Current economic stability encouraging: President

By ZBC Reporter

PRESIDENT Emmerson Mnangagwa says the Transitional Stabilisation Programme has stabilised the economy since the launch of the foreign exchange auction system.

In a state of the nation address, President Mnangagwa said despite the consolidation of relations among regional countries, illegal sanctions imposed on the country remain an albatross to socio-economic development.

“Our Transitional Stabilisation Programme has delivered and there are causes for optimism. My government is indeed encouraged by the current economic stability evident since the launch of the foreign exchange auction system in June.

“The system has resulted in the stability of the foreign exchange rate as well as the prices of our goods and services.

“In spite of the global and local economic impact of the covid-19 pandemic, our exports increased by 4.9 % to $USD1,96 billion during the first half of 2020 from $USD1,86 billion in 2019 for the comparative period.

“Meanwhile, imports declined by 5,9% from $USD1,96 billion to $USD1,84 billion during the 2019 and 2020 first half comparative periods. In addition, foreign currency receipts have performed better than anticipated, appreciating by 18% as at end of August 2020 coupled by diaspora remittances which further stability,” he said.

The President reiterated that the fight against corruption requires the participation of everyone and nobody is above the law.

“As a fight against corruption continues to be the central goal for my government, this vice cannot co-exist with sustainable economic development and growth, therefore, let us all strengthen our determination to rid Zimbabwe’s production. Nobody is above the law, justice shall be pursued,” he said.

The second republic continued to consolidate its engagement and re-engagement policy.

“Economic cooperation and trade within our region are being consolidated towards awakening the collective potential of our respective countries, region and continent as a whole.

“The illegal economic sanctions imposed are an albatross to our socio-economic development and growth and must be removed unconditionally, remaining grateful to SADC and African Union member states and many others to echo this call with us.

“Our economy has phased a number of internal shocks in an environment of changing climatic conditions, sanctions and lately, in the covid-19 pandemic,” he said.

He said the government has made a deliberate effort to reopen schools to ensure that learners can complete the year and progress into the next grades in 2021.

“First and foremost, therefore I want to sincerely thank all Zimbabweans for their cooperation, discipline and resilience during these unprecedented times.

“Let us continue in unity and resolve to find solutions to challenges which confront us. We have now re-opened our skies to domestic and international flights and simultaneously allows tourism and other critical sectors to also reopen.

“Government made a deliberate decision to re-open schools to enable our children who constitute our rich future, human resources endowment to conclude the year and progress to the grades in the coming year.

“We will double efforts to ensure that syllabi are completed and examinations proceed in a safe, secure and stable environment for both teachers and learners,” he said.