Zimbabwe's annual inflation rate surged to a record 100 580.2% in
January, marking another setback to President Robert Mugabe's efforts
to reverse a deep economic slide in the once prosperous African nation.
Mugabe has made the battle against inflation the cornerstone of his
government's bid to halt the country's economic meltdown, which many
critics blame on mismanagement and his controversial policies,
including seizures of white-owned farms.
Last year his government ordered businesses across the country to
freeze the price of milk, bread, cooking oil and other basic
commodities in a bid to halt runaway price increases that have
devastated the lives of millions of Zimbabweans.
But the country's state-run Central Statistical Office (CSO) reported, that annualised inflation rate had risen past the six-figure
mark from 66 212.3%in December.
The data came amid a presidential election campaign that sees Mugabe facing the first serious challenge to his rule
since coming to power after independence from Britain in 1980.
Zambia's economy is 56.4 percent free, according to a 2008 assessment by the Heritage Foundation, which makes it the world's 99th freest economy. Its overall score is 0.8 percentage point lower than last year, mainly reflecting a much-worsened score in labor freedom. Zambia is ranked 15th out of 40 countries in the sub-Saharan Africa region, and its overall score is slightly higher than the regional average.
Zambia scores better than the world average only in terms of government expenditures, which are low in formal terms. This is likely a sign of government weakness, not efficiency. Personal and corporate tax rates are moderately high, but overall tax revenue is relatively low as a percentage of GDP. Total government expenditures equal about one-fourth of national GDP.
All of Zambia's other scores are equal to or below the world average. The judicial process is slow, and many courts cannot arbitrate commercial suits effectively. Corruption is widespread. The regulatory environment hinders business activity, and labor regulations are especially difficult. The government has streamlined foreign investment procedures, but capital is still subject to extensive restrictions.
Background: The former British protectorate of Northern Rhodesia became the independent Republic of Zambia in 1964. Popular demand for multi-party democracy led President Kenneth Kaunda, who had ruled since independence, to remove restrictions on political p... Read more »
Pakistanis began voting Monday for a new parliament in elections
shadowed by fears of violence and questions about the political
survival of President Pervez Musharraf .
Musharraf was re-elected last October to a new five-year term, but
the retired general faces growing public anger over his moves last year
to declare emergency rule, purge the judiciary and curb independent
media.
The parliamentary elections are broadly seen as a
referendum on his eight years of rule - including his alliance with
the United States that many Pakistanis oppose. An overwhelming victory
by the opposition would leave Musharraf politically vulnerable, even at
risk of impeachment.
The vote takes place against the backdrop
of escalating Taliban militancy that has spread from volatile tribal
regions near the Afghan border to major cities. Violent rivalry between political parties also stalks elections in Pakistan.
Before voting began Mo... Read more »
PRESIDENT Bush is in the east African nation on the second leg of a six-day five-nation tour of the continent. Its main focus is on highlighting the success of projects to fight Aids and malaria.Mr Bush urged the US Congress to renew his global programme to combat Aids. He also wants it doubled from $15bn to $30bn.
While on a visit to Tanzania, Mr Bush signed a $698m deal with Tanzanian President Jakaya Kikweteto to reduce poverty. The deal will help improve roads, power and water supplies and comes as part of the Millennium Challenge compact, which makes grants to countries which stick to democratic principles and sound economic policies.
Mr Bush also wants to allay concerns about a new military command he wants to base in Africa to work with African militaries to deal with trafficking or terror. So far, Liberia is the only nation to have offered to host the US base. There are already some 1,700 US troops in Djibouti.
A Zambian man has won a prestigious Goldman Prize for
helping to curb widespread elephant poaching by setting up economic
projects for villagers. Hammerskjoeld Simwinga wins $125,000 for the award, sometimes called the Nobel prize for the environment.
He helped set up bee-keeping and fish-farming projects
for people in the North Luangwa valley, where elephant numbers had
shown a dramatic fall. He persuades local people they can earn money by keeping elephants alive. The elephants help attract tourists, and their money, to the region.
"People are now seeing the benefit of protecting their natural resources," Mr Simwinga said. "Not only do they see the beauty of a live animal, but the live animals are now putting money in their pockets."
Threat
Over 70% of loans are made to women and Mr Simwinga says they are the backbone of the programme. "We deliberately pushed our resources to the womenfolk
in the community because we knew that working with the women was the
strongest part of persuasion," he told Reuters news agency.
Local communities were given a grinding mill ... Read more »
Former Republican President, Frederick Chiluba has
been found with a case to answer. This is in a case in which he is
accused of stealing public funds amounting to $488,000.He faces a
minimum of five years in jail if found guilty.
The Lusaka Magistrate Court has consequently asked Dr. Chiluba and
his co accused, to defend themselves. Magistrate Jones Chinyama set the
trial date for May 5. Chiluba denies any wrongdoing - "GOD is in control and I am ready to defend myself."
The former president is accused along with former Access Financial
Services Chief Executive Officer, Faustine Kabwe and Managing Director,
Aaron Chungu.
Dr. Chiluba and his co-accused are expected to start their defence at the next court hearing scheduled for May 5.
Principle Resident Magistrate, Jones Chinyama was satisfied that the
prosecution has proved its case... Read more »
PRESIDENT Levy
Mwanawasa was conferred with the Insignia of Grand Commander
of the Republic of Gambia by his Gambian counterpart Yahya Jammeh.
PRESIDENT Bush is in the east African nation on the second leg of a six-day five-nation tour of the continent. Its main focus is on highlighting the success of projects to fight Aids and malaria.Mr Bush urged the US Congress to renew his global programme to combat Aids. He also wants it doubled from $15bn to $30bn. 
He helped set up bee-keeping and fish-farming projects
for people in the North Luangwa valley, where elephant numbers had
shown a dramatic fall. He persuades local people they can earn money by keeping elephants alive. The elephants help attract tourists, and their money, to the region.
MAJOR mining
companies in Zambia and the Chamber of Mines of Zambia have rejected
the new tax regimes for the mining industry, arguing that the
development agreements (DAs) were still binding.