Mthuli Ncube, Zimbabwe's Finance Minister, is set to present his first national budget amidst a severe economic crisis characterized by currency devaluation and hyperinflation. The budget is expected to outline austerity measures and reforms aimed at fiscal consolidation, boosting production and exports, and governance reforms as part of the Transitional Stabilisation Program (TSP). Ncube's challenge is to restore market confidence and address the currency crisis, with options such as full dollarization or joining the Rand Monetary Union being considered. He also plans to tackle the country's significant debt to international lenders like the World Bank and the African Development Bank. Additionally, the budget will likely detail plans for the partial privatisation of State-owned enterprises. Ncube, a former Oxford professor with a notable background in economics and finance, faces the task of implementing reforms within a government system burdened by bureaucracy and corruption.

AMH, an independent media house in Zimbabwe, operates without political affiliations or external influences. It publishes four newspapers, each with an online edition. These include The Zimbabwe Independent, a business weekly available every Friday; The Standard, a weekly available every Sunday; and two dailies, Southern and NewsDay. The article emphasizes the independence of AMH in its operations and its commitment to providing news without external pressures.

The article discusses a directive from the Reserve Bank of Zimbabwe concerning the mining sector, which is the largest contributor to the country's foreign currency earnings, accounting for 62 percent of total exports in 2016. The directive mandates that 80 percent of all foreign exchange receipts from Platinum Group Metals (PGM) and Chrome are to be transferred to the Reserve Bank's Nostro Account immediately upon receipt. This measure aims to ensure the effective administration of foreign exchange and to improve liquidity in the foreign exchange market. Miners will be compensated in local currency through real time gross settlement (RTGS) credited to their accounts.

The International Monetary Fund (IMF) has revised its economic forecast for Zimbabwe, predicting a recession with the economy expected to contract by 5.2% this year, a significant downturn from the previously projected 4.2% growth. The revision is attributed to a combination of factors including an El Nino-induced drought, the impact of Cyclone Idai, and a severe foreign currency shortage. These issues have led to company closures and a need for food aid for millions. Despite the IMF's grim outlook, some local economists and officials, including former legislator Eddie Cross and Finance Minister Mthuli Ncube, remain optimistic, expecting subdued but positive growth due to a shift towards export-led growth and recent monetary policy changes. The government has launched a 15-month reform plan aiming for a growth rebound, which is more optimistic than the IMF's projections.

The article discusses the surge in participation of young Zimbabweans in the stock market, facilitated by the digitization of the Zimbabwe Stock Exchange (ZSE) and the use of social media platforms for trading. Albert Nangara, a chemical engineering student, exemplifies the new wave of young investors who are actively engaging in stock trading to generate income. The ZSE's transition to an online platform in 2015 democratized access to stock trading, which was previously dominated by white capital and professional investors. The article also touches on the government's recent measures to curb overpricing of stocks, such as increasing Capital Gains Tax, which led to a temporary decline in investor activity. The role of social media and digital platforms like C-trade and ZSE Direct in increasing retail participation is highlighted, along with the need for financial literacy to further democratize capital market involvement.

The article reports on an audit revealing financial mismanagement and abuse of funds by the Zimbabwe Tourism Authority (ZTA) during the tenure of former president Robert Mugabe. Auditor-General Mildred Shiri's report details how the ZTA misappropriated funds between 2015 and 2016, including donations to weddings, political rallies, and an unnamed High Court judge. The ZTA, led by former CEO Karikoga Kaseke, spent money on various non-budgeted items such as ministry-related expenses, office furniture, and holiday expenses for the deputy minister. The report also highlights lavish lifestyles and unauthorized perks for ZTA board members, despite the authority's poor financial state, which resulted in a significant deficit and liabilities exceeding assets. Kaseke, who had no valid employment contract, was noted for his confrontational management style and misuse of the tourism sector for personal gain.

The article discusses the Auditor General of Zimbabwe, Mildred Chiri, and her report for the 2019 financial year, which highlights the poor state of the country's public accounts. Despite the recurring issues of malfeasance, poor record-keeping, and non-compliance with procedures, the article notes that the public is no longer surprised by these revelations. The article mentions that out of 356 recommendations made by Chiri's office in 2018, only a fraction were implemented. Transparency International Zimbabwe suggests that Parliament should enforce the AG's recommendations to promote transparency and accountability. The article also compares the situation with South Africa, where the Public Audit Act was amended to give the AG more power to enforce accountability. Despite challenges, including the Covid-19 pandemic, Chiri's diligence is praised as a beacon of hope in a public service rife with mediocrity.

