Staff Reporter
The Ministry of Finance, Economic Development and Investment Promotion has delivered a reassuring message to the International Monetary Fund (IMF), affirming Zimbabwe’s robust economic resilience.
Under the provisions of Article IV of its Articles of Agreement, the IMF is mandated to conduct surveillance over the economic, financial, and exchange rate policies of its member countries.
This oversight aims to ensure the smooth functioning of the international monetary system by assessing and advising on policy frameworks and their implications for global economic stability.
In a press conference held today at the Treasury’s boardroom, the Minister of Finance, Professor Mthuli Ncube addressed key issues discussed during the IMF’s Article IV Mission.
Minister Ncube emphasized Zimbabwe’s economic resilience in the face of various challenges, particularly exchange rate instability.
“Despite encountering obstacles, such as exchange rate fluctuations, Zimbabwe has maintained an average growth rate of 6.8%, there is potential for even greater economic prosperity if not for the instability in the exchange rate,” Minister Mthuli stated.
Turning to concerns raised by the IMF regarding stability, especially exchange rate volatilities, Minister Ncube reassured the IMF of the Government’s commitment to effectively manage these issues.
“Stability is crucial for fostering economic growth, and we are determined to address volatility and enhance stability measures.” Professor Ncube emphasized.
In addition, Minister Ncube expressed gratitude for the IMF’s involvement and support in key sectors, such as agriculture, tourism, and energy.
“I am grateful for the IMF’s involvement and support in key sectors such as agriculture, tourism, and energy,” Minister Ncube said.
In addition, he also acknowledged the IMF’s focus on exchange rate matters and its interest in the fiscal positions of certain banks.
“I also acknowledge the IMF’s focus on exchange rate matters and its interest in the fiscal positions of certain banks.
“We are ready to collaborate with the IMF and implement strategies to address these concerns.” Minister Mthuli stated
Furthermore, transitioning to governance matters, Minister Ncube acknowledged comments made by the IMF and reaffirmed the Government’s commitment to upholding the highest standards of governance.
“Transparency, accountability, and good governance practices are essential for driving economic development and fostering investor confidence,” Professor Ncube stressed.
Meanwhile, Minister Ncube assured the IMF of the Government’s unwavering commitment to addressing the issues raised during the discussion. He announced plans to release a comprehensive statement detailing the Government’s response and further actions following the dialogue with the IMF.
