Zimbabwe’s economic crisis ‘troubles Zanu-PF’

via Economic crisis ‘troubles Zanu-PF’ | News24 2014-05-14

The Zimbabwean government is reportedly set to launch a new economic strategy to halt a slide into a deeper economic crisis.

According to the Daily News, officials within the ruling Zanu-PF said the party would aim at attracting foreign direct investment and subsequently the expansion of production capacities in the industrial sector.

This comes a few weeks after the country’s finance minister Patrick Chinamasa admitted Zimbabwe was faced with grave economic challenges and alluded to the fact that there was need for foreign direct investment.

According to Xinhua, Chinamasa said Zimbabwe will not enforce policies that might cause confrontation with foreign investors.

High unemployment levels

Chinamasa was quoted as saying Zimbabwe was too small to pursue a policy of confrontation, adding that the country would look for mutually beneficial economic relationships.

The country’s new central bank chief also recently said Zimbabwe’s economy was weakening and the bank did not have the tools to fix it.

John Mangudya was quoted by an AFP report as saying the past three years had been tough for the economy and for many Zimbabweans. 

Zimbabwe is saddled with high unemployment levels and a dearth of foreign investment.

Many companies have closed down and those still operating are often unable to pay each other for services or meet loan commitments to banks. At the same time the tax base is narrowing and tax revenues plummeting, said the report.

 

COMMENTS

WORDPRESS: 23
  • comment-avatar
    ngungu 7 years ago

    Invest in Zimbabwe where your investment can undergo several options a)it can be changed to Zim$ any minute b) if deemed successful, it can be given to politicians at 51% c) it your returns can be raided by the Reserve Bank, and should you try the legal route for redress, d) judges will be lined up for you like Chinembiri Mabhunu and Chidyausiku. Don’t say you were not warned.

    • comment-avatar
      Roving Ambassador 7 years ago

      Right on brother. Do I sense desperation?
      ZANU ,its getting too hot. Brace up for the crash landing. Are we going to see some jump ship?

    • comment-avatar
      Mseyamwa 7 years ago

      Wrong headline, must be changed to, ‘ZANU PF troubles Zim economy’.

  • comment-avatar
    goffrey c 7 years ago

    Where Ruwa? This is what we have been saying for the past 5 years and people like Ruwa have been castigating us now the dice have been cast what do u say now?

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    Johann 7 years ago

    There were many foreign investors in the agricultural sector who were victims of ignored BIPA agreements. Now how does a potential Foreign Direct Investor see his chances of being successful in a country that is vastly more challenging before the fast track land reform with the same crew governing. Nope the only people who might be successful in this environment is the Mafiosi.

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    nyoni 7 years ago

    Feeling the pressure Zanu. The world does not revolve around you only. The problem you have is you believe you defeated the whole world so the world owes you. Pah wake up to yourselves before it is to late. Maybe it is already for my poor suffering country. NO THANKS TO YOU ZANU.

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    Chaka 7 years ago

    51% is scary.

  • comment-avatar
    Isu Zvedu 7 years ago

    No. Zimbabwe is not broke. Zanu PF is lying and shading crocodile tears. Why do people forget so quickly and so easily? Its Mugabe’s tactic to stifle and then provide by buying loyalty. Soon you will see him lashing out against the west. He’s only waiting for a day at Hero’s Acre. Media wants to paint a gloomy picture to please the suffering and hope that its about to get worse before it gets better. Since when have we been told its worst? Its like how the oldman is said to be ill and flying to Singapore for medical check up when in reality he is simply visiting his bank. Zimbos wake up!

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    John Thomas 7 years ago

    ZANU does not need to be troubled. They can go.

  • comment-avatar
    Justice 7 years ago

    According to Xinhua, Chinamasa said Zimbabwe will not enforce policies that might cause confrontation with foreign investors.

    By being racist and calling it a win/win when local whites are divested of their investments the world can see their spots, and noone will come running to invest.
    Kick them out AND LOCK THEM UP!

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    Any money invested in zimbabwe will be diverted to salaries for the civil service and then they will create jobs by employing more civil servants.No funds to the private sector.!!!!!!

  • comment-avatar

    Well said Ngungu. There is a lot of current political rhetoric about backing off indigenisation, but until they actually amend the statutes to reflect their ‘new’ thinking, any new investor still risks loosing 51% of their investment and ending up with a member of the ZPF mafia as a major partner. Ask all the shop owners in Borrowdale Village who last week all had compliance visits from the thugs representing the indigenisation ministry.

  • comment-avatar

    Bhora mughedi roponjera imomo!!

  • comment-avatar

    These guys are simple minded children. What is it with such an educated population like Zimbabwe, travel overseas and they seem to flourish, stay at home and all they come up is get rich schemes without an honest days labour. Create new laws so they can take from others at will and say “Ah but that is the LAW”. Thank that by stealing from a small minority section of the populous the world will not pay attention. Come on Zimbabweans wake up and take a look at yourselves, you are all guilty as you voted this lot back in!!! Those that say they didn’t or blame NIKUV are fooling themselves, they did nothing and will do nothing.

  • comment-avatar

    Its called “God’s judgment.” Are we too dense to see this?

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    Straight Shooter 7 years ago

    “Zimbabwe is too small to pursue a policy of confrontation….”

    Well, it has taken you gukurahundis 34 years to realise this? what a dull and foolish bunch.

    You were long told and warned about this but you thought you were clever. Since the days of the Front Line States and the then SADCC, you have continued displaying this foolish pride and arrogance – today we are all paying a heavy prize.

    Today Zimbabweans are not the most liked people on the continent of Africa; especially in the Southern Africa – all because of you. You taught them and infused into them this stupid arrogance of “TAKADZIDZA”!!

    Now look at the mess!!

  • comment-avatar
    protestor 7 years ago

    W

  • comment-avatar
    protestor 7 years ago

    We are getting what we deserve we voted for this hapana chekuchema

  • comment-avatar
    Gandanga 7 years ago

    Heeee takadzidza, here literacy rate is high! Tirimbongoro dzevanhu! Pasi nehumbwende! Zimbabweans lets define our destiny! Gushungo aramba ku piñza musitiira! Chematama Anoona!

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    Kondo 7 years ago

    ZANU(PF) is NOT dull. They know their policies kill the economy but they don’t care. All they want is to take ownership of what is there. Anything else will follow. Of course this benefits them. So those of us who think this makes us to suffer must know what to do and at the right time!

  • comment-avatar
    Straight Shooter 7 years ago

    In real life; if you can not do the job, just get and let those who can, do it. ZANU PF will never understand this!

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    She Observer 7 years ago

    Despite bragging about their hollow manifesto, before they throw parties to celebrate their Nikuv landslide victory, the Jurassic party has started implementing the MDC-T’s economic policies. They want to go further and publicly announce cooperation with the MDC rebels in a disguised national cooperation to get acceptance, legitimacy and attract international support. We knew nothing would come from the diesel cabinet. Hope they will cancel the indigenise on the Chinese donated campaign gear.

  • comment-avatar

    Chidembo tambatamba muswe takabata