Zimbabwe’s Economic Situation Very Difficult Bitcoin is a Safe-Haven

Zimbabwe was once one of Africa’s most promising economies but suffered decades of decline as former President Robert Mugabe pursued policies that included the violent seizure of white-owned commercial farms and money-printing that led to hyperinflation.

Mugabe, 93, resigned on Tuesday after nearly four decades in power following pressure from the military, the ruling ZANU-PF party and the general population.

New ZANU-PF leader Emmerson Mnangagwa is expected to be sworn in as Zimbabwe’s president on Friday.

According to Africanews correspondent, Pindai Dube Mnangagwa ha promised to bring massive investment into the country and hope to return the Southern African Nation to its former position as the food basket of the continent. An essential feature in all the fraud you have learnt about cryptocurrency trading platforms like https://broker.cex.io is that they might have some hidden charges. These charges may get deducted from your account or the profit that you might make. And it is also possible that you will never come to know about this at any stage. But you will be pleasantly surprised to know that this possibility is wholly evicted in the case of bitcoin billionaire auto trading system, there are no hidden charges here.  In the beginning, you must have read that we claimed this software to be excellent for beginners as well. Hence, it is important to go through sites like Cryptobuyer, which has information on buying and selling on reliable sites. This can be contributed by the user-friendly interface of the platform, which makes the users interested in investing their money in the first place. Also, both experienced and inexperienced users have claimed that the software is definitely legitimate and one should not think twice before investing.

Unemployment in Zimbabwe is 90 percent, and People want to see closed industries being reopened and those who lost their jobs returning back to work. Mnangagwa has a lot to do, Dube added.

Zimbabwe has not been able to borrow from international lenders since 1999 when it started defaulting on its debt and has $1.75 billion rand in foreign arrears.

The economic situation in Zimbabwe remains very difficult, Gene Leon, IMF’s mission chief for Zimbabwe said in a statement to Reuters late on Wednesday.

Immediate action is critical to reduce the deficit to a sustainable level, accelerate structural reforms and re-engage with the international community to access much needed financial support.

Leon said Zimbabwe should resolve arrears to the World Bank, African Development Bank and the European Investment Bank, among other reforms, for the IMF to consider future financing request from the country.

He also called on Zimbabwe to implement strong macroeconomic policies and structural reformsto restore fiscal and debt sustainability.

According to the crypto news, bitcoin could be the last hope to save the Zimbabwean economy as the country’s currency plummets amid political chaos, it has been revealed.

The cyber currency bitcoin is considered to be a volatile and highly speculative investment, but for Zimbabweans, it offers protection from the onset of hyperinflation and financial implosion.

As banks deposits lose value almost by the day, people are turning to bitcoin while others are using the currency to fund family members abroad.

About the author

An anchor with CNBC TV18 for almost 4 years. Also co-anchors prime-time market shows like Power Breakfast, Traders only, Markets Mid-day and NSE Closing Bell.