Lesley Marange, a former food scientist, founded Glytime Foods in Zimbabwe after leaving his job in 2017. With over 40 employees, the company produces a variety of healthy food products and has established a significant market presence. Glytime Foods operates as a social enterprise, partnering with around 3,000 local farmers to ensure a sustainable local value chain and market access. Despite challenges such as government bureaucracy, the company is expanding its reach, exporting to neighboring countries and aiming for certification to enter the COMESA market. Lesley and his wife Talent Marange have invested personal funds and effort into the business, which they run from their home, demonstrating a commitment to both economic and social goals.

China's R&F is set to invest between $1 billion and $2 billion in the Zimbabwe Iron and Steel Company (ZISCO), which stopped production in 2008 due to economic challenges and mismanagement. Zimbabwe's Industry and Commerce Minister Mike Bimha announced that R&F has been conducting due diligence over the past six months. The investment aims to restart operations and reach a production target of one million tonnes of steel per year within the next 18 months. A previous investment deal with Essar Africa Holdings fell through in 2015.

The article discusses the tenure of John Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ), as it comes to an end. It highlights the challenges he faced, such as inheriting a central bank with over a billion dollars in debt from his predecessor, Gideon Gono, and the lack of a local currency due to hyperinflation. Mangudya's efforts included transferring the RBZ's debt to the state and establishing the Zimbabwe Asset Management Company (Zamco) to manage bad loans. His relationship with Afreximbank, which provided multiple credit lines to Zimbabwe, is scrutinized for lack of transparency. The article also touches on the introduction of bond coins and notes, and the government's excessive debt levels revealed by Finance Minister Mthuli Ncube. Mangudya's tenure is described as tumultuous with communication issues, but not as disastrous as his predecessor's.

The Reserve Bank of Zimbabwe (RBZ) has reintroduced the local currency by designating electronic balances, bond notes, and coins as RTGS dollars, which will now serve as the official legal tender. This move ends the 1:1 peg against the US dollar, aiming to address the parallel market growth and alleviate the foreign currency shortages that have hampered businesses. RBZ governor John Mangudya announced the establishment of an interbank foreign exchange market to enable the trading of RTGS balances and bond notes with the US dollar and other currencies. The central bank has secured lines of credit to support this market, and various measures have been put in place to manage foreign currency transactions, including the discontinuation of the export incentive scheme. The bank also detailed the retention of foreign currency earnings for different sectors and the treatment of international remittances and Diaspora contributions.

Zimbabwean President Emmerson Mnangagwa has cancelled his trip to the World Economic Forum in Davos, Switzerland, after being advised that foreign media might confront him about his government's violent suppression of protests in Zimbabwe. Mnangagwa had been on a tour of Eastern Europe and announced his return to Zimbabwe on Twitter, stating his priority was to stabilize the country. His finance minister, Mthuli Ncube, will represent Zimbabwe at Davos instead. This decision comes amid reports of at least 12 civilians killed by state security in response to protests against a significant fuel price hike. The government has also blocked social media platforms used to organize the protests.

The article discusses the urging of African governments to strengthen their debt frameworks and increase transparency to prevent an unsustainable debt crisis, exacerbated by the Covid-19 pandemic. It highlights that many sub-Saharan African countries were already at risk of debt distress before the pandemic, with Zambia being the first to default during the pandemic era. The Africa Forum on Debt and Development sees the threat of more defaults as a chance to reform the global financial system. The article also details Zimbabwe's debt situation, including its obligations to various international creditors and the measures the Treasury is taking to manage debt and finance the budget. It mentions the increase in external loan disbursements in 2020, largely due to projects funded by the China Exim Bank, and improvements in domestic debt management.

Zimbabwe's largest gold producer, Metallon Corporation, is facing collapse due to the government's foreign currency retention policy. The cost of bread has tripled in a month, and the livestock industry is predicting meat shortages due to rising feed costs. The IMF has revised Zimbabwe's economic growth forecast, predicting a contraction of 5.2% by year-end. Inflation has risen to 66.8% in March 2019, with alternative calculations suggesting it could be as high as 200%. Tobacco and gold, major foreign currency earners, are underperforming due to government policies. Tobacco sales have dropped significantly, and gold deliveries to Fidelity Printers and Refiners have decreased by 10%. Metallon Corporation is considering judicial management to protect against creditors. The RTGS dollar's value is falling, and investor sentiment is weak, leading to capital flight. MMC Capital predicts minimal growth due to foreign currency shortages and a poor agricultural season.

The Reserve Bank of Zimbabwe has implemented a new directive requiring platinum and chrome miners to surrender 80 percent of their export earnings to the central bank. This is a significant increase from the previous requirement of 50 percent. The measure is aimed at addressing the severe dollar note shortage in the country. The mining sector is a critical source of foreign currency for Zimbabwe, accounting for 62 percent of the nation's total exports in 2016. The central bank will compensate exporters by crediting their accounts with local currency through real-time gross settlement (RTGS). The directive was issued on August 4 and is intended to improve the management of foreign exchange and enhance liquidity in the market.