Zimbabwe may get a lifeline from southern African governments who have a plan to rescue the shattered the nation's economy in exchange for political reforms. The Southern Africa Development Community (SADC) has drawn up proposals in which the reserve banks of South Africa and Botswana would make their huge foreign currency reserves available to Zimbabwe.

The intention would be to stabilise the exchange rate of the Zimbabwe dollar and curb hyperinflation so that the country can buy foreign exchange and import essential goods. Zimbabwe’s economy is in collapse, inflation is rampant and much higher than the official rate of 5,000%. In effect Zimbabwe’s monetary control would be surrendered to the South African Reserve Bank.

At least 33 prominent business executives were fined for defying an edict to slash their prices by half. They were among more than 1,300 business people arrested for defying an edict imposed after costs quadrupled in a week. Basic commodities have completely disappeared from most shop shelves since store owners were ordered to roll back prices to those charged as of 18 June. Fuel supplies have also run dry after oil distributors were ordered to sell the commodity at half the price of importing it.

Just like any despot Mugabe has scapegoated, retailers accusing them of ratcheting up prices sharply to cause unrest among the electorate and instigate his downfall (somehow this is unlikely – Mugabe’s gross economic mismanagement is doing this quite nicely). He deserves to be thrown to the wolves but the people of Zimbabwe desperately need stability. The plan, if accepted, may give the people just that.