Zimbabwe 'declared' fifth most failed state in the world
Published: 2012 June 24 20:25:37 (6229 Views)
HARARE - Zimbabwe is living to the reputation of African countries "blessed" with huge diamond deposits yet their citizens remain poor.
Despite claiming to hold the world's biggest diamond deposits, Zimbabwe is one of the most failed states, at least according to Foreign Policy magazine, a United States-based research and publishing group.
The group put Zimbabwe as the fifth most failed state in the world for 2012, according to its top 10 most failed states index released recently. The non-profit group ranks 177 nations annually for their stability, human flight and abuse, economic decline, security and external intervention measures.
Zimbabwe claims Marange diamond deposits account for more than 25 percent of world diamond reserves and could last for 21 years at full exploitation. Yet the country has failed to back 18 percent of its cash budget from diamond proceeds as planned due to a lack of transparency and accountability on Marange mining activities. This has left social infrastructure such as public hospitals and schools that are in dire need of funding reeling.
Finance minister Tendai Biti had planned to use $600 million from diamond proceeds to support this year's $4 billion budget but says the money has not been forthcoming. Biti says the biggest miner in Marange, Anjin Investments, which is a joint venture between the Chinese government and Zimbabwe's government, has failed to remit a cent despite selling huge stockpiles. Prime Minister Morgan Tsvangirai told Parliament yesterday that treasury had only received $25 million from other firms mining there.
African countries rich in natural resources but whose people live in poverty include Democratic Republic of Congo and Ivory Coast. The Foreign Policy magazine ranked war-ravaged Somalia last.
- ZimKasi
Despite claiming to hold the world's biggest diamond deposits, Zimbabwe is one of the most failed states, at least according to Foreign Policy magazine, a United States-based research and publishing group.
The group put Zimbabwe as the fifth most failed state in the world for 2012, according to its top 10 most failed states index released recently. The non-profit group ranks 177 nations annually for their stability, human flight and abuse, economic decline, security and external intervention measures.
Zimbabwe claims Marange diamond deposits account for more than 25 percent of world diamond reserves and could last for 21 years at full exploitation. Yet the country has failed to back 18 percent of its cash budget from diamond proceeds as planned due to a lack of transparency and accountability on Marange mining activities. This has left social infrastructure such as public hospitals and schools that are in dire need of funding reeling.
Finance minister Tendai Biti had planned to use $600 million from diamond proceeds to support this year's $4 billion budget but says the money has not been forthcoming. Biti says the biggest miner in Marange, Anjin Investments, which is a joint venture between the Chinese government and Zimbabwe's government, has failed to remit a cent despite selling huge stockpiles. Prime Minister Morgan Tsvangirai told Parliament yesterday that treasury had only received $25 million from other firms mining there.
African countries rich in natural resources but whose people live in poverty include Democratic Republic of Congo and Ivory Coast. The Foreign Policy magazine ranked war-ravaged Somalia last.
- ZimKasi
0
You May Like These Videos
WATCH: Victims Narrate Ordeal After Being Clobbered By Riot Cops
FLASHBACK: Morgan Tsvangirai Won't Resign Despite Illness 
Police Violently Beat Harare Protesters 
Zimbabwean Man Who Was Shot By Tswana Employer Appeals For HelpComments
There are no comments.
Get Zim Metro Updates Alerts
Big Reads
Schoolgirl drops out after continuous 'sexual abuse' by teacher
by Staff Reporter | 2019 August 13 07:42:33
Mugabe Knows Nothing About The Zimbabwe Constitution: MP
by Staff Reporter | 2016 October 01 08:12:02
Zim's Protesting Graduates Risk Losing Degrees For Expressing Anger Against Mugabe
by Staff Reporter | 2016 October 01 07:57:08
Troubled Harare Giants Dynamos Falls Into Another Deep Crisis
by Own Correspondent | 2016 October 01 07:49:17
Grace Mugabe Grovels At Mnangagwa, Says I Did Not Ask Ubaba To Fire You
by Staff Reporter | 2016 October 01 07:31:48
Mugabe Attacks Mawarire, Claims The Exiled Pastor Failed To Divide Zimbabwe
by Staff Reporter | 2016 October 01 07:19:13
Shock As Local Bank Denies 'Rich' Mugabe's Son Heifty Credit
by Own Correspondent | 2016 September 30 19:14:54Trouble For Police Officers Who Have Been Mercilessly Bludgeoning Protesters
by Staff Reporter | 2016 October 01 07:20:19
Mugabe "Home Coming" And "Thank You" Rally On Cards
by Own Correspondent | 2016 September 23 06:48:24
Prof Moyo Was Dumped By Western Embassies, Claims Mutsvangwa
by Staff Reporter | 2016 September 22 10:08:07Broke RBZ Tracks Down Zimbabweans Living Outside The Country Over Taxi
by Staff Reporter | 2016 September 22 09:16:20
You Are Too Old To Lead, Aging Zim President Mugabe Told
by Own Correspondent | 2016 September 22 07:19:25
Anti-Corruption Commission Loses Property In Failed Probe
by Own Correspondent | 2016 September 20 03:18:19
.jpg)
SHOCKING:14 Year Old HIV-Positive Boy Rapes 7 Pupils
by Own Correspondent | 2016 September 20 00:04:55
