Prof. Mthuli Ncube
@MthuliNcube
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Minister of Finance, #Zimbabwe. Past Vice President & Chief Economist,@AfDB_Group. Professor, @UniofOxford. PhD Economics(Mathematical Finance),@Cambridge_Uni
Joined March 2011
When we set off on our mission to transform the #Zimbabwe economy, there was of course cynicism. But fast forward three years and the environment is entirely different. The painful reforms we initiated in late 2018 are beginning to bear fruit.
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Today in Bali, Indonesia at the IMF/World Bank Meetings, I had fruitful discussions with the President of Afreximbank Dr Oramah. Afreximbank has offered Zimbabwe a facility to guarantee 1:1 Convertibility of RTGS balances into US$ and availability of US$ for Nostro FCAs.
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(1/4)The social impact of the 2% electronic transfer tax in action: the ministry of finance has released $50 million for Emergency and Infrastructure Restoration following Cyclone Idai-induced floods destruction and infrastructural damage across #Zimbabwe.
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I was delighted to welcome my namesake, Mthuli NCUBE, to my office last Friday. Wishing him all the best for 2020.
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#Zimbabwe achieved a budget surplus of US$29 million in October, the first time in many years. We are walking the talk when it comes to.fiscal discipline, fiscal consolidation and balancing the budget.
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Together with my colleagues at Min of Health, we have set up an auditable emergency crowdfund to further efforts to fight cholera to date. Together we can win! Min Of Finance Cholera Crowd Fund: .EcoCash Biller Code 140286; CBZ Treasury, ACC 21537300017, Selous REF: FIGHT CHOLERA.
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Zimbabwe Finance Minister Prof Mthuli Ncube has dissolved the board of.Zimbabwe Revenue Authority (ZIMRA).ZIMRA will be run by the.Treasury until new management is appointed.The dismissals mark the.start of reforms the government is implementing to get its finances.under control.
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Minister of Finance and Economic Development’s “listening roadshow” with 50 top CEOs in Zimbabwe. As minister, I want to consult and listen to stakeholders.
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Mrs Masiyiwa, (Strive Masiyiwa’s wife), former CEO of Empretec Zimbabwe, cited at World Investment Forum, as an example of a champion for the creation of an entrepreneurial class.
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#Zimbabwe Government is cash positive. We managed to pay civil servants salaries for the months of January and February from a cash positive position. We are spending what we have and we are determined to ensure to carry on like that going forward.
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I have had a discussion with some of the Zimbabwe parastatals that are being privatized. Significant progress should be made within the next 6 months. They should also list on the Zimbabwe Stock Exchange and give opportunity to ordinary Zimbabweans and the diaspora.
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Productive meeting with Hon @tito_mboweni Minister of Finance, South Africa, at WEF 2019, Davos #wef2019 #ZiminDavos2019
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Productive week for team #Zimbabwe in New York. We cultivated relationships with global captains of industry & serious multi-billion dollar financiers - all committing towards rebuilding new Zimbabwe. Working together with global & local investors, we will turn around Zimbabwe!
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American billionaire investors joined His Excellency @edmnangagwa & team #Zimbabwe for investment dinner meeting on the sidelines of #UNGA in New York. Truly appreciate the investors' pledge to participate in rebuilding our economy. Looking forward to seeing them in Harare!
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Interview on Zimbabwe economy and investment opportunities, today on CNN, with Richard Quest. Zimbabwe is the biggest “buy” for prospective investors into Africa
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The shared goal of our nation is to rebuild #Zimbabwe with a stronger and inclusive economy and improved livelihood for all Zimbabweans.
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I am very pleased to have been voted and ranked in the top 5 Ministers of Finance in Africa in 2021 by the French publication “Financial Afrik”. This is based on a popular vote and qualitative analysis of candidates, and considered by a jury.(1/2).
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#Zimbabwe has lost a legend and a global icon. Rest In Peace Samanyanga. #RIPOliverMtukudzi
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Very positive engagement with #Zimbabwe business community in Harare today at the Monetary Policy Statement Review Breakfast Forum. Brick by brick and working together we will rebuild our economy.
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We are very busy working on the 2019 Budget for #Zimbabwe and my team is going around the country to listen and consult with citizens and their parliamentary representatives. What ideas and suggestions do you have for my team to address in the 2019 budget?.
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Biti’s choice of crude language not only reveals his analytical deficiencies but also demonstrates lack of sophistication and poise normally associated with a global platform such as Chatham House. He has much to learn. However, this may take a while.
