THE broad set of economic reforms instituted by the Second Republic over the past three years are now bearing fruit with the country now on the cusp of achieving prosperity for the majority of its citizens, President Mnangagwa has said.
In a State of the Nation Address at State House yesterday,
President Mnangagwa said owing to the historic reforms, the sparks of economic
hope are brighter than ever and prosperity was visible on the horizon.
The President said when his administration decided to
launch its own currency and urged patience, critics thought the country would
enter into a hyperinflationary period, but that patience has now paid off as
the naysers have been proved wrong.
“Led by the Minister of Finance and Economic Development,
Professor Mthuli Ncube, the deep and broad reforms of the last three years, are
beginning to bear fruit, and the world is taking note,” said President
Mnangagwa.
“These are perhaps the largest set of reforms in our
nation’s history. In just three years, we now see hope and progress. We see a
once broken economy showing all the fundamental indicators that it is on the
road to being well and truly fixed. Inflation has been playing havoc in our
economy, making it difficult for people and organisations to make much saving.”
President Mnangagwa said the Government will continue to do
all it can to put inflation under control. “When we announced that we would be
launching our own currency and taking our monetary fate into our own hands,
many mocked us as they did not believe it would be possible since the inflation
rate initially increased significantly. We urged patience as it appeared as if
the economy was approaching a hyperinflation period. Today, that patience has
been rewarded. The auction system to supply foreign currency for priority
imports that we put in place last August is working, and inflation is actually
trending down.”
Since the introduction of the auction system month-on-month
inflation has been going down, standing at just 1, 58 percent for the month of
April.
“Again, Government revenues, which have risen by five
percent year-on-year since the beginning of 2020, are creating balanced budgets
for the first time in living memory. While the unemployment rate is still high,
and too many Zimbabweans are still unemployed and hungry, the number of
Zimbabwean-made goods on our shelves has increased ten-fold. When a leading
financial journalist described the “sea change” in our economic outlook, many
investors agreed with him. Productivity and prosperity promise to increase in
the second half of 2021.”
President Mnangagwa welcomed the news that the European
Investment Bank (EIB) has agreed a new Euro 15 million fund to support
Zimbabwean businesses while also applauding the country’s gains on the Ease of
Doing Business global rankings.
“Zimbabwe has risen an incredible 21 places in the Ease of
Doing Business rankings over the past three years, and 31 places over the past
five years. Our progress is getting noticed and as we creep towards the end of
this global pandemic, Zimbabwe, through various rigorous reforms, is well
placed to be an attractive location for business, and a gateway to economic
activity in Southern Africa, though we still have much more work to do.”
President Mnangagwa, however, lamented that too many youths
were still without the tools needed to thrive in a global digital economy.
“This is why we will continue to reform. We were told our
reforms were too harsh and extreme, but alas they are working. So it is not
time to pull back but time to double down and introduce more, broader and
deeper reforms.
“We must work tirelessly to create conditions for a better
future for our children and generations to come. There can be no resting on our
laurels.” President Mnangagwa said success starts with enabling the private
sector to thrive.
“We must unleash the creative juices of the business sector
and young entrepreneurs. There is also need to further reduce red-tape to
encourage foreign investment and liberalise and privatise industry. There is
much excitement in the international business community surrounding the
potential of Zimbabwe’s human capital. We now must make sure that this human
capital is trained and is ‘liquid’ enough to make sure the supply can meet the
demand. Indeed, one of the ways we are working on in bringing in foreign companies
and foreign currency is through our international reengagement programme.
Zimbabwe has opened a new chapter and era with the whole world.”
President Mnangagwa said Zimbabwe continues to reach out to
old adversaries holding the olive branch of peace, and a renewed call for
friendship.
“We have also managed to solve even the thorniest of
issues, including white farmer compensation, and the world is taking note. From
this platform today, I once again call on our friends in the East and the West,
both new and old, to join us and be part of this revolution and economic
reawakening. Opportunities are in abundance.”
President Mnangagwa thanked the people of Zimbabwe for
their hard work and resilience.
“Thank you for your display of unity and solidarity through
some of the most trying times in our history. You have faced cyclones and
pandemics, hyperinflation and famines, and yet you have stood strong, as
determined as ever.”
Turning to the Covid-19 pandemic, President Mnangagwa said
Zimbabwe is one of the leading countries in administering a robust Covid-19
vaccination rollout programme in Africa and the world at large, a development
which has seen foreign nationals coming to the country to get inoculated.
President Mnangagwa said while all foreigners are welcome to get vaccinated in
Zimbabwe, they will be asked to pay a small fee to boost the country’s medical
tourism.
“Despite my decades of public office, I have never been
more humble and prouder to serve my nation than today.
Today, in the midst of a global pandemic, when times are
hard and many around the world have chosen negativity and violence, Zimbabweans
have chosen positivity and peace. Now, it is time to build on that positivity
and peace, and a future of productivity and prosperity for all.”
The President said Zimbabwe’s excellent Covid-19 record is
testimony that the public listened to the rules when the leaders spoke.
“Of course, we all have been affected, and we mourn every
life lost, every human being taken away from us too early is a tragedy. When
the vaccines around the world became available, we acted decisively and started
using them. As a result, Zimbabwe is fast becoming Africa’s vaccination nation.
We have authorised the use of four Covid-19 vaccines, namely China’s Sinopharm and
Sinovac vaccines, Russia’s Sputnik V and Covaxin from India. We therefore thank
our international partners for working with us to bring these life-saving
vaccines to our nation so promptly.”
President Mnangagwa said Zimbabweans must demonstrate
humanity and not deny foreigners the vaccine.
“Though Zimbabweans get the vaccine for free, foreigners
who come here can also receive the vaccine but just for a small fee,” he said.
President Mnangagwa said while Zimbabweans have over the
years migrated to other countries for various reasons, no one will be leaving
in order to get vaccinated.
“As our vaccination programme continues to excel, more and
more people are in fact coming into Zimbabwe to get vaccinated and in the
process, boost our medical tourism.” Sunday Mail
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