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Business Reporter
African Development bank president Dr Akinwumi Adesina has welcomed measures taken by the Reserve Bank of Zimbabwe to address capital flight saying they were critical, especially when the country is now on the verge of completing its re-engagement process.
In a statement released after high-level meetings in Abidjan between AfDB officials and Finance and Economic Development Minister Patrick Chinamasa and RBZ governor Dr John Mangudya, Dr Adesina said the country needs to retain its foreign exchange resources to develop its economy and to ensure that future resources from development partners and international financial institutions are retained and used appropriately to sustain growth.
The meeting provided an update on the progress made in view of the upcoming meeting scheduled to take place in Lusaka, Zambia, on 27 May 2016 on the margins of the AfDB Annual Meetings. Minister Chinamasa briefed Dr Adesina on the economic situation of Zimbabwe, which requires immediate action. The meeting took note of the progress made with the IMF Staff Monitored Program, particularly in the areas of fiscal consolidation, financial governance, economic and land reforms, as well as the positive outcomes of the its Board consultation on 2 May 2016.
The meeting noted the convergence between the priorities of the AfDB’s High 5s and the areas of focus of Zimbabwe’s post-arrears clearance program.
Details to follow…..
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