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Old Mutual to pay for Zim referendum

Harare - The Zimbabwean government has issued 365-day Treasury Bills to the National Social Security Authority and Old Mutual to raise US$40m.

Finance Minister Tendai Biti said the move was consistent with the prescribed asset requirements for pension funds and insurance companies. The bond will be at a negotiated coupon rate of 7%.

Biti, who was presenting the State of the Economy address for the first two months of the year, said $20m had already been raised.

The government had also directed diamond companies Mbada, Anjin, Marange and Diamond Mining Corporation to pay up the outstanding 2012 revenues to the fiscus.

Biti said government had also resolved to turn to the ordinary taxpayer by reviewing upwards the excise duty on diesel and petrol for March-December 2013 by 5c each. This translates to an increase of 20% and 25% in excise duties on diesel and petrol. 

Zimbabwe needs $85m for the referendum and $132m for the elections. This is against the $25m provided for in the budget.

 - Fin24


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