Amid many questions about the Zimbabwe currency crisis, the 2019 Budget proclaimed that Zimbabwe would continue using the multi-currency system with the US dollar as the currency of reference. Global data and statistics, research and publications, and topics in poverty and development, *Amounts include IBRD and IDA commitments. With the high levels of corruption in Zimbabwe is most likely that these companies will be sold to acolytes, fronts and elites. The support has been bolstered by an exceptional allocation of $72 million from the International Development Association Crisis Window Response for the Zimbabwe Idai Recovery Project, which aims to address the early and medium-term resilient disaster recovery needs of the country’s cyclone-affected people. Companies closure and the slowing down of production in most sectors of the economy has to a decline of trade union membership , those that are still working are earning very low pathetic wages .Most workers are now in the informal sectors such as vending .Factory shells in the light and heavy industrial sites in major cities are deserted . A results-based budgeting Technical Assistance (TA) program ($1.3 million) supports the implementation of program-based budgeting across all central government line ministries. Latest news headlines from Zimbabwe Situation, Source: Zimbabwe economic outlook: First quarter 2019 | The Herald February 13, 2019.
The opposition MDC Alliance will stage a rally in Harare on August 16th. In the past two decades, various opposition leaders from the MDC party have been consistently calling for and instating on the maintenance of the illegal economic sanctions with the aim of regime change. Agriculture shrank about 15.8% due to cyclone Idai in March 2019, prolonged drought, livestock diseases, and currency shortages reducing the availability of inputs. See where your country ranks. Public Financial Management Enhancement Project ($10 million) to improve financial reporting, internal controls, fiscal transparency and accountability in government finances. With IDA’s help, hundreds of millions of people have escaped poverty—through the creation of jobs, access to clean water, schools, roads, nutrition, electricity, and more. The report admitted that most people are failing to make ends meet, so are poverty levels that are rising very much throughout the year. Water and electricity are in short supply and basic health services close to collapse .The galloping inflation has made the imported food in the shops unaffordable to many. Poverty and unemployment. Economic SituationZimbabwe is in the throes of its economic decay in a decade characterized by acute shortages of cash, medicine, fuel and rolling power cuts of up to 20 hours a day. Following the February 2019 unpegging of the exchange rate from the US dollar and the June 2019 introduction of the new currency—the Zimbabwe dollar —the exchange rate deteriorated from 2.5 Zimbabwe dollars per US dollar in February 2019 to 20 Zimbabwe dollars per US dollar in November 2019. This can be traced back to the end of Robert Mugabe’s kleptocracy. Current circumstances have forced Finance Minister Mthuli Ncube to revise the projected economic growth rate for 2019 from 9.0 per cent to about 3.1 per cent, and even this is unlikely to be achieved thanks to ever-declining confidence from the international community and the high cost of living.
Big companies are being offered several investment incentives under the 2019 national budget, the citizens under distress of the additional 7c and 6.5c per litre of diesel , petrol and paraffin .Implications of the 2c on Intermediated Money Transfer above Zimbabwe $10 are similar . Drought and Climate ChangeZimbabwe is grappling with a nationwide drought that has depleted dams, cut output by hydro power generation at Kariba dam. The authority of the president, Emmerson Mnangagwa, remains weak, and he could lose … Economic Sanctions and the Regime change agenda. But today there may be just six weeks’ worth, reckons Eddie Cross, an opposition MP. The current crisis in Zimbabwe is exacerbated by the disputed 30 July 2018 elections, economic collapse, high prices and cash shortages, high unemployment and public health crisis .The local authorities in major cities are failing to provide adequate clean water to residents even basics such as regular garbage collections. Also in August, Zimbabwe was hit by another wave of protests, which saw the security forces brutally quashing the demonstrations.
Zimbabwe economic morass constitutes one of the biggest threat to ZANU PF continued hold on power .According to the United Nations expert , Hilal Elver, the UN special rapporteur on the right to food , noted that Zimbabwe is on the brink of starvation , the crisis has been compounded by hyperinflation, poverty, natural disasters and economic sanctions. In February it went a step further, allowing banks to trade between the two. Many factories open only for a brief night shift. Will the architectural heritage of Beirut survive the explosion?