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Harare Bureau
THE Bankers Association of Zimbabwe (BAZ) has pledged its commitment to working with the Zanu-PF led Government after the party’s resounding victory in the 31 July harmonised elections.The revolutionary Zanu-PF Party trounced the main opposition MDC-T garnering 61 percent of the vote for the Presidential race and 160 seats for representation in the 210 seat National House of Assembly.
This effectively put paid to a four-year marriage of convenience that gave birth to the retrogressive Inclusive Government in 2008, which was famous for stifling development programmes.
Yesterday BAZ joined other progressive forces of like-minded intellects to congratulate President Mugabe for his emphatic victory and successful re-election as Head of State in the just-ended elections.
“The Bankers Association of Zimbabwe wishes to congratulate His Excellence, President Robert Gabriel Mugabe on his recent successful re-election as the President of the Republic of Zimbabwe.
“The BAZ salutes the people of Zimbabwe on maintaining a peaceful environment during this period. As an organisation representing the banking industry, we are unequivocally committed to working with the new dispensation in collectively addressing the various economic challenges facing our country,” BAZ said.
Sources in the banking industry said the bankers lobby group was committed to playing its pivotal role in oiling industries for economic growth.
BAZ members have a central role to play in supporting domestic economic activity that seemed to slow down considerably particularly last year by mobilising low priced medium to long term lines of credit.
BAZ was reportedly particularly encouraged by the peaceful environment that characterised the events leading to the elections, which will aid laying a firm basis for economic growth.
Sectors such as agriculture, mining, manufacturing and tourism are reeling under considerable financial distress, which remains the single biggest challenge towards sustainable growth of the economy.
However, a cocktail of debilitating challenges facing the entire economy that include high cost of short term funding, high utility costs, old equipment, high labour costs, external competition, shortage of raw material and low demand continue to affect growth.
Commenting on the same election, regional banking group ABC Holdings group chief executive Mr Douglas Munatsi said they hoped the incoming Government leaders will quickly resolve post-election issues and focus more on economic and business issues.
“We believe that whichever way things go or develop, we as the business community need to engage the new Government that will be on their way soon.
“There are some very key issues that need to be dealt with. One is the issue of the US dollar and I am glad that in general we have had positive comments that there is no intention of either immediately or soon replace the US dollar or multi-currencies” he said.
Mr Munatsi said it would also be key for Government to try and keep inflation at an absolute minimum as undesirable effects of hyperinflation in the past ate considerably into most people’s savings.
He also pointed out that Government would need to maintain a lean structure for a start as a way to prudently manage limited revenue.
The ABC Holdings boss said while the need for indigenisation of the economy was not in question the incoming Government should deal with issues of clarity on the indigenisation programme with regards to issues such as the accounting standards to be used in arriving at the agreed numbers.
Online Reporter