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Zimbabwe President Emmerson Mnangagwa and Finance MInister Mthuli Ncube.Photo courtesy

President Mnangagwa Sets Sights on Zimbabwe become an Upper-Middle-Income Economy by 2030

November 19, 2020

By Nevson Mpofu

Zimbabwe President Emmerson Mnangagwa and Finance MInister Mthuli Ncube.Photo courtesy
Zimbabwe President Emmerson Mnangagwa and Finance MInister Mthuli Ncube.Photo courtesy

On Monday 16 November President Mnangagwa flanked by Finance and Economic Development Minister Muthuli Ncube launched a new Economic Blue-Print in Harare. The 5-year economic blue-print is an initiative meant to stabilize the economy by injecting measures that stirs and drives an economy to relieve people out of poverty and vulnerability.

The economic blue-print targets economic growth of 5% per annum. Taking that direction Zimbabwe according to experts and economic advisors to the President is poised to move towards an upper-middle-income economy by 2030.

The Economic blue-print entails [NDS] National Development Strategy 2021 to 2025 which is a national holistic approach to accelerate economic growth, improve private sector, Infrastructural development, Energy development, Information Communication Technology, Transport and Housing.

‘’National Development Strategies and the Transitional Stabilization Program are an initiative for economic growth in the three [3] main sectors Agriculture, Mining and Manufacturing Industry. How-ever, we add on new strategic areas like Energy to boost some other sectors like ICT, and Housing to give better public service delivery’’.

‘’Zimbabwe will for the next 5 years look on top of the three sectors like Agriculture , Mining and Manufacturing  Industry go far stretched beyond strategic areas of public concern like Electricity  , ICT and Housing for public concern at heart with the people ‘’.

Minister of Finance and Economic Development Muthuli Ncube added that the country is geared as well towards maintaining fiscal balance at not more than 3% of Gross Domestic Product. Zimbabwe is striving then after that to have single digit inflation. Thirdly to maintain Domestic and external debt at below 70% of Gross Domestic Product. Lastly Muthuli adds that Zimbabwe will increase international reserves to 6 months Import cover from the current less 1 month.

‘’ It is wise as a country to maintain fiscal balance at 3% of Gross Domestic Product. Secondly, we strive to have single digit inflation by thirdly maintaining domestic and external debt at 70% of Gross Domestic Product. We will increase international reserves to 6 months import cover from the current less 1 month.’ says Ncube .

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