Government mulls structured currency…As Second Republic moves to arrest price hikes

The President

GOVERNMENT is implementing a raft of policy measures to arrest price increases, stabilise the foreign exchange rate and ultimately maintain the value of the Zimbabwe dollar, with a structured currency set to be introduced soon, President Mnangagwa has said.

Addressing the first Cabinet sitting of the year at State House in Harare yesterday, President Mnangagwa said his administration would continue crafting sensible fiscal and monetary policies.

These, he said, would ensure the country has a conducive business environment which is critical for Zimbabwe’s economic growth and stability.

“Prudent fiscal and monetary policies and the promotion of a conducive business environment remain critically important for the stability and growth of our economy. Accordingly, the fiscal and monetary authorities are implementing a raft of policy measures to arrest price increases, stabilise the foreign exchange rate, maintain the value of our currency, and ultimately encourage savings,” President Mnangagwa said.

He said the Second Republic was cognisant of its responsibility to deliver for Zimbabweans and ensure their aspirations were met as promised.

To that end, President Mnangagwa charged Cabinet Ministers to spearhead the implementation of transformative programmes that promote industrialisation, modernisation, and rural development across the country.

“As we regroup, I exhort us to remain mindful of the fact that we have a responsibility to deliver on the promises we made to the people of our motherland, Zimbabwe, which saw them overwhelmingly voting for our party, Zanu-PF, in the 2023 harmonised general elections and subsequent by-elections”.

The President said all Ministerial programmes must remain aligned to the country’s economic development and never deviate, as enunciated in the National Development Strategy 1 (NDS1).

“In line with our commitment to leave no one and no place behind, I am directing you all to focus on implementing transformative programmes that promote industrialisation, modernisation as well as rural development throughout the country.

“To that end, the policy imperatives I enunciated at our 14 September 2023 Government Retreat should be part of the Strategic Plans of your respective Ministries,” he said.

“Meanwhile, all Ministerial programmes must remain aligned with the economic development priorities as outlined in the National Development Strategy.”

In the wake of the recurrent cholera outbreak, President Mnangagwa said the Second Republic will continue improving the provision of potable water, sanitation facilities, and waste management services.

He subsequently directed the relevant Ministers to keep him updated at all times.

“Decisive action is essential to scale up efficiencies within all public institutions, in particular our public health systems, more so in the context of the cholera outbreak and other climate change-induced threats. 

The provision of clean water, sanitation facilities and waste management                                                           services are a priority. I expect real-time updates in that regard,” President Mnangagwa said.

He said infrastructure development was also a priority and would continue to be the signature of the Second Republic.

Some of the infrastructure projects underway include the modernisation of the Forbes Border Post, road and dam infrastructure projects as well as the recapitalisation of the National Railways of Zimbabwe, among others.

“Infrastructure development continues to be a priority for the Second Republic. Greater focus will be made on key projects, including the Forbes Border Post modernisation, the Harare-Chirundu highway, the Harare-Kanyemba Road, the Tugwi-Mukosi control tunnel, and recapitalisation of the National Railways of Zimbabwe.

“The completion of the Mbudzi Interchange, Gwayi-Shangani Dam and other strategic dams across our provinces will be expedited”.

As Zimbabwe assumes Chairmanship of the Southern African Development Community (Sadc), President Mnangagwa said it was thus imperative that the country increases contributions to the region’s development.

He resultantly urged Ministers to discharge their mandate with “utmost distinction and attention to detail” as they will be chairing various ministerial committees.

“On the international relations front, our engagement and re-engagement policy is bearing fruit. Zimbabwe’s assumption of the Sadc chairmanship this year brings about greater responsibility for our nation to contribute to the broader regional development agenda.

“On your part as Ministers, the onus is on you to discharge your duties as chairs of the various ministerial committees with utmost distinction and attention to detail,” President Mnangagwa said. 

He commended relevant Ministers and stakeholders for successfully leading rescue efforts after climate change-induced scares that have occurred at some of the country’s mines.

“Over the last two months, a few districts of the country experienced disasters attributable to climate change and other causes. Our mining sector was not spared. I commend all stakeholders for the successful rescue, treatment, and care efforts that were mounted, following mine-related disasters.

“The relevant Ministers are expected to update Cabinet on these matters,” President Mnangagwa said.

He said Government needed to pursue innovative and alternative avenues to circumvent dilemmas brought by Western imposed sanctions as well as climate change.

“Notwithstanding the burden of illegal sanctions and climate change, new innovative solutions and alternative avenues must be pursued to achieve greater progress,” the President said.

According to the World Bank (WB), Zimbabwe’s economy is envisaged to grow by at least 3,5 percent, notwithstanding the negative effects of climate change, Western economic sanctions, and sabotage from some unscrupulous locals.

Chronicle

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