Mugabe's cabinet delay 'affecting economy'

2013-09-09 13:00
Zimbabwe's Chief Justice Godfrey Chidyausiku, left, swears in Zimbabwean President Robert Mugabe during his inauguration in Harare. (Tsvangirayi Mukwazhi, AP)

Zimbabwe's Chief Justice Godfrey Chidyausiku, left, swears in Zimbabwean President Robert Mugabe during his inauguration in Harare. (Tsvangirayi Mukwazhi, AP)

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Cape Town – Zimbabwean analysts have criticised President Robert Mugabe’s delay in announcing a new cabinet, saying the development has intensified economic stagnation.

Almost 40 days after winning the 31 July elections, the veteran leader is yet to appoint a new cabinet.

Analysts say Mugabe’s failure to initiate investor-friendly policies as well as announcing a new cabinet has caused apprehension in the economy, Daily News reported.

According to the report, Zimbabwe’s equities market, which plunged 11% immediately after the announcement of election results — its biggest one-day decline since 2009 — has failed to find direction since then as foreign investors are taking a wait-and-see approach.

On Sunday, The Standard reported that the World Bank had expressed concern over the southern African country’s economic future.

The World Bank said the 2014 outlook for Zimbabwe's ailing economy remained increasingly uncertain due to a host of internal and external factors, said the report.

With the country’s economic indicators painting a gloomy picture, analysts say Mugabe’s Zanu-PF party seems more determined to worsen an already messy situation.

Last month Mugabe threatened to expel foreign-owned companies over what he said was the West’s interference in the politics of the country he has led since 1980.

Read more on:    world bank  |  robert mugabe  |  zimbabwe  |  zimbabwe elections 2013  |  southern africa

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