Online Reporter
Rutendo Nyeve, Victoria Falls Reporter
ZIMBABWE’S economy is steadily advancing towards deeper regional integration within the Southern African Development Community (SADC), with notable progress in Finance and Investment Protocol indicators that include macroeconomic stability, budget management and inflation control.
This comes as the Committee of SADC Ministers of Finance and Investment and Peer Review intensifies efforts to harmonise economic policies across the region, fostering greater cooperation and financial convergence.
Speaking in an interview with Zimpapers on the sidelines of the SADC Senior Officials meeting in Victoria Falls on Tuesday, Zimbabwe’s Chief Director in the Ministry of Finance, Economic Development and Investment Promotion, Mr Joseph Mverecha—who chairs the SADC Senior Officials Committee—highlighted the country’s achievements in meeting key regional benchmarks.
“Nearly all other countries are making progress in some areas, and some areas have slippages. That is virtually across nearly all other countries, and Zimbabwe is an integral part of that where we are making very good progress in some areas,” said Mr Mverecha.
He pointed out that Zimbabwe has maintained a budget deficit below the SADC threshold of 3 percent of GDP, a critical marker of fiscal discipline.
“Our budget deficit over the past three or so years is less than 2 percent of the GDP. So, we are making good progress on inflation stabilisation and on the budget deficit to GDP,” said Mr Mverecha.
Inflation, which had been a major challenge, has shown signs of stabilisation due to tight monetary policies and fiscal restraint. Additionally, Zimbabwe is working on other areas of economic convergence, aligning with regional peers to ensure sustainable growth.
The SADC Finance and Investment Protocol serves as the cornerstone for regional economic integration, with member states committed to harmonising policies to facilitate trade, investment, and financial stability.
Under this framework, subcommittees are advancing key agendas, including macroeconomic convergence, financial market development, and peer review mechanisms.
“The meetings we are having for senior officials from the Ministries of Finance, Economic Planning, and from the Central Bank are focused on several issues to advance regional integration. The SADC Member countries have a roadmap for regional integration to advance cooperation on economic and financial matters,” said Mr Mverecha.
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