Zimbabwe’s main opposition party will hold nationwide rallies today to protest worsening economic conditions.
Some local media outlets are reporting that opposition leader Nelson Chamisa will call for the formation of a ‘transitional authority’. This follows an earlier report by the state broadcaster that the opposition might ‘force a constitutionally elected government to hand over power’.
Zimbabwe’s economy is suffering from decades of economic mismanagement. While long-time dictator Robert Mugabe was deposed in a coup 12 months ago, his replacement—former Mugabe right-hand man Emerson Mnangagwa—has been unable to jerk the country out of its economic malaise. Now, ordinary Zimbabweans are contending with shortages of basic goods and surging prices.
The country desperately needs international credit to service some $18 billion in external debt. Many top tier creditors, including the IMF and World Bank, refuse to offer support because Zimbabwe owes $1.6 billion in overdue debt payments.
Further instability by way of violent protests and a potential push for a power-sharing agreement is likely to ostracise investors further. No end is in sight for this country’s economic woes.
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Simon is the founder of Foreign Brief who served as managing director from 2015 to 2021. A lawyer by training, Simon has worked as an analyst and adviser in the private sector and government. Simon’s desire to help clients understand global developments in a contextualised way underpinned the establishment of Foreign Brief. This aspiration remains the organisation’s driving principle.