Skip to main content

Economic recovery in Zimbabwe ‘still difficult despite Mugabe resignation’


Economic recovery in Zimbabwe is still likely to be difficult even though Robert Mugabe has resigned as president, a research fellow at the Overseas Development Institute has told Public Finance International. 
Mugabe resigned by letter yesterday after 37 years in power following pressure from the public, the army and his party for him to step down. 
The resignation came amid turmoil in the country since the military took over last week in an attempt to root out “criminals” around the president and detained him and the finance minister Ignatius Chombo. 
The former vice president Emmerson Mnangagwa, who was sacked by Mugabe two weeks ago and fled to South Africa, is expected to return to Zimbabwe and be sworn in as the next president on Friday, according to the country’s state broadcaster.  
Judith Tyson, research fellow at the ODI’s international economic development group, said: “There is obviously great optimism for change in Zimbabwe tonight but it is not yet clear whether a reformist government will emerge, and if it does the pathway to economic renewal is still likely to be very difficult.”
She added that the government is “effectively bankrupt” and the economy “has been stripped of jobs”. These were both issues which should be a priority for the new government, she explained. 
“The renewal of international finance and private investment will take a credible reform process to be laid out and implemented,” she said. 
Robert Mugabe was at the age of 93 the world’s oldest leader until his resignation yesterday.
On television last week, the Zimbabwe major general Sibusiso Moyo, chief of staff logistics, said: “We are only targeting criminals around him [Mugabe] who are committing crimes that are causing social and economic suffering in the country in order to bring them to justice”. 
The finance minister was a leading member of the so-called G40 faction of the ruling ZANU-PF party, which is led by Mugabe’s wife Grace.
The military said it expects the situation in Zimbabwe to “return to normalcy”, as soon as its “mission” was accomplished. 

Comments

Post a Comment

Popular posts from this blog

Treasury Bills Quotation

As an OTC securities exchange focused on empowering the Nigerian debt capital market, FMDQ provides an efficient platform for the quotation, valuation and trading of Nigerian Treasury Bills (NTBs). NTBs are short-term Federal Government of Nigeria (FGN) debt instruments maturing in one year or less, sold at a discount and redeemed at par. The FGN, under the authority of the Debt Management Office (DMO), issues Treasury Bills through the Central Bank of Nigeria (CBN), to provide short-term funding for the FGN budget deficit. Through its mission to be credible and innovative in support of the Nigerian economy, FMDQ provides market transparency and global visibility to the quoted NTBs through the FMDQ Bloomberg E-Bond Trading and Surveillance System, the Quotations page on its website and the publication of the FMDQ Daily Quotations List (DQL), promoting credibility for the NTBs and enhancing investor confidence in the instruments. Secondary market liquidity is e...
Post a Comment
Explore more »

Joint IFRS Foundation and MASB 2017 IFRS Regional Conference—Kuala Lumpur

The IFRS Foundation and the Malaysian Accounting Standards Board (MASB) are jointly hosting an IFRS conference at the Hilton Hotel in Kuala Lumpur on Friday 8 September 2017.  This one-day conference will bring together representatives of the International Accounting Standards Board (the Board) who will discuss IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases. The speakers will focus on practical implementation issues and challenges of these new Standards. The conference will also provide unique insight into standard-setting projects and enable participants to hear about financial reporting—directly from the people who set the Standards. Friday 08 September 2017 Starts: 09:00  Ends: 18:00 Hilton Kuala Lumpur Hotel, 3, Jalan Stesen Sentral 5, 50470 Kuala Lumpur, Malaysia Further information Presenters include Board Member Mary Tokar, Director of Education Matt Tilling and Senior Technical Manager Kathryn Donkersley. The speakers will also pro...
Post a Comment
Explore more »

Finance Leadership & Development

  What Do We Mean by Finance Leadership & Development? Finance leadership and development involves ensuring that professional accountants in business—or finance professionals, as they are often called—respond to the continually changing expectations of their organizations, the financial markets, and society. “Professional accountants in business” have diverse roles, and support their organizations in a wide range of job functions at various levels. These include: Leadership/management: chief executive officer (CEO); chief financial officer (CFO)/financial director (FD); chief operating officer; director of governance or operations; treasurer Operational: business unit controller; financial or performance analyst; cost accountant; resources manager; business support manager; systems analyst Management control: business assurance manager; risk manager; compliance manager; internal auditor Accounting and stakeholder communications: group controller; head of reportin...
Post a Comment
Explore more »