Austere measures road to economic recovery

by Rudo Saungweme

Minister of Finance and Economic Development, Professor Mthuli Ncube today presented a post 2019 budget which has seen austere measures being implemented for the Prosperity of all Zimbabweans.

Speaking during the presentation, Professor Ncube said, “I thank Zimbabweans for appreciating the efforts of Government in coming up with 2019 budget. The measures will deal with economic disequilibrium.

"We have put in place a number of measures in our journey to economic recovery. In doing so, we are cutting Government expenditure which involves cutting salaries by 5 percent. President Emmerson Mnangagwa's salary was also cut by 5 percent. Ministers’ salaries and all senior Government officials were also cut."

Minister Ncube assured the nation that the measures taken will go a long way in stabilising the economy. Commenting on the payment of duty using foreign currency, Professor Ncube said people should not complain because the payment of duty happens after one has mobilised foreign currency to pay for his vehicles, adding that this shows that the person would be in hold of foreign currency.

During a plenary session, one Journalist who refused to be named asked what the Government was planning on currency reforms. In response, Professor Ncube said the measures being implemented now will take Zimbabwe to economic reforms indicating that Zimbabwe is currently operating on a multicurrency regime.

Professor Ncube castigated Pharmaceuticals who are charging in foreign currency stating that the Government would make good its promise to withdraw licences from those charging in foreign currency. He said Government would not venture into price control because it is aware of the repercussions.

Speaking during a thank you rally in Murombedzi on Saturday, President Emmerson Mnangagwa highlighted that Pharmaceuticals queue at Reserve Bank of Zimbabwe (RBZ) for forex to purchase drugs but are seen inflating prices of drugs to consumers. President warned Pharmaceuticals saying that if they did not charge reasonable prices their licenses would be withdrawn.

In his presentation, Professor Ncube said that the funds availed towards Command Agriculture would make it possible for the country to do away with some imports. He said that the Government would fund all projects that would help in import substitution.

Ministry of Finance and Economic Development has published a 2019 Infrastructure Investment Plan which highlights projects implemented and those to be implemented by Government.