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BY TAURAI MANGUDHLA FORMER legislator and Monetary Policy Committee member Eddie Cross has made sensational claims that the Reserve Bank of Zimbabwe (RBZ) was printing $1 billion weekly mainly to buy gold. At the official rate of around 82, this translates to about US$12,2 million weekly and about US$635 million annually. This brought into sharp focus the central bank’s transparency and accountability at a time the government claimed to have stopped its printing press which dragged the country into an unprecedented hyperinflationary environment around 2008. “We have shown that at the RBZ research there is a direct correlation between money supply and the exchange rate and I think that until we stop printing money for various reasons …we print money mainly to buy gold, we print a billion (Zimbabwean dollars) a week,” Cross said in his presentation during an online Big Debate Series, Zimbabwe 2021 Economic Prospects, hosted by Alpha Media Holdings. NewsDay made an attempt to seek further clarification from Cross who said not the entire $1 billion was printed as part of it could be existing resources although he had no information on the standard operating procedure. In 2020, Cross said the RBZ required about $45 billion on top of US$800 million to buy gold. Cross, however, defended the move, saying it didn’t really cause inflation as the money was used to buy an asset easily converted to hard currency as opposed to financing debt. Central bank chief John Mangudya dismissed Cross’ claims. “What I think he meant was that we purchase forex from the market in an amount of $1 billion per week for sale to the auction system,” Mangudya said. “So its net effect is zero on the increase in money supply.” During the debate, other panellists took turns to criticise Finance minister Mthuli Ncube's 7,4% gross domestic product (GDP) growth forecast for 2021 as well as inflation performance which was largely described as ambitious in the face of the COVID-19 pandemic. Economist and Africa Round Table Forum chief executive Kipson Gundani said despite positive prospects in mining and agricultural sectors, a serious downside exists on the consumption side because of the COVID-19 pandemic-induced lockdowns. “Most entities that rely on domestic driven consumption will suffer a huge knock in 2021,” he said, adding that the economy would grow by 3% at most. He said the 135% annual inflation average could be achieved on the back of depressed local demand due to dwindling disposable incomes. “I think COVID-19 will become a very huge determinant when it comes to GDP and inflationary development,” Gundani said, warning that a managed exchange rate would lead to some point of explosion. Institute of Chartered Accountants of Zimbabwe chief executive Gloria Zaravanhu said achieving economic growth above 3% would be a tall order due to depressed demand and limited budgetary support as well as water and power shortages. Zaravanhu said tax revenues would be affected by a growing cash economy that was largely dealing in foreign currency and evading tax
The president also stressed the importance of keeping the economy open after months of stifling movement restrictions.
He urged citizens not to drop their guard and continue adhering to the health rules, such as wearing face masks and respecting curfew times.
South Africa has recorded just over 800,000 coronavirus infections - more than a third of the cases reported across the African continent - and over 20,000 deaths.
AFP
Legendary sprinter Usain Bolt, although known as the fastest man in the world, was not able to run from the COVID-19 pandemic. The 8-time Olympic gold medallist broke the news to his followers on social media that he would be in quarantine as per sanitary protocol after testing positive for the coronavirus. Bolt, who appeared to be laying in bed […]
INSOFAR as all the promises that government has made to Matabeleland, it is clear that it is not sincere given its failure to honour most of them.From 1980, it was clear that the population of Bulawayo would grow naturally and also as a result of socio-economic factors such as rural to urban migration. The government should have planned to increase the water delivery capacity of the city. It never did that. Instead, it just remembers the issue towards elections or whenever government officials go to Bulawayo. There are always two things that the Zanu PF officials talk about when they go to Bulawayo or Matabeleland in general.They talk about Gukurahundi and water. They know that these are the most contentious issues which people in the region die to have resolved or addressed. They speak like they will bring solutions tomorrow when they know very well that they are only using the issues as a bait to get into the hearts of the people of Matabeleland. Whenever the late former President Robert Mugabe visited Bulawayo, he spoke about Gukurahundi, marginalisation, water problems, but after leaving the area, he would forget altogether to deploy the resources to address the challenges. Now we have a new President, Emmerson Mnangagwa, who was in Bulawayo on Friday to meet the Matabeleland Collective, a consortium of civic society organisations in the region, to discuss Gukurahundi and marginalisation. He promised to launch a programme for the issuance of identity documents to Gukurahundi victims and also to intervene in the water problems bedevilling the city. But it’s known that Mnangagwa has been in government and top decision-making positions in Zanu PF since independence and during all that time he didn’t use his influence to resolve the water and Gukurahundi issues in the region. People of Matabeleland have since realised that most of the promises made by Zanu PF politicians are mere political gimmicks to hoodwink the gullible ones and win votes. There is absolutely no genuineness in what Zanu PF officials say. In a show of discontent, the people of Bulawayo have continued to vote for the opposition since the birth of the MDC party in 1999, which is a sign that they have had enough of Zanu PF’s empty promises. People are fed up with this kind of attitude and it’s time government gets things done. If Mnangagwa still wants to at least maintain the little remaining relations with Matabeleland, he should not make empty promises about resolving the water crisis and Gukurahundi issue.If ever he makes a promise, he should walk the talk.
