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Zim reels from economic crisis-AFDB

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HARARE


Zimbabwe which is reeling  from economic  implosion, is facing one  of its worst  economic tailor spin ship since  the hyperinflationary  era due  to weakening  commodity  prices  and serious negative impact of drought. AFDB said this is despite a bullish outlook by government whose projections of 6,6 % GDP growth are widely  seen as  baseless and open  in the sky. According to an AFDB internal memo the regional deputies agreed to ring-fence transition support facility pillar II resources for arrears clearance of Somalia, Sudan and Zimbabwe first come and first serve basis. Government adopted dollarization in 2009 after the economy have contracted by nearly 50% between 1998 and 2008.- Zimind

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