Tag Archives: Economic Crisis

Mugabe Appeals For Calm Amid Economic Crisis

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  • Zimbabwe President Robert Mugabe has appealed for calm as his government battles to contain a debilitating economic crisis.

The 92-year-old president appeared frail but jovial, struggling with his lines a bit as he delivered a 30-minute State of the Nation address on Tuesday.

He praised the country’s security forces for maintaining order, although critics accuse them of using violence to stifle dissent.

This once prosperous but now economically struggling southern African country is battling cash shortages, high unemployment and company closures.

A new local currency, introduced last week, has failed to end cash shortages, with many people still sleeping outside banks to access their money. The cash crunch has meant that Mugabe’s government has failed to pay its workers on time since June.

Mugabe did not mention these issues in his speech, resulting in murmurs of protest from opposition members of parliament.

He chuckled when one opposition representative asked him to make sure he was reading the correct speech. This followed last year’s embarrassing incident when for his State of the Nation speech Mugabe read the same speech he had delivered just a few weeks before.

Credit: abcnews

Saudi Dumps Islamic Calendar For Gregorian Calendar Due To Economic Crisis

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Oil rich gulf country, Saudi Arabia, has dropped the Islamic Lunar calendar for the Gregorian Calender  for payment of salaries due to the economic crisis it is facing as a result of the fall in oil price.

The Gregorian Calender has at least 11 more salary days than the Islamic Lunar calendar. This will save the Kingdom more money in terms of payment of salaries, according to reports.

 Saudi Arabia, which houses two hoilest Muslim sites, had earlier sacked some 10,000 deputy Imams in efforts to cut costs for the country to be able to survive its economic crisis.

 Oil dependent countries like Nigeria, Venezuela and Saudi Arabia have been thrown into economic crises as a result of fall in oil price.

Credit: dailytrust

Mugabe Booed In Parliament Over Economic Crisis

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Zimbabwe’s veteran President Robert Mugabe was booed and heckled by opposition lawmakers over the deteriorating economy as he gave his state of the nation address to parliament.

Movement for Democratic Change (MDC) lawmakers questioned his economic policies, jeering as the 91-year-old delivered a policy speech which lasted less than half an hour.

He spoke as the UN confirmed earlier estimates that around 1.5 million Zimbabweans or 16 percent of the country’s population will face hunger later this year and need food aid.

When Mugabe — who has been in power since Zimbabwe’s independence from Britain in 1980 — outlined his government’s plan to improve the economy, one lawmaker yelled at him to admit that “you can’t do much about it”.

Mugabe presented a 10-point plan which included boosting agricultural growth, encouraging private sector investment and fighting graft.

“What about job creation?” one opposition member shouted while another accused Mugabe’s government of “corruption”.

Another parliamentarian shouted “if wishes were horses” while his other opposition legislator screamed “you have utterly failed”.

Read More: AFP