Govt abandons Zim dollar compensation

BY BEN MADZIMURE

FINANCE and Economic Development Minister, Tendai Biti has revealed that the Government abandoned, at the last minute, moves to compensate Zimbabweans whose savings were wiped out after the dollarization of the economy when it discovered that 'vultures' had wanted to milk the Government by inflating bank balances.

Out of an initial projected payout of US$6 million, the bill had ballooned to more than US$18 when the unnamed 'vultures' got wind of the programme, which was supposed to be a one-off payment to all account holders who had their money frozen in various banks.

Biti, who appeared taken aback on the issue after ZCTU representatives raised it as he was addressing them, did not give a definite answer on the way forward, only saying the government would have a relook into the whole programme.