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Breakfree Newsletter - August 2006
Zimbabwe
Coalition on Debt and Development (ZIMCODD)
August, 2006
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Editorial
The
debt burden continues to weigh heavily on Zimbabwe, as it remains one
of the country’s barriers to sustainable development. Between January
2005 and February 2006, Zimbabwe paid a total of US$210,6million to service
its debt to the International Monetary Fund (IMF). This was done at the
backdrop of nation-wide fuel and food shortages, a negative balance in
the foreign currency reserves and a triple digit inflation rate. In social
terms, the current budget system allocates more money to debt servicing
than to health and education. Recourse to domestic borrowing in the face
of drying up of foreign sources has led to a ballooning of the domestic
debt, which currently is pegged at Z$48 trillion.
Meanwhile, our export earnings are negated by unfair global trade practices
and partnerships. Our cotton exports fetch very low prices due to continued
European Union and United States trade distorting subsidies on cotton.
Our exports are impeded by high import tariffs and phytosanitary standards
set by northern governments, northern goods and services are dumped onto
our markets as a condition for aid. Why are we in so much debt? What is
the impact of debt and trade injustices on social and economic development?
How can we break free from this bondage? What is being done to address
these disparities? These are some of the questions we are addressing through
this monthly Newsletter! Enjoy your reading, give us your valued feedback,
and add your voice to the call for social and economic justice!
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