By Staff Reporter
Finance and Economic Development Minister, Professor Mthuli Ncube has said that the worst of the Zimbabwe’s economic problems are over as the country is now witnessing an economic revival.
Writing on his social media platforms yesterday, Prof Ncube said the country continues to focus on opening its economy and democratic space for the benefit of its citizens.
“Zimbabwe has turned a corner. And whilst across the world the past year has been focused on closing, from lockdowns to closed borders, Zimbabwe continues to focus on opening up its economy, democracy and media space. For many in Europe, Zimbabwe is a faraway land, tarnished by years of mismanagement and a distinct absence of freedom. But the last few years tell a truly different story. A story of reform. A story of renewal,” said Prof Ncube.
Minister Ncube said that the New Dispensation has repealed antiquated laws and has licenced new independent television stations and radio as its part of media reforms.
“In 2018, the New Dispensation was ushered in through the freest, fairest, and most credible and peaceful elections in Zimbabwe’s history. Following that election, Zimbabwe continued to open up its political and media spaces, repealing antiquated laws, a key concern of Washington and Brussels , and releasing licenses for new independent TV and radio stations, part of a wider opening of the media,” said Minister Ncube.
Minister Ncube further said that the COVID-19 vaccines currently being administered to citizens will enable the country to re-open the economy, carefully and responsibly, with an eye on a speedy return to economic activity.
Prof Ncube reiterated that the country’s economy will this year grow by 7.4 percent.
“Our budget for 2021 projected that our economy will grow by 7.4% in 2021, a significant rebound from the COVID-induced 4.1% contraction in 2020.Even the more conservative IMF projection of 4.2% growth represents a notable increase and a real vote of confidence in our financial management from one of the most important global financial institutions. Another shot in the arm for the people of Zimbabwe,” said the Minister.
The Minister said he has worked hard to get wasteful spending down and revenues up. He added that projections for Government revenue for 2021 are expected to be more than double the revenues of the previous year.
Prof Ncube added that even in this most challenging of times, Zimbabwe has maintained a balanced budget, which is being channelled to the most vulnerable in our society, and urgent infrastructure projects.
However, Minister Ncube bemoaned inflation challenges facing the country saying that the floating of a new currency has caused the fight against inflation to be difficult.
Minister Ncube said that the economic battle is not yet won, but he was confident that the country is heading in the right direction, thanks to sensible economics, and careful monetary and fiscal policy that have been implemented by the Government.
Last year, the Ibrahim Index of African Governance (IIAG) ranked Zimbabwe as one of the few countries on the continent that have recorded improvements in the categories of human development, economics, security and the rule of law.
