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05-26-2009, 07:13 PM #1
Inflation in Zimbabwe: U cant Imagine
231 million per cent inflation: Zimbabwe dumps currency
Zimbabwe is seeking to prop up its ailing economy with foreign currency, as the United Nations warned that more than half the population needs emergency food aid.
Grim estimates show that Zimbabwe's humanitarian situation is worse than anticipated with just 6 per cent of the population employed, while nearly 7 million need emergency aid, UN agencies said.
The latest stark illustration of the once-vibrant economy's collapse came hours before acting Finance Minister Patrick Chinamasa announced that Zimbabweans can now legally use foreign currencies alongside the Zimbabwe dollar.
"These currencies include the South African rand, the United States dollar, Botswana pula, euro, pound sterling among others," he said, acknowledging the country's long-established parallel forex economy.
Chinamasa was presenting a 66,500,000,000,000,000,000-Zimbabwean dollar ($3 billion) government budget in both foreign currency and the local unit, amid world-record hyperinflation last officially set at 231 million per cent.
Fees at state institutions such as hospitals and tertiary education facilities were listed in US dollars, while the country's power, water and state-run fuel utilities will also charge money in forex.
A hospital visit for an adult will cost $US8 and a term at medicine school will cost $US1800.
The country's financial ruin has added to the chronic hunger and a runaway cholera epidemic, which has killed more than 3000, faced by ordinary Zimbabweans.
Southern African leaders see a unity government as the best chance to rescue Zimbabwe and are pushing for President Robert Mugabe and rival Morgan Tsvangirai to share power by mid-February.
But the opposition has yet to decide if it will join Mugabe, who has ruled Zimbabwe since independence from Britain in 1980.
Speaking on the sidelines of the World Economic Forum in Davos, Kenyan Prime Minister Raila Odinga suggested on Thursday that the "dinosaur" 84-year-old should be offered a "golden handshake" to leave office.
He criticised fellow African leaders without the courage to tell Mugabe to leave and said the world should tell him "the time to go is now, we are ready to give you a golden handshake if you will quit".
Mugabe's reputation has plummeted from an African liberation hero to a despot, who has ruined his once-prosperous country.
In June the World Food Program estimated that 5.1 million Zimbabweans would need aid by this month, but the actual figure was 35 per cent higher.
"The economic situation has worsened more dramatically than we had anticipated," WFP regional spokesman Richard Lee said.
The agency is being forced to halve cereal rations given to hungry Zimbabweans so that all in need can receive aid, with food aid being distributed in every district in the country, he added.
The UN's Office for the Co-ordination of Humanitarian Affairs also said on Thursday that, out of the country's 12 million people, only 480,000 have formal jobs, down from 3.6 million in 2003.
"At close of 2008, only 6 per cent of the population was formally employed, down from 30 per cent in 2003," the agency said.
Zimbabwe's economy has shrunk by more than 45 per cent over the past five years, leaving half of Zimbabwe's urban population relying on remittances from friends and family overseas, the report said.
Feuding political rivals Mugabe and Tsvangirai have failed to agree on a power-sharing deal signed six months ago, after disputed elections last March in which the veteran leader suffered his first loss at the polls.
05-26-2009, 07:42 PM #2
omgggg thts horribleeeee
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αм ι тнє σηє αη∂ σηℓу?
¢υz уσυ'яє тнє σηℓу σηє
ιт ƒєℓт ѕσ ℓσηg αη∂ ℓσηℓєу
ωαιтιηg ƒσя уσυ тσ ¢σмє
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05-26-2009, 08:35 PM #3
wow i wonder wat they r gonna do abt thr economy now...
05-26-2009, 08:47 PM #4
damn i can just 50$ wid me to zimbabwe nd i can live like a champ
05-27-2009, 01:10 AM #5
05-27-2009, 02:25 AM #6
- Join Date
- Mar 2008
repostsorry dude .... Hash
05-27-2009, 07:40 AM #7