The cryptocurrency has soared nearly 60 per cent in value since Trump won the presidential election in early November
cryptocurrency1 hour ago
‘Zimbabwe has taken delivery of 25.7 million litres of fuel worth 15 million dollars (11.7 million euros) under the 50-million-dollar facility which the country recently signed with French bank BNP Paribas,’ the Sunday Mail reported.
National Oil Company of Zimbabwe (Noczim) chief Zvinechimwe Churu told the weekly that 8.5 million litres of petrol and 17.5 million litres of diesel were being brought in from the Mozambican port city of Beira.
‘The product (diesel) is being pumped from Beira and we have already received the full consignment of petrol,’ Churu said.
‘Since the supplies are now in the country, the arrangement is for the public and the private sector to access the product. However, first priority will be given to certain sectors of the economy, especially agriculture, as the country gears up for the forthcoming season.’
In May, Zimbabwe signed a 50-million-dollar loan deal with French bank BNP Paribas to purchase fuel and ease shortages that are threatening to bring the economy to its knees.
Under the deal signed in the capital, Zimbabwe’s Bindura Nickel Corporation (BNC) put up a percentage of its export earnings as a guarantee for the loan.
Zimbabwe requires 40 million dollars a month to meet its fuel demands.
The supply, the first under the deal, was sourced from Independent Petroleum Group of Kuwait, which bagged the tender, Churu said.
Zimbabwe has been struggling with fuel shortages for nearly seven years due to a foreign currency crunch.
The shortages have spawned a burgeoning black market where private importers sell the commodity for as much as double the government-fixed price of 320 Zimbabwe dollars (1.28 US dollars) per litre of diesel and 335 dollars for petrol.
The government blames the shortages on sanctions imposed by the United States and European nations on President Robert Mugabe and his inner circle following presidential elections in 2002 which the opposition said were rigged.
The cryptocurrency has soared nearly 60 per cent in value since Trump won the presidential election in early November
cryptocurrency1 hour ago
Trump is also expected to designate criminal cartels as global terrorists
americas1 hour ago
Beyond AI, emerging technologies such as blockchain, metaverse, Web3, and digital twins are unlocking new opportunities
tech1 hour ago
Wnds will be moderate to fresh from the northwest, with gusts reaching speeds of up to 50kmph at times
weather2 hours ago
The city has outperformed more than 47 cities globally, according to the latest Global Power City Index (GPCI) report issued in Japan
uae2 hours ago
The value of exports and re-exports by chamber members exceeded Dh300 billion for the first time since its establishment
business2 hours ago
The eight-team 50-overs event will be the first global tournament to be held in Pakistan in 28 years
cricket2 hours ago
Over the next 42 days, around 1,900 Palestinians are due to be freed in exchange for 33 Israeli hostages held by Hamas in Gaza
world2 hours ago