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Meeting with the Minister of Finance for Rwanda, Hon Ndagijimana, in Bali. There is much that Zimbabwe can learn from Rwanda and vice versa. I will visit Rwanda soon.
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#Zimbabwe Investor Forum in #Switzerland with over 80 Swiss and European companies. Discussed economic outlook, development plans and shared investment opportunities in #Zimbabwe. Zim business delegation engaged & forged new economic ties with European businesses. #wef2019
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Today I met with MasterCard President Ajay Banga. @MastercardMEA has pledged support for #Zimbabwe’s drive for digital payments, inclusive growth & innovation. MasterCard will establish an office in Harare.
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COVID19 Vaccine: The vaccine is cheaper than the costs of PPE, economic costs of lockdowns, and socio-psychological effects. With some innovative financial structuring and use of the 2020 budget surplus, we can purchase vaccines to inoculate the entire population of Zimbabwe.
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ZESA Group, the electricity power utility, has now been consolidated under one Board structure. Subsidiary boards eliminated. This will cut out waste and generate efficiency gains. State enterprise reform is making good progress under TSP.
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Treasury has authorized the recruitment of 3000 additional teachers in Zimbabwe in order to ease teacher shortage. Treasury has also authorized recruitment of about 350 university teaching staff and personnel to bolster university capacity. Key to improving service delivery.
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As part of #Zimbabwe’s Public Enterprises Reforms, I have set deadlines for privatisation for under-performing State-Owned Enterprises (SOEs) and those earmarked for disposal — such as NetOne, TelOne and People’s Own Savings Bank (POSB).
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#WBGMEETINGS: I had fruitful meetings with AfDB, IMF and governors for France and Sweden, and presented Zimbabwe’s Transitional Stabilization Progran(TSP) and discussed arrears clearance.
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To contain #Zimbabwe government expenditure, I will right-size public.employment; rationalise posts in the public service, strengthen wage.bill management, reduce travel expenditures and review expenditures on fuel benefit levels.
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We have approved the immediate implementation of 11 investment.projects worth USD5 Billion. #Zimbabwe is open for business.
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Tiger fishing in Malilangwe today. Government is supporting domestic tourism with various tax and credit incentives.
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#Zimbabwe government has developed a comprehensive plan to revive our economy and put us on the path to steady economic growth. The only way to a stronger economy is to restructure, rebuild and reform.
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#Zimbabwe civil servants salaries adjusted by 50% with immediate effect. In addition, a non-taxable, Covid-19 allowance of US$75 per month for civil servants whilst pensioners will get US$30 per month.
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The government commits to protect and preserve the value of people’s savings.
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Wallstreet investor dinner in New York with some of the prominent investors and capital allocators on the #Zimbabwe stock market. Very positive investor reception and feedback on ongoing economic reforms. Zimbabwe Is Open for Business.
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The world record for maize harvested per hectare is 34 tons however, two #Zimbabwe farmers hold the record for Africa with 22 tons per hectare achieved in 2017.
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To contain #Zimbabwe’s budget deficit, we have to do 2 things, one is revenue expansion and the other is cost containment and the introduction of 2% transfer tax is only one leg of the measures. Government has also to do its part in terms of reducing expenditure.
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Air Zimbabwe’s relaunch flight, today, to Johannesburg. Load factor is good, at 41 out of 50 people. The airline is now solvent after government intervention and support.
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The 2% Intermediated Money Transfer Tax will continue to be levied as per the Finance Act no 1 of 2019. The tax has financed food relief programs, health and education infrastructure, subsidies for transport(ZUPCO), Cyclone IDAI victims and reconstruction.Thank you citizens.
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Meeting with IMF MD Mde Christine Lagarde, in Bali. Discussed Zimbabwe’s economic reform program, Transitional Stabilization Program.
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Today in Bali, the IMF and World Bank endorsed Zimbabwe's arrears.clearance plan and the 2 year economic recovery Transitional Stabilisation Programme. African Development Bank, EU,.France, UK, USA, Australia, Netherlands and South Africa all expressed their support for Zimbabwe.
