Zimbabwe is left with only $217 in the bank

Only $217 was left in the coffers of Zimbabwe’s government after it paid the salaries of its public servants. Zimbabwe’s Finance Minister revealed this to explain the difficulty the current government is facing to fund the forthcoming constitutional referendum and polls. The country needs around $104 million to organize the vote.

The economy took the plunge at the turn of the millennium, after President Robert Mugabe began seizing white-owned farms. The move crushed investor confidence, paralyzed production, attracted sanctions and daunted tourists.

The government’s national budget for this year stands at $3.8 billion and the economy is projected to grow 5%. The mineral rich country is now using the U.S. dollar and the South African rand.

Zimbabwe went through a decade hyper-inflation of 231 million% and infrastructure that collapsed as quickly as prices surged. Its condition is now relatively stable. But the problem with finances still prevails and local business battles against unstable electricity supplies, lack of liquidity and high labor costs.

Month: Categories: International


Czech elects Milos Zeman as its President

Milos Zeman has won presidential poll of Czech Republic by his defeating opponent Foreign Minister Karel Schwarzenberg. Mr Zeman will replace current president Vaclav Klaus, who completes his term in March,2013 after his 10 years regime.

Mr. Zeman is the supporter of further integration of the European Union.

Month: Categories: InternationalPersons in News