Please enter your login details

You can also sign in with your Sowetan LIVE
and Sport LIVE account details.
   Sign Up   Forgot password?

Sign in with:

 
  • All Share : 41413.44
    UNCHANGED0.00%
    Top 40 : 3353.49
    UNCHANGED0.00%
    Financial 15 : 12096.10
    UNCHANGED0.00%
    Industrial 25 : 47171.07
    UNCHANGED0.00%

  • ZAR/USD : 9.4046
    UP 0.05%
    ZAR/GBP : 14.2711
    UP 0.34%
    ZAR/EUR : 12.0825
    UP 1.94%
    ZAR/JPY : 0.0910
    UP 0.13%
    ZAR/AUD : 9.1437
    UP 0.13%

  • Gold : 1360.1000
    UP 0.37%
    Platinum : 1455.0000
    UP 0.28%
    Silver : 22.2600
    UP 0.16%
    Palladium : 738.5000
    UP 0.61%
    Brent Crude Oil : 104.640
    UNCHANGED0.00%

  • All data is delayed by 15 min. Data supplied by I-Net Bridge
    Hover cursor over this ticker to pause.

Sun May 19 02:15:53 SAST 2013

Zim has $217 in the bank

Sapa-AFP, Reuters | 31 January, 2013 00:01
Tendai Biti. File photo.

After paying its civil servants' salaries last week, the balance in the cash-strapped Zimbabwe government's public account stood at just $217, Finance Minister Tendai Biti has disclosed.

"Last week, when we paid civil servants, there was $217 [left] in government coffers," Biti told journalists in Harare on Tuesday, claiming some of the reporters had healthier bank balances than the state.

After more than a decade - during which the country suffered from hyperinflation of 231000000% and infrastructure that crumbled as quickly as prices went up - the situation is now at least stable.

But public finances remain a mess and local business battles against unreliable electricity supplies, lack of liquidity and high labour costs.

The government has warned that it does not have enough money to fund a constitutional referendum and elections that were expected this year.

Biti said that left the government no choice but to ask donors for cash.

The country's elections agency said it needs $104-million to organise the vote. The government's national budget for this year stands at $3.8-billion and the economy is projected to grow by 5%.

Zimbabwean police are investigating charges that five Zanu-PF officials fleeced two diamond mining companies out of $750000.

President Robert Mugabe ordered the police to investigate the officials last week.

They face expulsion from his party.

Political observers say the allegations against the five will be a litmus test for Mugabe and Zanu-PF, which is widely seen as turning a blind eye to the illegal wealth amassed by its political elite, especially in the Marange diamond fields.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.

RSA.MommaCyndi

Posted 107 days ago
Avatar
Well ask Mad Bob for a loan - we're broke!

Mike123

Posted 107 days ago
Avatar
See your future, after another 15 years of ANC "rule."

sistachick

Posted 107 days ago
Avatar
Not so surprising - there were successful businesses in Zimbabwe, but Bob decided that he wants 50% so therefore where did the profits go? What about the successful mines - same thing and the farms same thing - so it follows that what was once successful and generating capital and taxes is now not - so who do you point fingers at, right Bob and his cronies - so go ask them for a loan. You have no one else to blam but yourselves.
Avatar

shelatt

Posted 107 days ago
It is almost like they want to go back to subsistence farming where the feudal system suits the chiefs down to the ground. This Western style of living is just not for the African people. They seemed to do OK for hundreds of years before the settlers arrived. The population was controlled by wars, disease and a harsh (in civilized terms) justice system. The landscape would look very much the same today as it was 300 years ago. Imagine that clean air with no smog to hide the stars. Utopia!!!

PaulBobs

Posted 107 days ago
Avatar
C'mon Bob, give it back

Stirrer

Posted 107 days ago
Avatar
231 million percent inflation?
What the hell......

Mzungu

Posted 107 days ago
Avatar
Europe and USA are broke and have no money for fancy Bobb.

Nice !

Independance plus 40years equals total collapse. Proven over and over again in Africa.

Maybe Bob-b must beat his slaves harder?

Wiseguy

Posted 107 days ago
Avatar
Another perfect example of why the bad governance model of governing of the people, by the leaders, for the LEADERS just fails over and over and over!

Mugabe, you score a -Z on your score card!
Avatar

Duzula

Posted 107 days ago
But do you believe that the hole Government can be left with only that amount

Wiseguy

Posted 107 days ago
Avatar
@Duzula, Biti is the finance minister, I see no reason to disbelieve him?
I also believe, like any other despotic dicktators in this world, Mugabe and his inner cirle have stashed billions and billions away overseas! It is up to the good people of Zimbabwe to get that money back from him, his family and the other members of his inner circle! It would be an excellent project for the AU to undertake.....in the name of good clean accountable governance on our continent! It would also help bury for once and all the negative impression of Africa as a region!

shelatt

Posted 107 days ago
Avatar
Please someone go lookup old articles and also collect all new stories on Zim and keep them till next year. When we start the slide into Zim style economics you must then publish them for all those naysayers to see and squirm.
On the positive side, by that time Bob will be dead and Zim will have started to get back to normality and would be a good place to emigrate to as their growth will attract huge investments.

staren

Posted 107 days ago
Avatar
Well it was only a matter of time - you cant "nationalise" the farms, run the economy into the ground, chase away foreign investment and still expect the country to remain afloat...