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'Zimbabwe's future is exciting' says Mthuli Ncube

by Mandla Ndlovu
12 Feb 2020 at 16:27hrs | Views
Finance and Economic Development Minister Mthuli Ncube has expressed optimism over the economic future of the country saying the government is implementing reforms that will make Zimbabwe exciting.

In a statement issued on Wednesday Ncube said, "Despite all the hurdles and all the barriers, Zimbabwe in 2019 leaped 15 places in the Global Ease of Doing Business rankings. As we look to improve this in 2020, privatisation is a big part of this story.

"For the first time in living memory, Zimbabwe achieved a balanced budget. We have our fiscal and monetary fate in our own hands. We have a talented, educated and devoted workforce, ready to get to work. And we have natural resources a-plenty, ready to drive our economy forward. The Zimbabwean future is, therefore, an exciting one. With patience and discipline, we will overcome all the hurdles that lay in our path and build a better future for all."

The Minister added that the government will soon advertise the privatization of some State Owned Enterprises.

"We will advance the partial privatisation of the telecom company (Netone) and motor-vehicle assembly company (Willovale Mazda Motor Industries), capitalise our Silo Foods Industries, privatise banking assets and more. We want to have a private sector-led economy in Zimbabwe. And for the private sector to lead, we must privatise!" added Ncube.

On the wages and purchasing power, the Minister said the government had responded by increasing the salaries of civil servants.

"In the current environment, both wages and purchasing power have taken a big hit. The government, therefore, has a responsibility to support consumers and the private sector as a whole. As part of the currency reform agenda, we have had inevitable wage compression. This is part of the liberalisation process. We have responded by propping up the wages of the civil servants, and we hope the private sector acts in kind. Dollarisation inertia, unfortunately, means that retailers are still pricing in US dollars and simply translating it to the local currency. This is squashing the purchasing power of current wages. We are closing that gap by allowing wages to rise."

Source - Byo24News