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'The economic meltdown in Zimbabwe lies with the Mugabe administration'

20 January 2019 9:54 AM
Tags:
Zimbabwe Economy

'The Zimbabwean economy cannot recover in a short term, and the government is fully aware of that' says Derek Matyzakn.

On January 12, the Zimbabwean president, Emmerson Mnangagwa announced a fuel price hike of over 200% to $3.31 (R45,82) per litre — making the country’s petrol price the highest in the world.

Civilians clashed with police in the capital city of Harare where the Zimbabwe human rights NGO forum says it's recorded 844 human rights violations, including at least 12 deaths.

The Zimbabwe Human Rights Commission has weighed in on the social unrest in the country calling on the government to convene a national dialogue to bring about stability.

The Zimbabwean economy cannot recover in a short term, and the government is fully aware of that. This is the reason why the Zimbabwean government has been desperately seeking infusional cash into the economy to try and stop the situation from developing, and this seems, they have failed in those efforts that resulted in the current situation in the country.

Derek Matyzakn - Senior Researcher with the Institute for Security Studies

The government and the economist are fully aware of the economic meltdown. The reason lies with the Mugabe administration and was exacerbated under the Mnangagwa administration. The government has been running on national budget deficit since 2013, they funded that budget deficit through treasury bills and when those treasury bills came into maturity, the government created money out of nothing.

Derek Matyzakn - Senior Researcher with the Institute for Security Studies

We saw reports of Zimbabwean residents crossing the boarder coming to South Africa to buy fuel and take it back to Zimbabwe.

Click below to listen to the full interview:


This article first appeared on CapeTalk : 'The economic meltdown in Zimbabwe lies with the Mugabe administration'


20 January 2019 9:54 AM
Tags:
Zimbabwe Economy

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