROVE THE AVAILABILITY OF BASIC COMMODITIES AND INCENTIVISE FARMERS FOR EARLY GRAIN DELIVERIES TO THE GRAIN MARKETING BOARD</h2>
1. Government has been seized with various initiatives aimed at stabilizing the economy, containing inflationary pressures, and therefore restoring the purchasing power of the local currency, with the primary goal being to increase the domestic and external competitiveness of the economy, create and preserve jobs, improve livelihoods whilst limiting damage to the economy, particularly in the face of the COVID-19 pandemic and more recently, the impact of the geopolitical tensions in eastern Europe.
2. Macro fiscal stabilization has been achieved largely through fiscal consolidation and the resultant attainment of both fiscal balance and stabilisation of the current account, as well as increased domestic production of goods.
3. Government is grateful for, and fully recognises the sacrifice and cooperation of all Zimbabweans in the ongoing effort to stabilise the economy, which is now on a firm foundation for growth.
4. The following measures are proposed with immediate effect:
A) IMPROVING ACCESS TO AFFORDABLE BASIC COMMODITIES
To further ensure that citizens have access to affordable basic commodities, in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures. This is with immediate effect.
Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.
B) INCENTIVISING EARLY DELIVERY OF GRAIN TO THE GMB
In the quest to incentivise farmers and encourage early deliveries of maize and other grains to the Grain Marketing Board, the government has taken the decision to pay the maize farmers 30% of the amount due on grain delivered in United States Dollars and 70% in domestic Zimbabwe dollars.
The US Dollar payment will be calculated at the prevailing willing buyer willing seller rate published by the Reserve Bank of Zimbabwe on the date of delivery.
The payments will be backdated to the date of the first deliveries of this season’s maize to GMB.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Govt Announces Incentive For Grain Farmers, Reduction Of Duty On Groceries {Full Text}

Finance Minister, Professor Mthuli Ncube has through Statutory Instrument 96 of 2022 amended Sections 22B, 22G and 39 of the Finance Act to reflect changes on the Intermediated Money Transfer Tax (known as the 2 per cent tax), the Automated financial transactions tax and Rates of capital gains tax withholding tax. We present the SI below:
<blockquote>
<h2>[CAP. 23:04 Finance (Amendment of Sections 22B, 22G and 39 of Finance Act) Regulations. 2022</h2>
IT is hereby notified that the Minister of Finance and Economic Development has, in terms of section 3 of the Finance Act [Chapter 23:04], made the following regulations:—
<h2>Title </h2>
<ul>
<li>1. These regulations may be cited as the Finance (Amendment of Sections 22B, 22G and 39 of Finance Act) Regulations. 2022.</li>
</ul>
<h2>Substitution of section 228 of Cap. 23:04 </h2>
<ul>
<li>2. The Finance Act [Chapter 23:04] is amended by the repeal of section 22B and the substitution of—</li>
</ul>
<h2>“22B Automated financial transactions tax.</h2>
 The automated financial transactions tax chargeable in terms of section 36B of the Taxes Act shall be calculated at the rate of—
<ul>
<li>(a) for each withdrawal of one thousand Zimbabwe dollars or above, five Zimbabwe cents; </li>
<li>(b) for each withdrawal below one thousand United States dollars, five United States cents; </li>
<li>(c) for each withdrawal of one thousand United States dollars or above, two per centum of the value of the withdrawal.”.</li>
</ul>
<h2>New section substituted for section 22G of Cap. 23:04 </h2>
<ul>
<li>3. With immediate effect, section 22G of the Finance Act [Chapter 23:04] is repealed and the following is substituted—</li>
</ul>
<h2>“22G Intermediated Money Transfer Tax</h2>
The intermediated money transfer tax chargeable in terms of section 36G of the Taxes Act shall be calculated at the rate of — 
<ul>
<li>(a) zero comma zero two dollars on every Zimbabwe dollar or part thereof transacted for each transaction on which the tax is payable;</li>
<li>(b) zero comma zero four United States dollars or part thereof on every United States dollar transacted for each transaction on which the tax is payable: </li>
</ul>
Provided that if a single transaction on which the tax is payable is equivalent to or exceeds — 
<ul>
<li>(a) sixty-six million Zimbabwe dollars, a flat intermediated money transfer tax of one million three hundred and twenty thousand Zimbabwean dollars shall be chargeable on such transaction; or </li>
<li>(b) five hundred thousand United States dollars. a flat intermediated money transfer tax of ten thousand one hundred and fifty United States dollars shall be chargeable on such transaction.”. </li>
</ul>
<h2>Amendment of section 39 of Cap. 23:04 4. </h2>
With immediate effect, section 39 (“Rates of capital gains tax withholding tax”) of the Finance Act [Chapter 23:04] is amended by the repeal of paragraph (c) and the substitution of—
<ul>
<li>“(c) in the case of a sale of a marketable security that is a listed security, one comma five per centum of the price at which the security was sold if such security was held for at least two hundred and seventy (270) days on the date of its sale, or four per centum of the price at which the security was sold if such security was held for less than two hundred and seventy (270) days on the date of its sale.”.</li>
</ul>
<h2>EXPLANATORY NOTE </h2>
(This note does not form part of the regulations, but explains its purpose) For the avoidance of doubt, all transfers of marketable securities as defined in the Capital Gains Tax are liable to capital gains tax, including transfers not liable to the withholding tax because they are not mediated through a depositary or agent. Where no depositaries or agents are involved, a corporate secretary or other person responsible for the share register should not register any transfer of shares until proof of payment of any capital gains tax due on the transfer is exhibited to him or her. 
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Finance Minister Makes Changes To The 2 Percent Tax

