Both bank credit and the M3 money supply in the United States have been contracting at rates comparable to the onset of the Great Depression since early summer, raising fears of a double-dip recession in 2010 and a slide into debt-deflation.
Finance Minister Tendai Biti has disbursed US$ 100 million from the International Monotary Fund (IMF)’s special drawing rights (SDR) allocations for “priority development projects” that have been stalled due to lack of financial resources.
March 10, 2010 – The International Monetary Fund is still not prepared to resume lending to Zimbabwe, the head of the body said Wednesday, citing concerns about the country’s political situation.
Zimbabwe’s unity government is reviewing rules forcing foreign-owned firms to sell a majority stake to locals, a cabinet minister said on Wednesday, adding that the regulations were published prematurely last month.
Zimbabwe has so far this year produced 2 million carats of diamonds from its controversial Marange fields, a government official said on Tuesday, a day after an international monitor arrived to review the mining operations….
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Zimbabwe’s Ministry of Finance has finished crafting a debt clearance strategy and is now waiting for the Cabinet to approve it, says Finance Minister Tendai Biti.
Zimbabwe will impose a punitive levy on foreign firms to compel them to cede controlling stake to locals, Indigenisation Minister Saviour Kasukuwere said on Friday.
Beleaguered Zimbabwean President Robert Mugabe’s circle of friends appears to be slowly shrinking amid revelations that his trusted Chinese comrades are beginning to demand more than the usual rhetoric and want to see tangible progress – and repayment of loans advanced.
Zimbabwe’s Supreme Court has ordered two government mining firms to stop operations on British-owned diamond mining fields plagued by human rights abuses, state newspapers reported Thursday.
