Gvt determined to turnaround economy

By Derick Tsimba

In face of the challenges being faced by the country, Government is determined to turnaround the economy through robust economic interventions that should see the economic activities in the country returning back to normal.

President Emmerson Mnangagwa and his administration have been working tirelessly to ensure that the country gets back on track through implementing quite a number of economic measures which might prove bitter for the suffering masses.

Some of the economic measures that are going to be undertaken are, reduction of Government expenditure, reuniting the nation with the international community, maintaining value of cash in banks, improvement on national savings and privatising parastatals.

Concerning the issue of reuniting with the international community, Zimbabwe had been excluded from other nations because of the illegal sanctions imposed on her by the United States of America and Europe. In this light President Mnangagwa’s determination to once again ensure that the country gets recognized internationally can be seen in his concerted efforts.

Currently, the President has lined up five nations which he shall visit early next week in with an effort to engage Zimbabwe with the international community. These countries are Russia, Belarus, Azerbaijan, Kazakhstan and Switzerland.

The countries which are going to be visited by the President have already shown commitment to reengage Zimbabwe   with some of them already carrying out projects in the country.

Charamba mentioned that Russia had made significant investments in the country’s mining and agriculture sectors, whilst, Belarus has been providing road construction and mining equipment, the tobacco sector has been benefiting from exporting their produce to Azerbaijan whilst Kazakhstan has interests in food processing.

Zimbabwe continues with the process of securing investors to grow the economy. This January has seen Professor Ncube leading a delegation to Brussels, Belgium where the country was invited for the first time by the European Conservatives and Reformists (ECR) Group.

Whilst in Brussels, Ncube stressed that the President of Zimbabwe was focussing on re-engaging with all nations, a move that would result in the country’s economy getting back on its feet.

The Minister whilst addressing the ECR Group also assured them that the Government of Zimbabwe was undertaking major reforms to revamp the economy which included cutting down Government expenditure, maintaining value of cash in banks, improvement on national savings and privatisation of parastatals.

Government expenditure had been on an upward ward trend resulting in budget deficit and an increase on foreign and domestic debt. The country has been experiencing currency shortages, inflation, unemployment and other host of problems which should be speedily addressed to avoid further turbulence in the economy.

Zimbabwe still needs to deal with non-performing parastatals such as National Railways of Zimbabwe (NRZ) and Cold Storage Commission (CSC) that continue to be a burden on the national fiscus.  

The Second Republic has its work cut out for it as it aims to make the country a middle income economy by 2030.