Zanu PF debt balloons to $16 million

Zanu PF’s debt has risen to $16 million amid a skewed funding structure that relies on donations and funding from the government under the Political Parties Finance Act.

Source: Zanu PF debt balloons to $16 million – NewsDay Zimbabwe December 17, 2016

by Elias Mambo

This comes amid reports of declining revenue from its membership fees and subscriptions.

In a central committee report tabled by President Robert Mugabe at the Zanu PF annual conference in Masvingo yesterday, the party said its financial situation was dire.

“The party is struggling to service its loans and overdraft facilities as well as financing its programmes. The department is exploring innovative ways of improving revenue inflows in order to retire its obligations and improve the party’s financial position,” the report reads.

Zanu PF’s poor financial position reflects the state of the country’s economy, where a massive liquidity crunch has seen most Zimbabweans struggling to access their deposits from banks.

The report also shows that in 2016, Zanu PF got $4,5 million from Treasury under the government political parties grant.

It also states that revenue from the sale of membership cards and subscriptions fell by 73% this year.
This year’s conference is being held at a cost of $3,5 million.