President to preside over crucial economic summit

06 Aug, 2022 - 00:08 0 Views
President to preside over crucial economic summit President Mnangagwa

The Herald

President Mnangagwa is expected to lead deliberations at the Zimbabwe Economic Development Conference to be held in Victoria Falls next week, as the Government forges ahead with implementing an all-inclusive approach to finding solutions to challenges afflicting the economy.

The conference, being organised by the Ministry of Finance and Economic Development, will be held from August 10 to 12, and will also be attended by renowned economic experts including from the World Bank and local think tanks.

Running under the theme, “Accelerating economic transformation through evidence-based policy making,” the summit will tackle issues including fiscal policy reforms, informal sector development, poverty reduction as well as monetary and exchange rate issues.

“The objective of the convention is for stakeholders to engage and deliberate holistically on issues that will impact Zimbabwe’s growth strategies so as to make them more innovative and transformative,” read part of a write up for the conference by the Ministry of Finance and Economic Development.

“The convention, which is poised to become an annual event, will provide evidence-based policy analyses which will contribute to the formulation of innovative growth strategies that should contribute to the achievement of the national vision 2030.”

Other thematic areas on the programme include industrialisation and trade policy, and creation of an enabling environment for business.

The summit comes at a time the economy is battling several internal and external shocks which have fuelled inflation and exchange rate instability.

In the mid-term budget review, Finance and Economic Development Minister Mthuli Ncube said shocks including the Covid-19 pandemic, reduced agricultural output and Russia’s special military operation in Ukraine, were weighing down the economy.

As such, Zimbabwe’s economy was now expected to grow by 4,6 percent this year, down from 5,5 percent initially projected.

However, notwithstanding the global and domestic shocks, the economy was recording some positives, including increased foreign currency receipts, a near balanced budget as well as increasing capacity utilisation of the manufacturing sector.

Zimbabwe’s exports increased by 33 percent to US$3,5 billion while imports grew by 15 percent to US$3,7 billion in the first half of this year.

For the full year, exports are projected to reach US$7,3 billion, on the back of stronger commodity prices and increased manufactured exports. On the other hand, imports are projected to reach US$8,1 billion mostly of fuel, machinery and raw materials. — New Ziana

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