Harare - President Emmerson Mnangagwa said his Government will accelerate ongoing effort towards stabilising the macro- economic environment through the creation of fiscal space; currency reforms and enhancing foreign currency availability; improving liquidity; increasing the country’s investment attractiveness; reducing the budget deficit and ensuring gradual growth of all sectors of our economy.
Officially opening the First Session of the Ninth Parliament of Zimbabwe in Harare on Tuesday, President Mnangagwa said although there has been some progress over the last ten months, some challenges still however continue to face the country’s economy.
This, the President said will be addressed by all stakeholders partnering in bringing about economic order and growth.
“I urge us all, the Executive, Legislature and the public and private sectors alike to be partners. Partners in bringing about economic order and growth; job creation; an end to corruption; improving our social services; and in the provision of requisite infrastructure, water and sanitation, education, healthcare and good environmental practices. This is a goal we must all share.”
In assuring the people of Zimbabwe on the currency fears which has seen price hikes of basic commodities recently, President Mnangagwa said his Government shall however continue with the use of the multi-currency system up until the current negative economic fundamentals have been addressed to give credence to the introduction of the local currency.
“The economic fundamentals that need to be met are a sustainable fiscal position, foreign currency reserves of between 3 to 6 months of import cover and sustainable consumer and business confidence. These economic fundamentals are yet to be met to justify the introduction of our own currency.
“In order to bring sanity in the foreign currency market, my Government through the Reserve Bank of Zimbabwe, has negotiated a number of foreign exchange facilities amounting to USD 500 million that are intended to meet the growing demand for foreign currency by business and the public in general.
“Some of these facilities shall be disbursed this week to meet the expanding demand for foreign currency that continues to be sustained by fiscal imbalances which my Government has made a great commitment to redress.”
President Mnangagwa said his administration will, with renewed urgency, continue to drive a high performance culture within all public entities.
“All public servants are hence forth required to change their work ethics to ensure the efficient and prudent use of public resources; responsiveness, accountability as well as timely, impartial and equitable delivery of goods and services to our people.
“The lethargic and non-implementation of Government policies, projects and programmes will not be acceptable. Our bureaucrats must be committed to deliver. We will vehemently fight bureaucratic red tape and bottlenecks.”
He added that all public entities have an obligation of operating profitably and cannot continue to be a burden to the fiscus.
“We will therefore be implementing the Cabinet decision to streamline some of our public entities to bring about greater focus, coherence, efficiency, effectiveness, ease and cost of doing business and better service delivery to our people.
“To this end, the creation of a more competitive and business friendly environment must be given greater impetus by all relevant institutions. We will not pay lip service to this matter. Reforms must be real. Meanwhile, I challenge the private sector to be honest, ethical and honourable in their business dealings.”
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