Zimbabwe: Fiscally sound as a teenage girl

zimbabwe money

At one point last week, the African nation of Zimbabwe had just $217 left in its public coffers.

Welcome to the club, guys; I feel your pain.

The Atlantic eloquently summed up the country financial situation: “Zimbabwe, the country that’s home to some of the world’s largest plutonium and diamond reserves, literally has the same financial standing as a 14-year-old girl after a really good birthday party.”

Zimbabwe’s Finance Minister Tendai Biti admitted that Tuesday when he said his nation had all but depleted its financial reserves after paying civil servants last Thursday.

By the following day, though, some $30 million of revenue had flowed in the country’s accounts, he told journalists in the capital city of Harare.

Biti has been struggling to balance the nation’s budget, which is hampered by a low tax base, an underperforming economy and public sector wages which take up 73 percent of the total budget, according to the publication New Zimbabwe (look for it at your newsstand).

“We’re in a challenging position, we’re a small economy and we’ve got huge things to be done …” Biti told the BBC.

Continue reading