China lauds Zimbabwe’s new five year-economic development plan
Harare (New Ziana) – The Chinese government has endorsed Zimbabwe’s new five- year economic development plan, the National Development Strategy 1 (NDS1), and stands ready to assist the country attain goals set out in the blue-print.
The recently launched economic development plan is targeting a Gross Domestic Product (GDP) growth rate of five percent a year to catapult the country into an upper middle income economy by 2030.
The NDS1, to be implemented from 2021 to 2025, is the successor to the Transitional Stabilisation Programme (TSP) launched two years ago and comes to an end this year and will run under the theme, “Towards a prosperous and empowered upper middle income society by 2030.”
The director general, in the department of African Affairs in the Chinese Ministry of Foreign Affairs Wu Peng, lauded the new economic blueprint.
“Congratulations to Zimbabwe for the launch of its National Development Strategy 1 (NDS1), China stands ready to synergize development strategies with Zimbabwe for our common prosperity,” he tweeted.
Agriculture, mining, electricity and manufacturing are the top sectors expected to drive growth under the NDS1.
Other top objectives under the new economic blueprint include maintaining fiscal deficit at no more than three percent of GDP, achieve and maintain single digit inflation, increase international reserves to at least 6 months import cover, maintain domestic and external debt at below 70 percent of GDP and a current account balance of minus three (-3%) of GDP.
During the five year period, government is also aiming to create 760 000 formal jobs as well as accelerate value addition in the agriculture and mining sector.
Finance and Economic Development Minister, Professor Mthuli Ncube has said the achievements of the outgoing plan, the TSP, included fiscal consolidation, external sector balance and exchange rate stability.