Government has given a stern warning to all those bent on
sabotaging the country’s economic turnaround programme through illicit
financial dealings.
In his keynote address during the 13th edition of the
Economic Consultative Forum and ZITF Company organised ZITF International
Business Conference, Vice President Constantino Chiwenga, said that
government would not sit back and watch some unscrupulous people spoil the
efforts of economically uplifting the country to improve the lives of masses.
“Illicit financial dealings had a negative impact on the
efforts by government hence time has come for action to be taken,” he said.
The Vice President
said it was disappointing that some businesses were financing the black market
at a time when the Government was making efforts to create a sustainable
economic environment.
“The market-based framework for the determination of the
exchange rate is expected to facilitate financial sector stability, contain
inflationary pressures and build public confidence.
“These objectives will not be attained if individuals and
corporates continue to sustain the parallel market through their underground
activities,” said Dr Chiwenga.
He said Government will continue fighting the practice and
assured the nation that what Government is doing will work.
“ What we’re doing will work and what the financial
terrorists are doing won’t work,” said VP Chiwenga.
He also condemned the continued spate of price increases of
basic commodities, saying it was unjustified and was driven by sheer
speculation.
“The rising inflation, which we’re now experiencing hurts
the whole economy and its development prospects.The trend is as a result
negatively affecting all of us. It’s now time we engage and openly discuss why
as a nation we continue to experience foreign currency shortages yet our
foreign currency earnings exceed those of other countries that are not
experiencing the same phenomenon,” said VP Chiwenga.
He said Government was committed to engaging its
stakeholders to find lasting solutions to the challenges the country is facing.
VP Chiwenga also noted that the manufacturing sector’s
capacity utilisation levels had dropped over the years from 70 percent in the
1990s to the current average of 40 percent due to a myriad of challenges
including corruption, lack of access to credit lines, ageing technology and
foreign currency shortages.
To that end, he said, the Zimbabwe National Industrial
Development policy seeks to arrest this downturn and thrust the country onto a
firm base for self sustaining development.
VP Chiwenga said to achieve this, Government was forging
strong partnerships with the private sector.
“This will assist the Government to collectively implement
effective strategies that are essential for boosting production in the
economy,” he said.
The Vice President said Government will put in place an
enabling infrastructure to anchor industrialisation, technological advancement
and appropriate skills development.
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