By Joseph G. Phillips Sports Editor The University of Illinois Fighting Illini fired head coach Lovie Smith on Sunday, December 13, after four seasons with the institution. Athletic Director Josh Whitman said in a statement, Smith led the Illinois football program with unquestioned integrity during his nearly five years of service. “I have tremendous respect for […]
UN chief Antonio Guterres called Friday for the opening of humanitarian corridors to assist civilians caught in fighting in Ethiopia's Tigray region, noting that authorities had so far rejected attempts at mediation.
\"We are very worried about the situation in Ethiopia,\" the secretary-general told reporters in New York, warning of a \"dramatic humanitarian impact\" including in neighboring Sudan.
\"We have been asking for the full respect of international humanitarian laws, and also for the opening of humanitarian corridors to allow aid to be delivered in the areas of conflict\", Guterres said.
His appeal came as Ethiopian government forces continued their push into Tigray, seizing the strategic towns of Axum and Adwa, according to a government statement on Friday.
But in another effort at de-escalation, the African Union (AU) on Friday named Joaquim Chissano, former president of Mozambique; Ellen Johnson-Sirleaf, former president of Liberia; and Kgalema Motlanthe, former president of South Africa, as its envoys on the conflict.
A statement said the three former heads of state would travel to Addis Ababa in the “coming days.”
[The Herald] The Supreme Court yesterday dismissed former Cabinet minister Prisca Mupfumira's appeal against a High Court decision to uphold the dismissal by Chief Magistrate Mr Munamato Mutevedzi of her application to have her charges quashed.
[Thomson Reuters Foundation] Trans health issues are public health issues and reproductive health disparities that exist need addressing
Opposition Leader Mark Golding urged Prime Minister Andrew Holness on Monday to get cracking with outstanding justice reforms, including settling on the country’s final appellate court. The leaders were speaking at the swearing-in ceremony for the...
THE Ministry of Health and Wellness has so far spent $3.8 billion on efforts to contain the spread of the novel coronavirus (COVID-19).Portfolio Minister Dr Christopher Tufton made the disclosure during his contribution to the 2020/21 Sectoral Debate in the House of Representatives on July 7.A total of just under $6 billion has, to date, been budgeted for the Ministry of Health and Wellness for its response efforts.
By Ana Martinez-Ortiz The season of giving has arrived and while the pandemic might have prevented some people from donating, others have stepped up to answer the call. Recently, the UW Credit Union was praised for its fundraising efforts and named “Game Changer” by the United Way of Greater Milwaukee & Waukesha County. This year, […]
The post UW Credit Union Named ‘Game Changer’ for Fundraising Efforts first appeared on The Madison Times.
WILMINGTON, Del. (AP) — Joe Biden was uncharacteristically tight-lipped on Tuesday about the final stretch of his search for a... View Article
The post Biden’s notes: ‘Do not hold grudges’ against Kamala Harris appeared first on TheGrio.
Actress LisaRaye McCoy reflects on her \"Player's Club\" body, her new BET holiday flick “Holiday Heartbreak\" and winter skincare secrets
“Boy, finding food is hectic. Dem eat more now and me haffi find breakfast, lunch and dinner.” That was the response of Lisa*, a mother of four living in west Kingston, when asked how her family has been coping since the COVID-19 pandemic. Two of...
Keke Palmer is getting major side eye from her fans. The actress and singer generated a lot of backlash for... View Article
The post Keke Palmer faces backlash for suggesting EBT cards should only 'work for healthy items' appeared first on TheGrio.
Mayor Eric Johnson to deny requests for exceptions to governor’s limits on gatherings
By
alexisgrace098@gmail.com
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on
June 26, 2020
Mayor Eric Johnson on Friday announced that he will not grant requests for exceptions to Gov. Greg Abbott’s restrictions on outdoor gatherings of more than 100 people.
The emergency regulation limiting outdoor gatherings are part of an executive order that the governor issued Friday.
Mayor Johnson issued the following statement:
“The COVID-19 pandemic is threatening lives and livelihoods in Dallas, and we must do all that we can to prevent the further spread of this virus.
I know we have all endured an extraordinarily difficult few months and that we are tired of the interruptions, but it’s important for us to follow the restrictions that Governor Abbott has put in place.
But if you do attend a gathering that fits the governor’s guidelines, it remains imperative to take appropriate precautions.
By JOHN O'CONNOR AP Political Writer SPRINGFIELD, Ill. (AP) — With the nation racing to come to grips with centuries of racial sins, officials plan to remove the Capitol lawn statue of Stephen A. Douglas, whose forceful 19th century politics helped forge modern-day Illinois but who also profited from slavery. Just inside the Statehouse hangs another revered depiction of an Illinois legend — and longtime Douglas rival — who expressed white supremacist views: Abraham Lincoln. The immense painting in the governor's second-floor office depicts a Sept. 18, 1858, debate between the two men that opened with these words from Lincoln, […]
The post Douglas statue comes down, but Lincoln had racist views, too appeared first on Black News Channel.
The report was conducted on site with 27,133 COVID-19 tests, between April 8 and June 14, 2020.
The post CDU Report Highlights Needs for Underserved Communities During COVID-19 Pandemic appeared first on Los Angeles Sentinel.
If there’s one constant truth about the coronavirus, it’s that information about it right now is always evolving. That includes the symptoms you may experience if you’re infected. Each person…
