Zimbabwe News and Internet Radio

‘Mnangagwa giving masterclass in economic stupidity and corruption’

Renowned American economist Steve Hanke has said President Emmerson Mnangagwa is “giving a masterclass in economic stupidity and corruption” as his government struggles to address the economic and financial crisis facing Zimbabwe.

Hanke, an expert in global inflation analysis said the exchange rate volatility in the Southern African Country was worsening, now trading at US$1:ZWL610.

He said inflation in Zimbabwe is at 284.6%, the highest in the world. In his Currency Watch list, Zimbabwe took the 2nd place of the countries with the highest depreciating currency against the USD by 96,28%.

“In Zimbabwe, the Zimbabwean dollar has plunged to a 6-year low in the parallel market. According to my sources, the black market FX rate today is 610 ZWD/USD. President Mnangagwa is giving a masterclass in economic stupidity and corruption,” he said.

This comes at a time when the civil servants have registered that they are incapacitated to go to work. They are striking in demand for US$ salaries.

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In a statement on Sunday, members of the Federation of Zimbabwe Educators’ Unions (FOZEU) announced that teachers would not be able to go to work.

“This note serves to confirm that members of the Federation of Zimbabwe Educators’ Unions (FOZEU), namely ARTUZ (Amalgamated Rural Teachers Union of Zimbabwe), EUZ (Educators Union of Zimbabwe), PEUZ (Progressive Educators Union of Zimbabwe) and PTUZ (Progressive Teachers Union of Zimbabwe) will not be able to report for work starting from 20 June to 24 June 2022,” read the statement.

“It is clear from the outcome of the National Joint Negotiating Council (NJNC) held on 17 June 2022 that the government is not serious about the welfare of civil servants.

“We cannot continue to be an embarrassment in our community as a result of the poverty that the government believes should remain a part of our working lives.

“We demand that within the week in which our members will not be reporting for work, the government should take the time to address our grievances with the seriousness they deserve so that the term can proceed in peace.”

Nehanda Radio also understands that Zimbabwean public health professionals on Monday went on a strike as they push for better salaries rendered worthless by runaway inflation.