Monetary Policy Measures Bearing Fruits: President

By Memory Chivhunga

President Emmerson Mnangagwa says the tight monetary and fiscal policy measures implemented by the Government to curb speculative borrowing are bearing fruits.

Presenting the State Of the Nation Address at the Newly constructed Parliament building in Mt Hampden, Wednesday, Mnangagwa said the country must jealously guard the stability obtained during the month of September.

“The period since my last address to this Parliament has seen unprecedented socio-economic growth as well as the accelerated implementation of the National Development Strategy 1. Tight monetary and fiscal policy measures to stabilise the economy, and curtail speculative borrowing and other rent-seeking behaviour, are bearing fruit.

“Gold coins valued at ZW$9.5 billion were sold as at 30th September, 2022. Smaller denominations of the gold coins have been unveiled by the Reserve Bank of Zimbabwe to broaden access and inclusivity.Month-on-month inflation for September significantly declined to 3.5% from 12.4% in August, 2022. Every Zimbabwean must jealously guard this stability. Meanwhile, foreign currency earnings amounted to
US$7.7 billion for the 8 months up to 31st August, 2022. This reflects a 32.4% increase from the US$5.8 billion recorded over the corresponding period in 2021.” said Mnangagwa

In the agriculture sector, Mnangagwa said the Presidential input programme will support the Pfumvudza/Intwasa concept.

“The Presidential Input Programme is targeting 3 million farmers for enhanced production of cereals, oilseeds and legumes. The programme will support five Pfumvudza/Intwasa plots per household,
with specific crop input packages based on agroecological regions.

“The Zunde RaMambo/Isiphala SeNkosi Programme has been extended to also cover Headmen and Village Heads. Our traditional leaders are constantly with our people at grassroots level. Hence, my Government will render all possible support to them,” he said

In mining, the President said output growth is evident in gold, coal, chrome and related minerals.

“The commissioning of the Cam and Motor Mine Biox Plant; Radnor Mine and
expansion of Blanket Mine, among others, coupled with contributions from artisanal miners, have resulted in increased gold production. Investments in the lithium sector are pleasing and encompass extraction through to value addition,” said the President

He said Government is decisively dealing with illegal mining and smuggling of precious minerals.

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