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC), a subsidiary of the Zimbabwe Electricity Supply Authority (ZESA) has announced that some parts of <a href="https://www.pindula.co.zw/Chitungwiza">Chitungwiza</a>, a dormitory town which lies 9km south of <a href="https://www.pindula.co.zw/Harare" title="Harare">Harare</a>, are without power due to a fault in the network.
<blockquote>
<h2>NOTICE TO OUR VALUED CUSTOMERS: CHITUNGWIZA</h2>
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) would like to apologize to its valued customers in Chitungwiza for power outage due to a fault on the network.
Areas Affected: Part of Unit N and P, Unit M, Greater Part of Unit L, Chirasavana, Chitehwe Village, Chitanda Village, Mensa King Homestead, Nzuda Homestead, Madovi village, Nechiva Village, B&amp;P College, and the surrounding areas.
Our teams are working round the clock to ensure full restoration of service. 
The inconvenience caused is sincerely regretted. 
For more information contact us on: Email: contactcentre@zetdc.co.zw Twitter: @ZetdcOfficial Facebook:@ZetdcOff icial Website : www.zetdc.co.zw WhatsApp:+263715519387 / +263715519389 Call Us on: 0242704040 / 08688003485 Short Cod e: 704
</blockquote>
Several areas nationwide have been experiencing power cuts most of which are attributed to inadequacy of electricity on the national grid and or faults due to vandalism of the utility’s equipment. 
Warren Park and Cold Comfort in Harare are some of the suburbs that had no power on Friday.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

ZESA Speaks On Power Challenges In Chitungwiza

Finance Minister, Professor Mthuli Ncube has attributed the current economic crisis rocking the country to global upheavals.
Zimbabwe’s economic crisis is characterised by runaway inflation, rocketing prices of goods and services and dwindling incomes.– 
Ncube’s remarks come just days after President Emmerson Mnangagwa blamed the economic crisis in the Southern African country on efforts by economic saboteurs angling to topple him.
He even introduced a cocktail of measures which he claimed were targeted at stopping his adversaries in their tracks.
However, presenting a ministerial statement on the state of the economy in the National Assembly Thursday, Ncube said the economic woes were a reflection of global economic upheavals, mainly due to the ongoing armed conflict between Russia and Ukraine. He said:
<blockquote>
There is tension around the world currently and this has resulted in a disruption of the global economic chain, affecting its growth.
The global economic growth forecast of 4,4% for 2022 has been revised to 3,6%. Global tension has seen energy prices skyrocketing. As we know, Russia contributes 19% of the blend and crude oil. Prices of oil are now US$129 per barrel and this has resulted in increased inflation.
In Zimbabwe, the global markets have affected fuel prices where a litre of petrol now costs US$1,75. In the United States of America, there have been increases in interest rates by at least 8,6%. All these have caused an increase in prices of goods and services globally.
</blockquote>
Ncube also claimed Zimbabwe, like many other emerging economies, was importing global inflation worsening an already dire situation. 
Among measures to curtail inflation and exchange rates, Ncube said, the multiple currency regime will continue, saying Treasury would soon start paying government expenses in foreign currency. 
More: <a href="https://www.newzimbabwe.com/mtuli-ncube-disputes-mnangagwa-economic-hitmen-conspiracy/">NewZimbabwe</a>

Finance Minister Mthuli Ncube Attributes Economic Upheaval To Global Crises

The Zimbabwe Revenue Authority (ZIMRA) has announced that taxpayers shall, with immediate effect, pay tax in foreign currency if they transacted in foreign currency. In a notice, seen by Pindula News, ZIMRA said all taxes should be remitted in time. Reads the notice:
<blockquote>
<h2>PUBLIC NOTICE: PAYMENT OF TAX IN THE CURRENCY OF TRANSACTION</h2>
Following the announcement by His Excellency, the President of the Republic of Zimbabwe, Cde Emmerson D. Mnangagwa, on policy measures to restore confidence, preserve value and restore macroeconomic stability, the Zimbabwe Revenue Authority (ZIMRA) wishes to advise all taxpayers that for the purposes of conversion of foreign currency to Zimbabwean dollar, where applicable, the rate of exchange established through the Willing-Buyer Willing-Seller exchange rate system as provided by the Reserve Bank of Zimbabwe should be used with immediate effect.
All taxpayers should ensure that tax is accounted for in the currency of transaction.
Payments for all taxes should be remitted on time, in full, and in the currency of transaction through banks. Refer to the following link on ZIMRA website for ZIMRA Bank Account details https://www.zimra.co.zw/profile/203  
Taxpayers are urged to submit all tax returns on time and payments should be in full.
My Taxes, My Duties: Building My Zimbabwe!!
Public Notice No. 32 /2022, issued on 13 /05/2022. 
</blockquote>
<h2>More: Pindula News</h2>

