AI-Jane Political, And Economic Forums

Full Version: Zimbabwe has just $217 in the bank
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
Quote:Zimbabwean Finance Minister Says the Country Has Just $217 In The Bank

After paying public workers' salaries last week, the balance in cash-strapped Zimbabwe's government public account stood at just $217, Finance Minister Tendai Biti said Tuesday.
"Last week when we paid civil servants there was $217 (left) in government coffers," Biti told journalists in the capital Harare, claiming some of them had healthier bank balances than the state.
"The government finances are in paralysis state at the present moment. We are failing to meet our targets."
Zimbabwe's economy went into free-fall at the turn of the millennium, after President Robert Mugabe began seizing white-owned farms.
The move demolished investor confidence in the country, paralysed production, prompted international sanctions and scared off tourists.
After more than a decade -- in which the country suffered hyper-inflation of 231 million percent and infrastructure that crumbled as quickly as prices went up -- the situation is now more stable.
But public finances remain a mess and local business battles against unstable electricity supplies, lack of liquidity and high labour costs.
Zimbabwe's government has warned it does not have enough money to fund a constitutional referendum and elections expected this year.
Biti said that left no choice but to ask the donors for cash.
"We will be approaching the international community," he said.
The country's elections agency said it requires $104 million to organise the vote.
Government's national budget for this year stands at $3.8 billion and the economy is projected to grow 5.0 percent.
The mineral rich country is now using the US dollar and the South African rand.
Copyright (2013) AFP. All rights reserved.

The should check its politicians bank accounts as there are probably billions of dollars in them.
Its such a sad thing, because Zimbabwe/Rhodesia was the most affluent country in Africa at one time. It is loaded with natural resources, and so much potential. But this is what Collectivist Marxist Socialism will get you every time.

I wonder when a counter revolution will ever start occurring? And if so, will the new owners come to their senses and try to get the ones who left to return and help straighten things out again?

Oh, and I would really love to see Robert Mugabe's portfolio, what good that will do him at this stage of the game.
It will never be anything more than it is right now. They have dispossessed and drove out most of their white people from power and the economy.

This is what African countries reduce themselves to when left to their own devices.
Barrack's anti-colonial attitude, bolstered with socialism, on display for everyone to see. I wonder if he will ever admit this mistake?
Give the guy a break, he's only first generation out of the jungle.
LOL!!

Oh, Beck made the comment earlier that regarding Zimbabwe, that $217 is only sixteen billion plus dollars more that what is on hand within our government. And he's right too. S13
Yeah. At least they're not in debt--yet.
(01-30-2013, 12:43 PM)John L Wrote: [ -> ]LOL!!

Oh, Beck made the comment earlier that regarding Zimbabwe, that $217 is only sixteen billion plus dollars more that what is on hand within our government. And he's right too. S13

Yes that's what I wanted to say too. +$217 is definetly better than -$16 000 000 000 000.