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The Imf To Loan $500 Million To Zimbabwe

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http://news.bbc.co.uk/2/hi/business/8238111.stm

The International Monetary Fund is making loans worth $500bn (£305bn) available to Zimbabwe for the first time in a decade.

But the way in which the deal has been received is exposing further divisions in the fragile unity government.

The former opposition MDC has been criticised by President Robert Mugabe's party Zanu PF of not doing enough to secure donor funding for the country.

And the MDC has accused Zanu PF of continued human rights abuses.

Might as well set fire to the money the chances they will get any of that back :huh:

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Oh for crying out f**king loud!!!!!!!

The title says 'millions', the text says 'billions'... both on the Beeb and here on HPC.

Does no one bother proof-reading any more? :angry:

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Oh for crying out f**king loud!!!!!!!

The title says 'millions', the text says 'billions'... both on the Beeb and here on HPC.

Does no one bother proof-reading any more? :angry:

I don't think you appreciate how fast inflation works in Zimbabwe at the start of writing the article it was a $500m loan by the time they had finished writing it had become $500bn.

That's hyperinflation for you.

Edited by interestrateripoff

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No its 500 billion Zim bucks, payments start Jan 1st, the govt are going to use the money to buy a new pencil

So that's about £1.20 then.

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I don't think you appreciate how fast inflation works in Zimbabwe at the start of writing the article it was a $500m loan by the time they had finished writing it had become $500bn. That's hyperinflation for you.

:lol:

Very good.

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http://news.bbc.co.uk/2/hi/business/8238111.stm

Might as well set fire to the money the chances they will get any of that back :huh:

Wasn't it just a couple of months ago that it was revealed that the wife of one of the ZanuPF politicians was trying to sell £300 million in gold bullion into the London market.

I presume the IMF are willing to accept this was her personal property.

Correction: it was $90 of gold she tried to flog

Second correction $90 million !! Not just the beeb then

Edited by dr ray

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Wasn't it just a couple of months ago that it was revealed that the wife of one of the ZanuPF politicians was trying to sell £300 million in gold bullion into the London market. I presume the IMF are willing to accept this was her personal property.

http://www.alertnet.org/thenews/newsdesk/IRIN/1e617b6995fc5c3d2019959afa68dc91.htm' rel="external nofollow">

Correction: it was $90 of gold she tried to flog

I guess she had heard that we were printing money too, and figured £300 million was therefore a fair price for a 9ct wedding band.

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I don't think you appreciate how fast inflation works in Zimbabwe at the start of writing the article it was a $500m loan by the time they had finished writing it had become $500bn.

That's hyperinflation for you.

:lol:

PS The Beeb have changed the article - it's now 500 million from start to finish.

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From Link:

Gono's governorship of the central bank has seen the inflation rate reach 6.5 quindecillion novemdecillion percent, while Tomama has frustrated the release of detained MDC activists, contrary to the terms of the unity agreement.

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So that will be 400m for Mugabe - Swiss account, 99m for Mugabe cronies - Swiss account, 1 m for the economic recovery. Money well spent.

If this QE lark worked Zimbabwe should be bailing us out by now.

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If this QE lark worked Zimbabwe should be bailing us out by now.

Why do you think we've lent them the money, just think how much money they can lend the rest of us when you multiply fractional reserve banking and hyperinflation.

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No its 500 billion Zim bucks, payments start Jan 1st, the govt are going to use the money to buy a new pencil

If they added another 200 billion, maybe they could get one with a rubber on the end?

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If they added another 200 billion, maybe they could get one with a rubber on the end?

It's Friday afternoon, I'm working from my local pub, and I think that I completely misunderstood that sentence the first time that I read it. :blink:

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