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Ivan Zhakata Herald Correspondent
THE International Monetary Fund (IMF) has been hailed for appreciating Zimbabwe’s efforts towards ensuring macroeconomic stability by curbing price increases through containment of inflation and ensuring currency stability.
Socio-economic lobby group Progressive and Patriotic Citizens of Zimbabwe (Papcoz) said the stance by IMF was long overdue and commendable.
Papcoz president Mr Patson Murimoga said they welcomed recommendations by the IMF to Government to improve the economic landscape. “We would like to express our appreciation for the comments and recommendations of the IMF regarding the economic interventions that the Government and the Reserve Bank of Zimbabwe have made towards achieving macroeconomic stability in the country.
“As a patriotic and progressive movement, we are quite clear that the measures that have been taken thus far by our Government and the central bank, particularly the introduction of gold coins and liquidity arrest, are critical in enhancing fiscal sustainability and currency stability.
“We do not, however, believe that there is a need to wind down gold coins as recommended by the IMF. Gold coins are an important part of the policies put in place by authorities to deal with currency stability. They should stay.”
Mr Murimoga said the parallel market exchange rate, interbank rate and the auction market rate were moving towards equilibrium or convergence and the results were there for everyone to see and reflect on.
“While we take note of some of the concerns and recommendations, we urge the powers that be to continue on that consistent trajectory towards the Government’s national development of acquiring middle income economy and infrastructure development so as not to leave anyone or any place behind,” he said.
“We urge the IMF to keep on helping and assisting in ensuring that national, patriotic and developmental agenda as enshrined in our national policies are achieved.”
Online Reporter