Economic sabotage will not be tolerated: President

Source: Economic sabotage will not be tolerated: President | Sunday Mail

Norman Muchemwa

President Emmerson Mnangagwa says economic sabotage will not be tolerated, adding that all Zimbabweans should adhere to the rule of law.

The President said this Tuesday in his State of the Nation address, which simultaneously ran with the official opening of the Second Session of the Ninth Parliament of Zimbabwe.

He made reference to the currency manipulation that has resulted in disparities in the exchange rate thereby fuelling unjustified price increases in the economy.

Said President Mnangagwa: “I am encouraged by the nation’s positive response to the currency reforms we have embarked on. My Government is equally pleased with the relative stability of the exchange rate over the past eight weeks.

“However, the events of the last week, on exchange rate manipulation, amounts to economic sabotage and should not be tolerated. We all need to adhere to the rule of law and foster discipline at all levels.

“We are determined to consolidate digital financial services which are contributing to the creation of financial inclusion by way of delivering banking services to previously unbanked and vulnerable groups of our population.”

President Mnangagwa added that Government is addressing the cash situation by removing opportunities for arbitrage.

He said the Government is working on modalities to grow the economy as well as reforming the political space.

“Mr Speaker Sir, my Government is taking bold steps to open up and grow the economy for the benefit of our people. The roadmap articulated in our Vision 2030 with the Transitional Stabilisation Plan (TSP) as the key building block is being systematically pursued.

“We are reforming our economy, we are reforming our political space and the very fabric of our society,” said the President.

Due to effects of drought, President Mnangagwa said, Government has set aside $1,8 billion for production of food crops.

Further, the President announced various facilities for farmers both communal and commercial and said only farmers with a history of delivering to the Grain Marketing Board will be considered for Command Agriculture.

He added that plans are in place for the duty-free importation of fertilizer and added that in the long run, local production of the commodity will be initiated.

Turning to the mining industry, the President said Government is working towards establishing a US$12 billion mining industry by the year 2023.

On re-engagement, he said, Government will continue with the programme. He thanked the Southern African Development Community for their unwavering stance towards the removal of illegal economic sanctions leading to the declaration of 25 October, 2019 as Anti-sanctions Day by the bloc.

The official opening of the Second Session of the Ninth Parliament comes at a time five bills have been passed in Parliament with two of them signed into law.