Zimbabwe’s austerity measures are over- Finmin


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Zimbabwe’s austerity measures which have seen the country plunge into hyperinflation are over and it is now time to switch to productivity and job creation, Finance Minister Mthuli Ncube said.

He said the introduction of new notes tomorrow marks the end of currency reforms and the government is committed to currency stability.

It is aware that the unavailability of cash has been instrumental in pushing prices up, hence the need to bring in the new notes and coins.

“This is how we are declaring that this era of intense tough reforms and austerity is over. We are now switching over to productivity and job creation,” he was quoted by the Sunday Mail as saying.

Ncube said the US dollar overhang among individuals and businesses will be over in two years, making the Zimbabwe dollar the currency of choice.

He said austerity had run its course and had delivered what it was meant to deliver, a balanced budget. The new thrust is now on consolidating the gains and job creation.

“We have been running surpluses. The twin deficits are now under control, you have no reason to worry. The current account and fiscal deficit needs to be contained so that we can support stability. If you have problems with those two areas, that will contribute to currency instability for sure,” he said.

Ncube will present his 2020 budget on Thursday.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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