Money sent by people living outside their countries of origin accounts for the largest foreign exchange inflow for many nations, indicating the huge importance remittances have assumed as a factor of economic development. Africa received an estimated US$65 billion in remittances in 2018. Sending money to Africa is, however, more expensive than sending to any…
In 2019, remittances reached a record high of $554 billion, overtaking foreign direct investment (FDI) flows to low- and middle-income countries (LMICs). Remittances have been larger, and more stable, than FDI in India, oil exports in Mexico, and tourism in Egypt, Nepal, and Tunisia. In 2020, however, the economic crisis caused by Covid-19 pandemic is…
ZIMBABWE must mobilise domestic resources to clear its external debt and revive the country’s waning economy, a former cabinet minister has said. The southern African country, which is experiencing its worst economic crisis in a decade and struggling to deal with the deadly coronavirus pandemic, has failed to service a US$12 billion debt owed to…
ZIMBABWEAN companies and consumers are facing severe pressure from rising cost of living as well as effects of the coronavirus pandemic, analysts have warned. Consumers’ real wages are being eroded while businesses are battling to stay afloat as inflation and currency depreciating push up costs and squeeze margins. Zimbabwe’s inflation reached a 10-year high of…
THE cost of living in Zimbabwe continues to rise, putting severe pressure both consumers and businesses. Consumers’ real wages are being eroded while businesses are battling to stay afloat as inflation and currency depreciating push up costs and squeeze margins. Zimbabwe’s inflation reached a 10 year high of 786 percent in May, according to Zimstat,…
Zimbabwe risks being left behind in the digital era which has been accelerated by the Covid-19 pandemic as local mobile network operators (MNOs) continue to charge sub-economic tariffs amid sharply rising operating costs. With the country in lockdown, Zimbabweans have had to deal with isolation, social distancing and working from remote locations from the office…
Victoria Falls is the hottest tourist destination in southern Africa, and we’re not just talking about the weather. It’s an all-in-one destination that ticks all the boxes for every type of traveller, from adrenalin junkies to those who like to holiday in the slow lane. What’s not to love about Victoria Falls? You’re spoilt for…
ZIMBABWE should use the opportunity presented by the Covid-19 pandemic to use information and communication technologies (ICTs) to drive economic growth, experts have said. This comes as ICTs have been identified as drivers for economic growth as well as a facilitator for business continuity in these challenging times. Never Ncube, Dandemutande chief executive, said Zimbabwe…
STANBIC Bank (Stanbic) has completed the distribution of US$200 000 worth of Personal Protective Equipment (PPEs) to six major health institutions throughout the country over the last week. The leading financial services institution distributed five ventilators, 32 500, suits, masks, face shields and goggles, 2 400 PCR tests, 3 000 sanitizers for frontline workers to…
PRESIDENT Emmerson Mnangagwa’s government should inject an additional US$100 million stimulus package to industry, an academic has said. This comes as the Confederation of Zimbabwe Industries (CZI) has warned that manufacturing utilisation capacity was likely to dip below 28 percent this year due to low aggregate demand emanating from effects of the coronavirus pandemic. “Most…
