Zimbabwe: ED Speaks On Zim Economic Situation

President Emmerson Mnangagwa greets David Parirenyatwa and Cleveria Chizema on arrival at a Politburo meeting in Harare on October 25, 2018.
30 October 2018

President Emmerson Mnangagwa has for the first time spoken out on the prevailing economic situation in the country, saying his government is working to reform and restructure the economy while urging businesses not to panic as multi-currency system will not be phased out soon.

There have been loud calls for Mnangagwa to speak out and explain the government's position and plan of action to rescue the economy from collapse.

Zimbabwe's economy has been on a free-fall since early September forcing prices of basic commodities to go up while fuel, cooking oil and other necessities have vanished from supermarket shelves.

But addressing the business community yesterday, Mnangagwa called on Zimbabweans to rally together and work for the common good of the country.

He followed his remarks with a Facebook post soon after the meeting, where he further warned manufacturers against holding back products from retailers.

"I met with the business community to interact with them and explain the steps we are taking to stabilise the economy.

"I assured them that the multi-currency system is here to stay, RTGS balances and bond notes are safe as monetary instruments and there is no need to exchange them.

"I also warned against manufacturers holding back products from retailers, which is regrettable and must be stopped," said Mnangagwa.

He added "I was pleased to advise that the president of Afreximbank was here last Thursday to offer financial support. At the same time, the Finance Ministry and Reserve Bank have been tasked with implementing a framework to rebalance the debt caused by the issuance of Treasury Bills. The road is long but we all have a part to play.

"As a listening president, I am fully aware of the situation in the country and the difficulties many face. I have heard your fears and frustrations, but also your hopes and ideas.

"We will continue full speed ahead in this period of reforming, restructuring and rebuilding. With patience and hard work, the new Zimbabwe will succeed," said Mnangagwa.

Meanwhile government last week suspended the Statutory Instrument 122 of 2017 to allow the free flow of foreign goods, amid failure by the local manufacturing companies to supply adequate stocks due to severe foreign currency shortages.

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