Zimbabwe: Government Lacks Fiscal Credibility

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ZIMBABWE'S government has recurrently acknowledged its fiscus is bankrupt. Such an admission was made by the Minister of Finance, Patrick Chinamasa, when he presented his 2014 Budget to parliament last December.

Zimbabwe has accumulated external debt of over US$6 billion, over and above considerable internal debt. That internal debt includes arrear salaries and wages due to civil servants, indebtedness to parastatals and to innumerable private sector enterprises.

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