Zim inflation hamstrings ‘regional’ newspaper

THE partnership of the State-owned newspaper New Era and its Zimbabwean counterpart, into which Namibia has pumped over N$6 million so far to publish a regional paper, is dogged by the high inflation rate in that country.

The weekly paper Southern Times was established as a 50:50 partnership a few years ago under a bilateral agreement. The 11 million per cent inflation rate in Zimbabwe – the highest in the world – however made it difficult to determine what Zimbabwe should pay to Namibia, the Managing Director of New Era, Sylvester Black, told a public hearing last week.Summoned by the Parliamentary Standing Committee on Public Accounts to scrutinise New Era’s financial performance, Black said the share Zimbabwe was supposed to pay into the joint venture was supposed to be changed into shareholding.”This cannot be done because the inflation is so high in Zimbabwe, they would have to pay billions of Zim dollars,” Black explained.The paper is printed in Harare, Zimbabwe, at the cost of that government, while their editorial offices are staffed with reporters in both Windhoek and Harare.The 11 million per cent inflation rate in Zimbabwe – the highest in the world – however made it difficult to determine what Zimbabwe should pay to Namibia, the Managing Director of New Era, Sylvester Black, told a public hearing last week.Summoned by the Parliamentary Standing Committee on Public Accounts to scrutinise New Era’s financial performance, Black said the share Zimbabwe was supposed to pay into the joint venture was supposed to be changed into shareholding.”This cannot be done because the inflation is so high in Zimbabwe, they would have to pay billions of Zim dollars,” Black explained.The paper is printed in Harare, Zimbabwe, at the cost of that government, while their editorial offices are staffed with reporters in both Windhoek and Harare.