ZIMRA Notice On Payment Of Tax In Foreign Currency

A Choppies truck collided with another haulage truck late Thursday afternoon at TM bridge in Ruwa, just after Zimre Park.
It is assumed that the Choppies truck was going for delivery at a Choppies outlet in Ruwa. Witnesses said some members of the public looted cooking oil and other commodities. Watch the video below for more:
<div class="wp-video" style="width: 320px;">
<video class="wp-video-shortcode" controls="controls" height="580" id="video-232618-1" preload="metadata" width="320"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/05/choppies-truck-VIDEO.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/05/choppies-truck-VIDEO.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2022/05/choppies-truck-VIDEO.mp4</a></video></div>
More: Pindula News

WATCH: Choppies Truck Catches Fire After Collision

People that post their StemCell Therapy adverts on the Pindula Market will notice that the adverts are quickly removed by our moderators.
Those browsing the <a href="https://zero.pindula.co.zw/market/category/health/">Health section</a> on Pindula will notice that there are no such products as STC-30. 
The reason is that these “health care” products are not proven to offer what they promise.
According to reliable research StemCell products such as STC-30 are actually not Stem Cell Therapy at all. They are simply fruit supplements that claim to offer StemCell treatment. 
Stem Cell Therapy itself is still largely an experimental category of medical care even in places with advanced treatment research. 
Here’s an extract from the US Food and Drug Administration (FDA) website on Stem Therapy Treatments:
<blockquote>
Researchers hope stem cells will one day be effective in the treatment of many medical conditions and diseases. But unproven stem cell treatments can be unsafe—so get all of the facts if you’re considering any treatment.
Stem cells have been called everything from cure-alls to miracle treatments. But don’t believe the hype. Some unscrupulous providers offer stem cell products that are both unapproved and unproven. So beware of potentially dangerous procedures—and confirm what’s really being offered before you consider any treatment.
</blockquote>
For the protection of the Pindula Community from potentially harmful products as well as marketing scams, we have taken the decision to now allow any such products on the Market: <a href="https://zero.pindula.co.zw/market/">https://zero.pindula.co.zw/market/</a>
We’re continuously following the developments and will review this condition if any changes prove that such products are for the benefit of our community of readers and buyers.

Why we banned "StemCell Therapy" products like STC-30 from Pindula Market

Air Zimbabwe has issued a statement advising that the earlier announced flight disruptions that were blamed on the scarcity of Jet A1 fuel scarcity had been deterred. 
In a statement, seen by Pindula News, the national carrier said the normal supply of fuel will resume. Reads the statement:
<blockquote>
<h2>UPDATE ON THE ANTICIPATED FLIGHT SCHEDULE DISRUPTIONS</h2>
Air Zimbabwe wishes to update its valued passengers and other stakeholders on the precautionary statement issued earlier, that the anticipated flight schedule disruptions have been averted as key suppliers of Jet AI fuel have advised of resumption of normal supply of the product.
We thank our passengers and key stakeholders for their continued support of the National Airline.
Issued by Air Zimbabwe Management
</blockquote>
The airline had earlier announced that its suppliers had advised of constraints in the movement of fuel. 
Air Zimbabwe also said it would update passengers on the flight schedule changes at the earliest possible time as they continued to monitor the supply situation.
Nigeria also recently suspended its flights citing the same problem.
The war between Russia and Ukraine has disrupted oil and fuel supply and has also seen prices of several commodities going up.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Update On Jet 1 Fuel Scarcity At Air Zimbabwe

As businesses respond to the bank lending ban by President Emmerson Mnangagwa over the weekend, Wholesale Beef (Pvt) Ltd has announced the suspension of debtors’ accounts with immediate effect.
A statement released by the company’s Director Dale Saudan on Wednesday, 11 May 2022, read:
<blockquote>
<h2>RE: SUSPENSION OF WHOLESALE BEEF DEBTOR’S ACCOUNTS WITH IMMEDIATE EFFECT</h2>
In the wake of recent directives put in place by Government barring the extension of loans to all public and private enterprises, please be advised that Wholesale Beef (Pvt) Ltd has suspended all ongoing and new customers’ debtors accounts with immediate effect (11 May 2022).
During this indefinite period, all account holders with outstanding invoices are requested to clear all outstanding balances.
In an effort to limit inconveniences, Wholesale Beef (Pvt) Lid will also avail credit facilities to account holders who DO NOT have any outstanding invoices.
Going forward, accounts will be accessible on the condition that your account is up to date and there are no unpaid invoices i.e., one unpaid invoice at a time.
Wholesale Beef (Pvt) Ltd would like to apologise for any setbacks caused, as well as express its sincere gratitude to you all for your cooperation and continued support during this uncertain period.
We would like to assure you that this is a temporary measure, which will be reviewed once stability returns to the market.
</blockquote>
In accounting, a debtor account is when the client owes money to a business for purchasing its goods or services on credit.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

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