'Zim's only reserves are $500 000 of gold coins'

2014-03-06 14:43
Finance Minister Patrick Chinamasa. (File, AFP)

Finance Minister Patrick Chinamasa. (File, AFP)

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Cape Town - Zimbabwean Finance Minister Patrick Chinamasa has highlighted the parlous state of the country’s finances, revealing Zimbabwe’s reserves would only be enough to buy 1 400 tons of maize, according to a report.

Chinamasa said the country was holding gold coins valued at $501 390, The Telegraph said.

Zimbabwe’s economy, which has slowed to 4% to 6% growth after four years of near-double digit growth, is the biggest challenge to veteran President Robert Mugabe, who was re-elected last July in elections disputed by the opposition, the report said.

Zimbabwe is struggling to grow its economy with its own meagre resources after it was shunned by traditional Western donors over a decade ago.

Read more on:    robert mugabe  |  patrick chinamasa  |  zimbabwe  |  southern africa

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