Place Background Investigation Zimbabwe
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Economy Overview:
The government of Zimbabwe faces a wide variety of difficult economic
problems as it struggles with an unsustainable fiscal deficit, an
overvalued exchange rate, soaring inflation, and bare shelves. Its
1998-2002 involvement in the war in the Democratic Republic of the
Congo, for example, drained hundreds of millions of dollars from the
economy. Badly needed support from the IMF has been suspended because of
the government's arrears on past loans, which it began repaying in 2005.
The official annual inflation rate rose from 32% in 1998, to 133% at the
end of 2004, and 585% at the end of 2005, although private sector
estimates put the figure much higher. Meanwhile, the official exchange
rate fell from 24 Zimbabwean dollars per US dollar in 1998 to 96,000 in
mid-January 2006. The government's land reform program, characterized by
chaos and violence, has badly damaged the commercial farming sector, the
traditional source of exports and foreign exchange and the provider of
400,000 jobs, turning Zimbabwe into a net importer of food products.
Requirements:
- Instructions / authority to proceed with negotiated settlement on the company letterhead.
- Full details of the debtor/s and a summary of how the debt was incurred.
- The amount owing, and the particulars of how it is arrived at.
- Other supportive documentation such as invoice, bill of lading etc.
- Copy of demands made by your company for payment, and copy of any correspondence from the debtor/s that is held on file.
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