11 September 2018

Zimbabwe: The Economy Needs Confidence Restoration - Ncube

Newly appointed Finance Minister Mthuli Ncube says he was targeting the restoration of confidence into the economy among Zimbabweans in his bid to lift it from years of distress.

Briefing the media soon after his swearing in at State House Monday morning, Ncube said he shall strive to support President Emmerson Mnangagwa's mission to transform Zimbabwe into a middle class economy.

"My vision is to turn Zimbabwe into a middle class economy," he said, adding, "It is doable. That will require pushing forward with stronger growth which is sustained and shared.

"The pillars for that involve restoring confidence in the economy, working externally on the arrears clearance front to make sure that external investors are interested in Zimbabwe again.

"I will be rolling out a plan on arrears clearance."

He noted that the strategy will work hand in hand with building credit lines globally and hinted that such work has already started with one partner having shown interest in availing a $100 million loan facility.

On monetary and fiscal policies, Mthuli said the idea was to make sure that such policies complemented each other and did not appear as a substitute of each other emphasising that he will be working towards the Zim-dollar return.

"... To have a domestic currency you need to build a reserve and also support output of production in the gold sector because that is part of reserves," he said.

The Treasury boss said that he is passionate about the youth and would strive to make sure that youthful entrepreneurs are spotted and supported.

He underscored the need to promote public private partnerships and encourage the government to spend within its means.

Analysing the feasibility of Ncube's work plan, economist Doctor Prosper Chitambara said that success will only be hinged on the principals' political will.

"... He is a credible professor who is committed to serve his country, but however success will be determined by his principals' willingness to throw their full support behind him. However, the fact that the president went all the way to appoint him indicates commitment and we await to see robust policies being implemented," he said.

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