People cry of SANCTIONS each time accusing who brought sanctions and more suffering. do you realy know what caused our economy to melt Down these are the reasons why we are in this scenario today its because of Zanu PF and War veterans: READ THE FOLLOWING: In 1997 Zimbabwe came to another major turning point in its turbulent economic and political history. The country was very tense, food riots had broken out and six people were shot by the security forces with live ammunition, veterans of the liberation war were agitating for reparations and threatening action. The State responded with a Z$3,5 billion (US$1 billion) payment to 60 000 veterans and suddenly our relative stability in economic terms was shattered. The local currency crashed to 12:1...This first step was followed in 1998 when the Government committed itself to aid Kabila in his fight in the Congo, dispatching 11 000 troops and heavy fighting equipment to the Congo at a cost of over US$1 million per day. Then, when the ruling Party was nearly defeated by the MDC in the elections in 2000, the State began the systematic destruction of the commercial farming sector in order to neutralize their political influence. They completely underestimated the impact of these measures seeing only the potential for short term gains and easy plunder. Given the nature of the Zimbabwe economy, the action taken against some 4000 white commercial farmers had far reaching economic implications. Other sectors of the economy dependent on commercial agriculture began to contract and the attack on property rights and the rule of law undermined investor confidence. As a direct result Zimbabwe began a dramatic and extended slide into chaos and collapse. Over the next decade the GDP declined from nearly $9 billion in 1997 to US$4,7 billion in 2008. Exports fell by two thirds and income per capita, despite a massive reduction in population due to migration and abnormal deaths, fell to nearly US$1 per day, one of the lowest in the world. What can you say????
Posted on: Mon, 25 Aug 2014 10:12:43 +0000