Maravi

(NEWZIMBABWE) Diamonds to boost US$3.4bln budget: Biti

Diamonds to boost US$3.4bln budget: Biti
05/11/2011 00:00:00
by Business Reporter

FINANCE Minister Tendai Biti has said initial budget projections of US$3.4 billion will have to be revised to take into account proceeds from diamond sales after the Kimberly Process approved the export of gems from Marange.

“Our budget is worth US$3.4 billion. We have based this on the anticipated revenue. We had not factored in the diamond revenue that will increase following the decision by the KP,” Biti said while discussing his 2012 national budget in Harare last Thursday.

“I will engage with the Ministry of Mines and Mining Development because I am seriously considering increasing the Budget to factor in the KP decision.”

Last week, Kimberley Process experts meeting in the Democratic Republic of Congo (DRC) agreed to allow Zimbabwe to sell diamonds from the Marange fields in the eastern Manicaland province.

Zimbabwe, which has denied allegations of human rights abuses in the area, had been under sanctions since 2009 because of "significant noncompliance."

The KP decision allows all diamonds from the area to be sold with the country understood have stockpiled some 4.5 million stones valued at around $2 billion.

Mines Minister Obert Mpofu welcomed the development and insisted Zimbabwe would no longer need to beg for international assistance.

"We are going to shock the world. We are going to unleash our worthiness," Mpofu told reporters in Harare.

"Zimbabwe will no longer be begging for anything from anybody."

Labels: 2011 BUDGET (ZIMBABWE), DIAMONDS, KIMBERLEY PROCESS, OBERT MPOFU, TENDAI BITI

posted by MrK @ 9:27 AM