Zim economy bounces back: President Mnangagwa

Harare (New Ziana)- Zimbabwe’s economy is on an upward trajectory due to the successes in agriculture and mining, President Emmerson Mnangagwa said on Thursday.

In a State of the Nation address to Parliament, President Mnangagwa commended the citizenry across all sectors of the economy for playing their part towards the economic boom.

“My administration is buoyed by the upward growth trajectory of our economy. This year’s projections indicate an over 7.8 percent economic growth.

“The higher predictions are premised on the good 2020/21 agriculture season; firm international mineral commodity prices, stable inflation and exchange rate as well as the containment of the Covid-19 pandemic,” he said.

This year, Zimbabwe’s cumulative tobacco sales exceeded 210.9 million kg, with export earning surpassing US$589,6 million.

Cotton production also increased by 100 percent to 92 000 tons.

The mining sector is expected to grow by 11 percent as a result of robust programmes which include increased exploration and expansion projects; resuscitation of closed mines and opening of new ventures as well as mineral beneficiation and value addition.

President Mnangagwa said it was reassuring to note that all the gains were recorded at a time the country was fighting Covid-19 and illegal economic sanctions.

“Increased production, productivity, innovation and positive ingenuity are inspiring many, especially our young people to work harder to reach their full potential for the ultimate prosperity of our nation.

“These successes are being recorded against a backdrop of the continuing illegal sanctions. The sanctions have a deleterious impact on our economy. We therefore reiterate our calls for their urgent and unconditional removal,” he said.

He said his administration was pushing for the completion of various power projects, to ensure increased electricity supply.

“The current economic rebound and increased productivity has seen increasing demand for electricity and fuel. In light of this, my Government has redoubled its efforts to complete and commission Unit 7 and 8 at Hwange Power Station. Other renewable energy augmentation projects, inclusive of solar power generation countrywide, are equally on course,” he said.

Government, said President Mnangagwa, has prioritised capital spending , with 34 percent of total expenditure to date, having been earmarked for infrastructure development.

“The ongoing Phase 2 of the Emergency Road Rehabilitation Programme is indeed transformational across all provinces, districts, cities and towns. Local resources are being put to good use, while local contractors are empowered and the commuting and trading public is experiencing the added convenience,” he said.

New Ziana