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Finance Minister of Zimbabwe Says the Country Has Only $217 in the Bank

It’s unthinkable that a country would have less money in its bank account than the average American, but that’s the story that MugabeZimbabwe officials are telling. After paying public workers’ salaries at the end of the week, the Zimbabwe government’s bank account had a balance of just $217, Finance Minister Tendai Biti said Tuesday.

“Last week when we paid civil servants there was $217 (left) in government coffers,” Biti told journalists in the capital Harare. He continued, saying that some of the reporters probably had more money than the government.


“The government finances are in paralysis state at the present moment. We are failing to meet our targets” he said.

In this situation, failing to meet targets seems a gross understatement. Zimbabwe’s ¬†government has been in a tailspin ever since President Mugabe began seizing land from white owned farmers. That decision by Mugabe left investors fleeing the country and resulted in international sanctions.

It has been over a decade since Mugabe began that policy, and although the country is more stable, it still is not an economic  environment that investors view as having potential for growth.

Zimbabwe has endured hyperinflation and turmoil since Mugabe’s decision threw the country into chaos. Now, Biti says, he has no choice but to go and beg the international community for cash.

“We will be approaching the international community,” he said.

Zimbabwe is a mineral rich country which has a national budget of $3.8 billion.

 

 

 

11 Responses to Finance Minister of Zimbabwe Says the Country Has Only $217 in the Bank

  1. Ram Goda

    January 31, 2013 at 9:34 am

    It high time Africans and their White brothers start understanding history correctly. It was the land factor which recruited many sons and daughters of Zimbabwe to fight the Apartheid regime of Smith.
    I can do business with the white Zim BUT not with the architecture of land grabbing in Zimbabwe. Today its Zimbabwe next time you will hear them talking of South Africa as a fail state, the moment the land issue come into light. Let sons and daughters of the continent join hands together with their brother and sisters.

  2. Ram Goda

    January 31, 2013 at 9:34 am

    It high time Africans and their White brothers start understanding history correctly. It was the land factor which recruited many sons and daughters of Zimbabwe to fight the Apartheid regime of Smith.
    I can do business with the white Zim BUT not with the architecture of land grabbing in Zimbabwe. Today its Zimbabwe next time you will hear them talking of South Africa as a fail state, the moment the land issue come into light. Let sons and daughters of the continent join hands together with their brother and sisters.

  3. Barbara

    January 30, 2013 at 7:32 pm

    These sanctions were placed on Zimbabwe for the sole purpose of strangling them back into submission so the Europeans can continue to exploit that mineral rich country.

    Whites always say that Black Africans can’t even feed themselves. What they fail to say is: Africans were alive when Whites arrived there. Obviously, Africans had to know how to feed themselves in order to be alive upon the White arrival!!

  4. me112233

    January 30, 2013 at 5:25 pm

    The “white farmers” were the backbone of Zimbabwe’s economy. There were no commercially successful farms before they showed up. The white men made the farms profitable, employed many non-whites, paid taxes, spent money in the communities, and so on. Then one day, their racist president took the white farmers’ farms away from them, and gave the farms to black people who had no idea how to make it all work. Zimbabwe is now a shambles. Their currency is the butt of jokes the world over. I mean, where else on the planet can you take a $100 trillion dollar bill to the bus station, and be refused a ticket to get across town. This racist action against whites would be comparable to cancelling all the pro sports contracts of black people, and giving them to white people who never played after high school. The pro sports franchises would collapse soon after, and the product the fans get would be far less than it is now. There wouldn’t be enough money to keep the system going, and EVERYBODY — black white purple and green — loses.

    Racism is NEVER good. We so often only think of racism as something that white people do to black people, but it isn’t so.

    • Andrea

      January 30, 2013 at 6:00 pm

      Lets look at the entire history instead of calling the situation racist. Europe went into Africa and raped and pillage the mother of civilation. What the whites did to this country was nothing but atrocity. What you put out there comes back to you. When these atrocities were being committed did you acknowledge. Remember the whites stole what they had. You can call it what you want the people was claiming was their land. This is your history murder,mutilation,rape,thievery and extermination which was commited around the world. This is not my opinion but fact.

    • Rameses

      January 30, 2013 at 7:11 pm

      what had happened cannot be changed. You cannot twist history. So if you do not know it go back to read it.
      Ever know how Zimbabwe came to existence? Do you know how many thousands Black African died for Mugabe to become President?
      Where in the world do you have “white farmers” occupying other peoples land.
      The white farmers had business running because their products are bought by their white relatives while they have sanctions against the blacks. If this is no racism.
      But man which country in Africa has more money than Zimbabwe today?
      But they did not sack any white farmers!

    • Rameses

      January 30, 2013 at 7:11 pm

      what had happened cannot be changed. You cannot twist history. So if you do not know it go back to read it.
      Ever know how Zimbabwe came to existence? Do you know how many thousands Black African died for Mugabe to become President?
      Where in the world do you have “white farmers” occupying other peoples land.
      The white farmers had business running because their products are bought by their white relatives while they have sanctions against the blacks. If this is no racism.
      But man which country in Africa has more money than Zimbabwe today?
      But they did not sack any “white farmers” either!

    • Onesilverbac

      January 30, 2013 at 9:22 pm

      If Mugabe was not such a fool, he would head the riches country on the continent. He could have slowly purchased the land from the whites and and made the transitioned over 30-40 years. he sold and killed when the blacks could not even drive a tractor! now 30 years later he and the country have nothing!

      Where or what happen to the aid money??

    • Onesilverbac

      January 30, 2013 at 9:25 pm

      If Mugabe was not such a fool, he would head the riches country on the continent. He could have slowly purchased the land from the whites and and made the transitioned over 30-40 years. he stole and killed when the blacks could not even drive a tractor to till the fields! Now 30 years later he and the country have nothing!

      Where or what happen to the aid money??

  5. samori

    January 30, 2013 at 10:52 am

    And the pillage and pilfering of Africa is now in full effect. You can gaurantee the U.S. will be over there cutting deals. The U.S. is in Africa in the form of gov’t approved private contractors to extract gold to pay off debt to china and bring back gild backing to the american dollar which has been overprinted and devalued. Sleep if you want to. Ask yourself this….. What foreign countries are in the U.S. extracting gold, minerals, and other resources and what countries have drones flying in the U.S. to conduct surveillance? None!

    • Andrea

      January 30, 2013 at 6:03 pm

      You are 100% accurate; there is something call AFRICOM.