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Zimbabwe crafts short-term economic blue print to stabilize economy

Zimbabwe crafts short-term economic blue print to stabilize economy

16 September 2018 Sunday 17:54
Zimbabwe crafts short-term economic blue print to stabilize economy

HARARE

The Zimbabwean government is crafting a short-term economic blueprint to help stabilize the economy as it pushes with its vision to achieve a middle-income economy by 2030.

Permanent secretary in the Office of the President and Cabinet Stuart Comberbach said the draft of the two-year economic blueprint had been distributed to stakeholders for consideration. 

"There is a short-term plan that government has been working on for economic stabilization. This is a two-year plan, which is now ready in draft form," Comberbach was quoted as saying by the state-controlled Herald newspaper on Friday.

He said the plan will guide the economy for the next two years and will be followed by two five year national development plans.

"The first one will be for 2021 to 2025 and another in 2026 to 2030, leading us into the vision 2030 middle-income economy," he said.

Zimbabwe's new administration under President Emmerson Mnangagwa is targeting to become a middle-income economy with a Gross Domestic Product of over 65 billion U.S. dollars by 2030.

The two-year plan will replace the five-year Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset) whose lifespan is expiring at the end of the year.

The blueprint sought to achieve sustainable development and social equity anchored on indigenization, empowerment and employment creation.

Zimbabwe's economy is currently saddled with an external debt of 11 billion U.S. dollars and is facing acute cash and foreign currency shortages.

Employment in the formal sector is very high as industrial capacity utilization remains low.  

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