Saturday, September 03, 2005

How to pay debts: Steal the cash


Zimbabwe's central bank took foreign currency from the accounts of private corporations to pay some of its debt to the International Monetary Fund, which has threatened to expel Zimbabwe for failure to pay down its debt.

Central Bank Governor Gideon Gono says Zimbabwe's repayment of $120 million, less than half its debt to the IMF, was drawn from exporters and others with foreign currency reserves.

This week, many exporters say, they found their foreign currency accounts empty. They say they use that money to import spare parts and components for manufacture.

Officials from two foreign-owned banks in Zimbabwe, who insisted on anonymity, confirmed that the Central Bank drew on the foreign currency accounts....


however, not enough was stolen, apparantly....
There go the telephones...

Telkom has pulled the plug on Zimbabwe's telecoms utility Tel*One for failing to honour a $18-million debt (about R501-million), Business Day reported on Friday.

It said the move had thrown Zimbabwe's telecommunications into chaos.

Tel*One spokesperson Phil Chingwaru confirmed Telkom had disconnected Zimbabwe for non-payment.

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