Zimbabwe Low on Cash with only $217 in the Bank

January 30, 2013 • Commentary • by
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It’s not often that many Americans can equate themselves with foreign nations, but when it comes to finances, some might be surprised to find they’ve got more saved up than the Republic of Zimbabwe. Finance Minister Tendai Biti reports that after paying public workers, “there was $217 in government coffers,” AFP reported.

After the year 2000, Zimbabwe’s economy turned into a free-fall due to scared investors, stunted production, and minimal to no tourism. In the last ten years, Zimbabwe has experienced hyper-inflation to the tune of 231 million percent. You’d be surprised to find that now, with only $217 in the government coffers, the situation is actually much better than it was at the beginning of the millenium. The economy is expected to expand five percent this year, but due to extensive corruption and tax evasion the government simply has insufficient funds.

Zimbabwe is looking to hold an election this year but with limited cash, it doesn’t seem likely they will be able to put together the $104 million for the election to take place. In a country that has been ruled by the autocratic Robert Mugabe for 33 years and has a 95 percent unemployment rate, it doesn’t seem like a change is going to come. But we hope it does. Soon.

Attribution

Quartz

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