Tendai Biti News
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Zimbabwe won’t hold elections next month because the ruling coalition has failed to agree on changes to security and media laws needed to ensure for a fair vote, Prime Minister Morgan Tsvangirai said.
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Benson Mahenya makes as much as $10,000 a month as he drives around Harare in a white Mercedes- Benz dealing in the five currencies that Zimbabwe recognizes as legal tender.
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Zimbabwe can’t afford the $132 million needed to stage presidential and parliamentary elections and requires assistance from foreign donors, Finance Minister Tendai Biti said.
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Zimbabwe raised $20 million from a “voluntary bond” sold to Old Mutual Plc’s local unit and the National Social Security Authority to help finance a referendum on the constitution, Finance Minister Tendai Biti said.
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Zimbabwean Finance Minister Tendai Biti said lenders including units of Barclays Plc and Standard Chartered Plc have a last chance to support the central bank’s Treasury bill sales or they will be compelled to buy negotiable certificates of deposit.
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Zimbabwean Finance Minister Tendai Biti cut the country’s growth forecasts to 4.4 percent for this year and 5 percent for 2013, citing a high budget deficit and the cost of state wages.
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Zimbabwe Finance Minister Tendai Biti said the economy is on course to expand 9.3 percent this year, while inflation would probably meet the 4 percent target.
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Zimbabwe’s finances are extremely tight as the country braces for a referendum on March 16 and a general election later this year, the country’s finance minister said.
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Zimbabweans vote in a referendum on a new constitution tomorrow that sets the stage for Prime Minister Morgan Tsvangirai to renew his bid to end President Robert Mugabe’s 33-year rule in elections later this year.
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Zimbabwe collected just $3 million from foreign donors in the first quarter, or 0.4 percent of its annual target, undermining the government’s efforts to rebuild the economy following a decade of recession.
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