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I met with US Ambassador to Zimbabwe, Ambassador Brian Nichols this morning. We discussed Zimbabwe external re-engagement, US -Zimbabwe economic cooperation, and US role in Zimbabwe arrears clearance roadmap. @usembassyharare
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#WEF19: "We are calling for Zimbabweans to be patient. We need to walk together, triumph together to build a better country" - #Zimbabwe's Minister of Finance, Mthuli Ncube. #CNBCAfrica
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Another batch of vaccine doses arrived today(800 000). Tomorrow Thursday will receive a batch of 700 000 vaccines, making a total of 1.5 million doses from Sinopharm. #zvakarongeka,#kuhlelekile
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BBC News - Zimbabwe 'excited to drill for oil' after new survey
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This morning I met the Secretary for DFID in the UK Government, Mr Matthew Rycroft. We had very good and constructive discussions on support fir reforms in Zimbabwe
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Excellent progress on #Zimbabwe fiscal budget deficit reduction. In September 2018, the fiscal budget was balanced. Deficit was almost zero. Expecting this trend to continue to the end of the year. This will contribute to stabilizing the currency & in containing inflation.
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Income from 2 % tax will also be used to rejuvenate and improve the new #Zimbabwe; building schools, roads and making sure our nurses, doctors and teachers receive the wages they deserve. Shelves in shops are now full and fuel lines have petered out.
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Condolence message on the late Maj Gen(Rtd) Dr SB Moyo, Minister of Foreign Affairs and International Trade. He was a dear friend and hard worker. May his soul rest in internal peace.
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Visit to Spar in Braeside and conversation with the staff, convinced me that we needed to lift import controls in order to ensure supply of commodities and contain price increases, especially during the festive season
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A syndicate of banks comprising Rand Merchant Bank, ABSA, Nedbank and Standard Bank availed part of the USD 300 million for the redevelopment of Beitbridge Boarder Post. This shows confidence in the Zimbabwe economy, and future growth in regional trade activity.
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Prices for basic goods in the consumption basket in Zimbabwe have dropped by an average of 19% in US$ terms, from January 2018 to June 2019. See table below from Treasury. The prices in RTGS$ terms are therefore grossly inflated.
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The US dollars is legal tender in Zimbabwe for transaction purposes. The domestic currency (Zim$) is very stable, arising from prudent fiscal and monetary policies, and auction system, and positive current account position.
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New measures to enhance the use of the domestic currency, the Zimbabwe dollar.
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I had a great meeting with business executives and investors in London hosted by InvestAfria and Gemcorp.
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Zimbabwe has purchased an additional 2 million vaccines which will be delivered next week, followed by another 1.5 million vaccines to be purchased end of July. In Aug and Sept,3.5 million vaccines will be purchased. Vaccination program is part of the economic recovery strategy.
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Walking the talk: Today #Zimbabwe received a record 2 million doses of the World Health Organization approved SINOVAC Covid 19 vaccine purchased from China, using surplus funds from prudent economic management. Vaccination program is part of the economic recovery strategy.
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A “golf course” of wheat crop in Zimbabwe. Wheat yields are looking good, as country drives towards flour sufficiency and reduction of wheat imports.
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Zimbabwe space satellite, ZIMSAT 1, was launched into space today by NASA. I announced it in the national budget statement 3 years ago, and it is now reality. Looking forward to development and launching of ZIMSAT 2 in the future. #zvakarongeka #kuhlelekile #NDS1.
LIVE: Watch coverage of our @NorthropGrumman #CRS18 resupply mission to the @Space_Station. Carrying everything from science to snacks, the Cygnus spacecraft is set to launch at 5:27am ET (1027 UTC).
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#Zimbabwe’s sweeping economic reforms have culminated in The International Monetary Fund (IMF) reaching an agreement with #Zimbabwe on a staff monitored programme (SMP). #IMFMeetings
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Cholera Crowd Fund. Please support it through your valuable donations. Thank you. Hon Prof Mthuli Ncube, Minister of Finance and Economic Development, Zimbabwe.
Together with my colleagues at Min of Health, we have set up an auditable emergency crowdfund to further efforts to fight cholera to date. Together we can win! Min Of Finance Cholera Crowd Fund: .EcoCash Biller Code 140286; CBZ Treasury, ACC 21537300017, Selous REF: FIGHT CHOLERA.
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Later in the afternoon today in Geneva, at the World Investment Forum, I will be discussing with other Ministers around the world on how landlocked countries such as Zimbabwe can attract more foreign direct investment. How can landlocked countries become land linked?.
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After Two Years of Three Digits, Zimbabwe Inflation Drops to 56% - Bloomberg
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I am now off to Bali for the annual IMF/ World Bank meetings to continue dialogue with our international partners, focusing on accelerating clearing #Zimbabwe arrears with multilateral lenders and unlocking new capital inflows.
