CZI hopeful

Confederation of Zimbabwe Industries is pinning its hope for economic revival on the incoming Zanu-PF Government’s ability to restore confidence in the country’s financial markets.CZI president Mr Charles Msipa said in an interview that during the first six months of the year most companies struggled financially, resulting in some closures.

“Industry has very high expectations,” he said. “If the Government restores confidence in financial markets, industry will not be starved of the much needed capital.”
Mr Msipa said negative sentiments and political uncertainty before the elections had an adverse impact on the economy, which badly needed fresh capital.

“We cannot underestimate the impact (of political instability), for instance if we are to look at what happened on the stock market, it is a clear sign that negative sentiment hit hard on the financial markets,” he said.

Following the harmonised elections, there was speculation that the incoming Zanu-PF Government was going to re-introduce the Zimbabwean dollar immediately.
Zanu-PF officials have since set the record straight, saying that the country would continue with the multi-currency system until the country was economically stable.