Zimbabwe economic review highlights varied sector performance and challenges
via NewsDay Zimbabwe1 min read
The Zimbabwe Economic Review indicates a mixed performance across various sectors. Tobacco sales reached 149.92 million kilogrammes through auction and contract floors, despite depressed prices. ART operations faced challenges, with the manufacturer reporting a 6% decline in exports and a 26% decline in paper division volumes during the third quarter to June 2022, attributed to power outages and raw material shortages. The review also notes that medical aid societies are struggling to avoid health reform. Other developments include foreign military attach茅s touring ARDA projects, the GMB beginning to pay outstanding arrears to farmers, and Zimbabwe stepping up its crackdown on illegal gambling to protect licenses, revenue, and public trust. Additionally, Matabeleland and Masvingo communities are set to benefit from a US$25 million climate fund.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Zimbabwe is looking to raise US$9 billion for its energy sector, with new regulations anticipated to accelerate grid expansion, improve electricity access, and attract new capital. This initiative comes as the country also focuses on other infrastructure projects and addresses climate and food security risks, including the impact of El Ni帽o. The government is also conducting a survey on the private solar boom, as many households are generating their own power. Additionally, Zimbabwe recently commissioned a specialized honey testing laboratory to enhance export competitiveness.
China has reiterated its dedication to bolstering its relationship with Zimbabwe, pledging ongoing support for the country's industrialization and Vision 2030 agenda. This commitment was highlighted by Chinese Ambassador to Zimbabwe Zhou Ding at a reception marking the 99th anniversary of the People's Liberation Army. Ambassador Zhou described the relationship as an "all-weather" partnership, emphasizing expanding military, economic, and diplomatic cooperation. He noted that China remains Zimbabwe's largest source of foreign direct investment and a key trading partner, with Chinese investments contributing to infrastructure upgrades and industrial expansion, including improvements in power supply and transportation, and the development of manufacturing hubs for steel, tiles, cement, and fertilizers. Cooperation between the People's Liberation Army and the Zimbabwe Defence Forces has deepened through training, logistics, and strategic coordination. The ambassador also traced the historical ties to Zimbabwe's liberation struggle, acknowledging China's support through diplomatic backing, military assistance, and training. He mentioned President Xi Jinping's letter to Zimbabwean liberation war veterans, commending their contributions and encouraging them to inspire younger generations to strengthen China-Africa relations. Furthermore, Ambassador Zhou stated that China and Zimbabwe continue to collaborate on global affairs, defending multilateralism and advocating for a more equit
Must ReadZimbabwe has commissioned a specialized honey testing laboratory to enhance export competitiveness. In other financial news, local banks have provided a US$125 million syndicated loan to Mutapa Gold following its turnaround. Meanwhile, ART operations have been affected by power outages and shortages of raw materials, with the manufacturer reporting a 6% decline in export volumes and a 26% decline in paper division volumes for the third quarter ending June 2022. Additionally, the Zimbabwe Energy Regulatory Authority ZERA plans to survey the private solar sector due to increased household power generation.