Wednesday, October 12, 2005

Mugabe robs companies to pay electric bills

LINK
LINK2
The debt ridden Zimbabwe Electricity Supply Authority (ZESA) has paid its arrears with counterparts in South Africa and Mozambique. The power utility is using the money taken from private companies by the Reserve Bank of Zimbabwe to pay up its debt. Experts say although the payments may reduce the power cuts in Zimbabwe the way the money is being sourced is going to sink the economy into deeper crisis. ...The debt ridden Zimbabwe Electricity Supply Authority (ZESA) has paid its arrears with counterparts in South Africa and Mozambique. The power utility is using the money taken from private companies by the Reserve Bank of Zimbabwe to pay up its debt. Experts say although the payments may reduce the power cuts in Zimbabwe the way the money is being sourced is going to sink the economy into deeper crisis.
A leading economist, John Robertson, has warned that there is going to be a build-up of scarcity of commodities and a huge surge of inflation as a result of bad economic policies being implemented by the government.
Robertson said Zimbabwe does have a fairly steady source of export revenue from the mining, tobacco, tea and coffee industries but exporters of these use half of their proceeds for their own requirements and are forced to surrender the other half to the Reserve Bank....

The link2 stuff is to a us right wing web site...in case the articles get pulled off the caches of the press, it can still be accessed...

1 comment:

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