The Periscope Report trade related news round-up from a variety of sources for 14th April 2017.
[Zimbabwe] Govt tightens issuing of import permits
Government has tightened the issuing of import permits for agricultural produce in order to plug leakages of foreign currency. The Ministry of Agriculture, Mechanisation and Irrigation Development is tightening restrictions on imports permits to prevent unnecessary purchase of foreign produce. Minister of Agriculture, Mechanisation and Irrigation Development Dr Joseph Made told ZBC News the ministry’s economics and markets department will not be entertaining application in various areas, particularly grain. “Please don’t apply anyhow, we won’t give you permits because we don’t have foreign currency. You have to consider yourself is this really necessary. If you are an importer focus on the farmer so that they increase production,” he said.
[Zimbabwe] Govt rescues Sanganai/Hlanganani expo
THE Zimbabwe Tourism Authority (ZTA) has received a “substantive amount of money” from the government to fund this year’s Sanganai/Hlanganani World Tourism Expo and pay all debts incurred in previous editions. Speaking at a media briefing in Harare yesterday, ZTA chief executive officer Karikoga Kaseke said hosting the expo required not less than $3 million, but given the current operating conditions in the country the expo would require between $1 million to $1,2 million including the contribution from the tourism sector. The tourism sector last year contributed $470 000 for Sanganai/ Hlanganani Expo. “The Zimbabwe Tourism Authority would like to inform its esteemed tourism partners, stakeholders and the nation at large, that Sanganai/Hlanganani World Tourism Expo 2017 preparations have been resumed. This is despite our previously announced possibility of cancelling the event due to lack of funding,” Kaseke said.
[Zimbabwe] Delta squeezed: Soft drink imports see group revenue drop
A COMBINATION of soft drink imports, cash shortages and inaccessibility of markets due to heavy rains frustrated Delta Corporation’s operations resulting in reduced revenue in the last quarter and full year to March this year. In a trading update for the period ended March 31, 2017 issued yesterday, Delta Corporation reported group revenue dropped by 15 percent and 10 percent for the quarter and the full year respectively. The giant beverages maker attributed the decline to a number of macro-economic constraints that eroded earnings. “The fourth quarter recorded a particularly depressed volume and revenue outturn. In addition to the constrained aggregate demand, the outturn was impacted negatively by heavy rains that reduced market access and outdoor consumption occasions. “The pronounced shortages of bank notes and limited availability of alternative payment platforms also affected demand,” said Delta.