‘Economy remains on positive growth trajectory’

Blessings Chidakwa, Harare Bureau

Ahead of today’s Mid-Term Budget and Economic review, the economy remains on a positive growth trajectory as all critical sectors are booming, President Mnangagwa has said.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube is expected to present the 2024 Mid-Term National Budget Statement review to Parliament today, with Treasury having already hinted that there will be no tax hikes.

The review will instead focus on social protection for vulnerable citizens, following the devastating impact of the El-Nino-induced drought on agriculture.

As part of measures to stabilise the exchange rate and tame inflation, the Government introduced the Zimbabwe Gold currency, which has held fort and performed beyond expectations.

It has also simplified monetary transactions and enhanced the predictability of financial affairs, which are vital cogs for economic recovery and growth.

Speaking during the 377th Zanu-PF Politburo meeting at the ruling party’s headquarters in Harare yesterday, the President said the Mid-term Budget Review comes against the backdrop of a buoyant economy.

“The leadership of the party is challenged to follow and be knowledgeable about the macro-economic trends so that we are able to appropriately educate our membership. The success stories of the party must be amplified.

“Indications are that all economic sectors are growing, except the current slump in the agriculture sector, which is a result of the El Nino-induced drought,” he said.

President Mnangagwa said in the face of adversity, including the El Nino-induced drought, the Zanu-PF-led Government is not folding its hands, but is instead, scaling up programmes and projects to build greater climate change resilience, adaptation and mitigation.

He urged all party structures, across the wings, to be active in the processes of innovation as well as discovering and opening up new opportunities for the modernisation and industrialisation of the country.

“Hence, community engagements and mobilisation at grassroots level must be a source of inspiration and motivation towards entrepreneurship, practical action, increased production and productivity that accelerates the attainment of Vision 2030,” President Mnangagwa said.