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Inflation to slow down – Biti

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Zimbabwe’s year on year inflation is expected to slow down to 3.9 percent  from projected 5 percent, due to the weakening rand. Finance Minister Tendai Biti said this whilst presenting the Mid-Term fiscal policy.

Update by Bernard Mpofu, Cecilia Kamuputa

16:32 – Funding for the UNWTO is still a challenge, says Biti.

16:23 – He says the treasury has no capacity for a presidential election run-off.

16:20 – Biti says Zimbabwe is ready for elections after treasury disbursed US$96 million as at July 25. An outstanding amount of US$36 is still required to meet allowances for election officials.

15:44 – He says seven banks may fold due to Minister Chombo’s directive to write off local authority debts.

15:41 – Biti also said the  2013 Gross Domestic Product growth rate has been revised to 3.5 percent from the proposed 5 percent due to uncertainty and under-performance of the  agriculture and mining sectors.

 

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