Zimbabwe

Zimbabwe needs $14bn to revive economy

2012-03-22 09:05

Special Report

Purged Zim leaders can still make comeback
Purged Zim leaders can still make comeback

The ongoing purge of supporters of Zimbabwe's beleaguered Vice President Joice Mujuru from the ruling party's powerful central committee, does not necessarily spell the end of their political careers, opposition bodies say.

Harare - Zimbabwe needs at least $14bn to revive its economy following a decade-long downturn, Finance Minister Tendai Biti said on Wednesday.

"We require $14bn to get our economy back to 1990 levels," Biti told a seminar organised by the government and Euromoney conferences to try to lure foreign investment to the country.

"We have a foreign debt of $9.1bn. We have defaulted as far back as 1999."

Zimbabwe's economy is showing signs of recovery since the formation of a power-sharing government three years ago by long-time political rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai.

Tsvangirai has attacked the government's implementation of the controversial indigenisation policy, forcing foreign firms to surrender 51% of their shares to local people, saying it would discourage investors.

Platinum miner Zimplats, a Zimbabwe division of Impala Paltinum, the world's second-biggest platinum producer submitted its compliance plan last week.

Biti said he was angered by the manner in which authorities were implementing the law.

"The challenge is the way we are doing it and it makes me very angry," Biti said adding that "a law must be consistent and non arbitrary".

The government has vowed to nationalise companies which fail to comply with the equity law and which Mugabe said was meant to benefit blacks disadvantaged by colonial laws.

Biti warned last week that a short fall on new diamond sales from the controversial Marange fields, the country's major source of revenue could force the government to shut down.

Zimbabwe anticipated $77.5m from diamond sales during the first two months of the year, but received only $19.5m, Biti said, attributing the shortfall to the fact that there had not been any diamond auction since the beginning of the year.

- AFP

Read more on:    robert mugabe  |  tendai biti  |  morgan tsvangirai  |  zimbabwe  |  southern africa
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
17 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Sport

Jobs in Cape Town [change area]

Jobs in Western Cape region

Research & Investment Analyst

Cape Town
SET Recruitment Consultants
R250 000 - R300 000 Per Year

FRENCH SPEAKING PROJECT ACCOUNTANT

Western Cape
Persona Staff

¿Hablas español?

Western Cape
Cozens Recruitment Group ( Western Cape)
R10 000 - R11 000 Per Month

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Save up to 60% on toys!

Don’t miss out on this hot offer, save up to 60% on toys. While stocks last. Shop now!

Festive gifts!

Check out our awesome range of festive gifts to make everyone’s wishes come true. Shop now!

Seen something you like in our catalogue?

Find the perfect gift and save up to R5000 – As seen on the catalogue. Hurry and shop now!

Save up to R2200 on electronics! – As seen in the catalogue

Wishing for tech gadgets this festive? Save up to R2100 on hot tech products at kalahari.com. While stocks last. Shop now!

Up to 35% off books

Save up to 35% on the latest page-turners. While stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Grandiose ideas and plans can trip you up today. Keep things in context and take one step at a time....read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.