Zanu PF in the red as it posts Z$15.5 Billion loss (Zimbabwe)

CFP ^ | December 16, 2004 | Zimdaily

[MikeEdwards]

HARARE - The ruling Zanu PF is currently reeling from a severe financial emergency, Zimdaily heard this week.Whilst the party generally commands huge state and non-state resources, it currently is reeling from a severe financial crisis.

Documents obtained by Zimdaily reveal that the ruling party is in dire straits because its companies, which used to be a major source of income, are performing badly due to a combination of gross mismanagement, corruption and incompetence. The ruling party recently made a whopping $15.5 billion loss, underlining the poor performance of its vast business empire.

Its accumulated deficit since 2000 is about $17.06 billion. The party now wants to raise money through dinners, raffle draws, soccer matches, music shows and membership fees and subscriptions to reduce the deficit.

Early this month Zanu PF failed to raise $20 billion for its congress. It only managed to raise $16,36 billion. This year the party had raised $158,1 million from membership fees and subscriptions. Donations and proceeds from fund-raising activities had generated $15,9 billion. However, the money was spent on events such as the Youth Congress in July ($1,4 billion) and the Women Congress in September ($2,6 billion) and the main congress.

Last year Zanu PF also failed to raise $2,1 billion for its Masvingo conference in December. It only managed to raise $1,2 billion from "donations" which in actual fact included extortions from private companies. . . . .

[Publius6961]

Didn't there use to be a very beautiful and successful country in the neighborhoo? Name of Rhodesia, as I recall...

[Uncle Fud]

No problem, really --

Considering the inflation rate in Zim over the last few years, Z$15.5B probably equates to about US$four dollars and ninety-three cents.

[Clive]

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[happygrl]

Zanu PF is also in deep financial trouble because companies owned by its supporters and well-wishers are also in distress due to the current economic crisis. Its membership subscription fees are so negligible that they do now add much into the party‚s coffers. In the end, Zanu PF is simply in the red at the moment.

Reaping and sowing.