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#Zimbabwe’s economy has been full of inefficiencies for far too long. Waste in the economy, has led to want amongst the people. The Government’s Transitional Stabilisation Programme (TSP) is at the heart of our economic reform programme. @edmnangagwa .
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Today, toured United Refineries Limited @limited_united one of the largest Bulawayo-based cooking oil manufacturers established in 1935. One of Transitional Stabilisation Programme goals is investing & retooling #Zimbabwe industries to produce enough so we rely less on imports.
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(1/2) Walking the Talk: #Zimbabwe today received an additional 1 million doses of World Health Organization approved Sinovac Covid-19 vaccines. We expect to receive an additional 1.5 million vaccines later this week. #Zvakarongeka
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The exchange rate of the #Zimbabwe Dollar to United States Dollar is way undervalued. The exchange rate of Zim$ to US$ should be around 6 at the moment, on the basis of the real exchange rate (RER) relative to the South African Rand.
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#Zimbabwe Government is forging ahead with the Road Network Expansion & Rehabilitation Programme. In #Budget2019 we set aside US$910.4m to fund the programme under the theme "A Road is the Economy” #TransitionalStabilisationProgramme @edmnangagwa.
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Power generation: Kariba South expansion now completed with capacity of 300 MW. Hwange 7 and 8 will add 600 MW, costing $1.5 billion and built over 42 months.#TSP.
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Meeting with the CEO of Commonwealth Development Corporation(CDC), with PS Finance George Guvamatanga. The CDC wants to invest more in Zimbabwe across a variety of sectors
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On the sidelines of #UNGA in New York, His Excellence @edmnangagwa and I caught up with Hon Patricia Scotland QC, Commonwealth Secretary-General. #Zimbabwe has made tremendous progress towards rejoining the Commonwealth.
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This morning, I had a productive meeting with 50 small business leaders to listen, consult and discuss the economy and critical issues affecting our SMEs.
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Our concerted effort to retool our industries, accelerate international re-engagement, unlock new capital flows and facilitate investment will make strides toward that shared goal.
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I met with the US Ambassador to Zimbabwe to discuss Zimbabwe’s reform agenda. As government we are focussed on the reform agenda.
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Civil servants to get bonus thanks to austerity: Mthuli.
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Developing countries such as Zimbabwe are leading in innovative policies such as the 2% electronic transactions tax. Development countries have to learn from us. Britain mulls 2 percent tax | The Herald
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Expansion of Harare International Airport(RG Mugabe) underway. Additional airport capacity needed to handle air traffic in future
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#Zimbabwe Investor Forum in #Switzerland with over 80 Swiss and European companies. Discussed economic outlook, development plans and shared investment opportunities in #Zimbabwe. Zim business delegation engaged & forged new economic ties with European businesses. #wef2019
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Improved Conditions of service for teachers and entire civil servants
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If you move around #Zimbabwe supermarkets you will see new products manufactured locally and this is the import substitution that we are pushing for because it will create jobs, while also growing our economy and saving foreign currency.
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Arrival of 200 000 COVID19 vaccine doses from Sinopharm China early this morning, on AirZimbabwe, donated by Chinese Government. This kickstarts the vaccine acquisition program of 1.8 million doses from China.
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Meeting with the new Managing Director of the IMF, Ms Christalina Georgieva.
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Meeting with Indonesia Eximbank and private companies. They are keen to invest in Zimbabwe’s construction and agriculture sectors.
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The 2 percent transaction tax initiated in October 2018 has started bearing positive results on the #Zimbabwe economy.
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IMF Managing Director @Lagarde confirms IMF support for #Zimbabwe: “I would like to reaffirm that we will be conducting a staff‑monitored program (SMP) with Zimbabwe. And it is particularly appropriate that we do that expeditiously. ” #IMFmeeitngs
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His Excellency President Munangagwa delivers his speech at the UN General Assembly.
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Reengaging and strengthening economic ties with #Russia as we focus on rebuilding #Zimbabwe economy. @KremlinRussia_E @edmnangagwa
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We continue to work hard to unlock new capital inflows for investment and economic growth in #Zimbabwe. Zimbabwe’s goal is that by this time next year we would have cleared the AfDB & World Bank arrears.
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Chitungwiza based Surface Wilmar, the largest producer of edible oils.in #Zimbabwe, to inject US$30m into soya bean contract farming.
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