Friday, November 12, 2004

Zimbabwe: ZANU-PF strapped for cash?

According to the Zim Financial Times, ZANU-PF is struggling to raise the Zim$20 billion needed for the party's December congress and the campaigns for the March parliamentary elections.
They [highly placed sources] said the non-participation of traditional sponsors, mainly bankers, most of whom fled the country to escape punishment for alleged economic crimes, had dented ZANU PF's fundraising.

The remaining bankers, who are fighting a liquidity crunch that has afflicted the financial sector since the introduction of a tight monetary policy late last year, are said to have lost trust in the party following the charges against their fugitive colleagues. While donating to the ruling party was akin to buying protection in the past, this was not the case anymore, the sources said.

ZANU PF legislators are reported to have implored President Robert Mugabe to pardon some of the party's former financiers hiding in the United Kingdom and South Africa in a bid to secure funding for the December talk-shop.

But the President has since declared that no one would be immune under the anti-corruption drive. (source)