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2009 - Zimbabwe - Short-Term Strategy
Zimbabwe, once the breadbasket of the region is now a net importer of food. It remains in crisis, with serious economic and social consequences. Hyperinflation, peaking at some 500 billion percent in September 2008 effectively destroyed the Zimbabwe dollar; the country now operates with the US dollar and SA Rand. This was fuelled by the Reserve Bank’s quasi-fiscal activities including election related expenses, transfers to parastatals, subsidised directed lending and forex allocations, were estimated at some 46% of GDP in 2008. At end 2008, there was a current account deficit of 28% of GDP and gross international reserves of only $6million (equivalent to 0.2 months of imports of goods and services).