‘Zim shows signs of recovery’

Source: ‘Zim shows signs of recovery’ | Herald (Business)

Enacy Mapakam Business Reporter

Zimbabwe’s economy is already showing strong signs of recovery despite the Covid-19 challenges, a Treasury spokesperson said, stressing women and youths will not be left behind the country’s economic agenda.

Speaking during a two day conference on amplifying youth and women voices hosted Women and Law in Southern Africa (WLSA) in conjunction with the Zimbabwe Coalition on Debt and Development (ZIMCODD), Treasury’s Chief Director Communications Clive Mpambela said women and youth had a special role to play in the realization of an upper middle income economy by 2030. 

He said economic gains were beginning to be noticed as the country implements the National Development Strategy (NDS1), a blueprint designed to transform the fortunes of Zimbabweans at all levels.

The country’s annual consumer price inflation decreased for the sixth consecutive month to 56,37 percent in July 2021, reaching its lowest level since December 2018. 

The re-introduction of the foreign currency auction system has also helped improve availability of foreign currency on the formal channels while it has generally tamed the exchange rate.

Mr Mphambela said while the ordinary citizen was yet to feel the positive impact of the growing economy gains at a personal level, key fundamentals attested to the growing improvements and positive path ahead. 

He cited various infrastructure projects being carried out across the country and called on women and youths to tag along in the economic development of the country.

“Prosperity does not happen overnight but it follows austerity. Although the ordinary citizens on the streets may not feel the surplus in their pockets immediately, there are a lot of positive changes that are taking place and are visible.  

“There are massive infrastructure projects taking place right now for all to see, for instance developments happening on the Beitbridge Highway, now the Seke Road and many other projects in the health services sector.

“Our economy is beginning to recover, industry capacity is improving with new goods on our shelves coming from local companies. It is important that women and youths participate in the economic development of the country and the NDS1 was designed to ensure no one is left behind,” he said.

He added that the Government had already come up with initiatives to boost the participation of women and youths in the mainstream economy. Lack of funding is one of the major challenges cited by women and youths entrepreneurs as thwarting their growth into big corporations. 

Mr Mphambela however indicated initiatives such as introduction of National venture Capital as well as launch of banks dedicated specifically to women and youths showed Government’s commitment to uplifting them.

WLSA national director Fadzai Traquino said despite constituting a significant percentage of the population, their participation in economic and policy formulation was still limited creating scope for dialogue with relevant authorities.