Zim determined to revive economy

Zimbabwe's new government pledged on Thursday to re-engage international lenders, curb spending and attract investors to revive its battered economy.

In the first budget since last month's removal of Robert Mugabe, Finance Minister Patrick Chinamasa said the government would amend indigenisation laws, limiting a 51% local ownership requirement to only the platinum and diamond sectors.

The laws were designed to increase black Zimbabweans' share of the economy but were opaque and open to abuse.

To cut a budget deficit projected at more than 10% of GDP this year, Chinamasa said the government would retire all civil servants aged over 65 and close some diplomatic missions.

Government spending ballooned under Mugabe with more than 90% of the budget going on public servant salaries.