Fuel Crisis Deepens Zimbabwe's Troubles
Environment News Service, March, 2006 by staff
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HARARE, Zimbabwe (ENS) — --> The never-ending fuel crisis has become the single biggest threat to efforts by the Zimbabwean government to save the economy from its perilous state.
Zimbabwe has been experiencing fuel shortages since 2000, due to a combination of foreign currency shortages, corruption at the state-owned National Oil Company of Zimbabwe, NOCZIM, ruinous economic policies and deteriorating diplomatic relations with key countries and international institutions.
In addition, the specter of increased company closures, unemployment, soaring inflation and low production in remaining manufacturing sectors, where many companies are operating at less than 20 percent capacity, has put great pressure on the ZANU PF government as it promises to implement a turnaround program.
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According to the Confederation of Zimbabwe Industry, some 620 companies have closed shop since July 2000. The unemployment rate is at 80 percent and the official inflation rate has officially topped 782 percent, by far ...
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