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Britain warns on economy

    JOHANNESBURG

    The British government has warned of worsening economic problems in Zimbabwe unless government policies change.

    According to the 'Financial Times' in London, the report describes declining foreign reserves, a growing budget deficit and inflation which is more than 70 percent. "The Reserve Bank's holdings of usable foreign exchange are said to provide only 2-3 days' import cover," it said. It also said that government and state enterprises were in arrears to almost all creditors.
    The report added that the budget deficit was expected to reach 10 percent of the Gross Domestic Product (GDP) for this year.

    Peter Hain, the British Foreign Office Minister responsible for Africa said London was "very concerned" about the economic situation in Zimbabwe.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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