Standard Chartered Bank is considering the financing of a $262m (£206m) package to bail out President Robert Mugabe’s cash-strapped government. Bretton Woods institutions − including the World Bank (WB), the International Monetary Fund (IMF) and African Development Bank (ADB) − suspended their financial assistance to Zimbabwe in 1999 when the […]
Zimbabwe President Robert Mugabe has appealed for calm as his government battles to contain a debilitating economic crisis. The 92-year-old president appeared frail but jovial, struggling with his lines a bit as he delivered a 30-minute State of the Nation address on Tuesday. He praised the country’s security forces for […]
Within five days of issuing a new currency in Zimbabwe, the cash ran out at commercial banks in many parts of the country. Last week Zimbabwe’s central bank released about $12 million of new cash, known as bond notes, and this money is supposed to have the same value as […]
It was still not clear on Tuesday whether the introduction of a new currency, bond notes, would stave off the collapse of Zimbabwe’s fragile economy. Zimbabwe is so short of cash it cannot afford many key imports, and civil servants have been paid late every month so far this year. […]
