July 8, 2011

U.S. Dollar to remain main currency

The United States dollar will remain the main currency during the five year tenure of the Medium Term Plan (MTP), Finance minister Tendai Biti said during the launch of the strategy document. "We will make sure that there is no currency regime change during the lifespan of the MTP so that its objectives are achievable," Biti said.

Zimbabwe introduced multi-currencies in February 2009 in an effort to end hyper-inflation and stabilise the economy. A total of US$9,2 billion would be required to finance the 2011-2015 MTP in order to meet the growth and development targets in the during the five years. Economic Planning and Investment Promotion minister Tapiwa Mashakada said most of the inflows were anticipated to come through the country's saving and investment efforts, Foreign Direct Investment (FDIs), Credit lines and Public Private Partnerships (PPPs). It is estimated that Zimbabwe needs about US$10 billion to achieve a complete economic turnaround. Presenting the MTP, Mashakada said the plan was a national document that would outlive any political divide. He said government would focus on broad-based economic indigenisation and empowerment during the planned period.

"Key on government's agenda will be to ensure that the majority of Zimbabweans are integrated into the mainstream economy so that they become the major drivers and beneficiaries of the economic activities in the country," said Mashakada. "The form of the broad based empowerment will include share ownership, stable employment, housing ownership and awarding of contracts." He said government would, through the Zimbabwe Investment Authority, promote domestic investment particularly into reserved sectors. "The main thrust of the MTP is to maintain macroeconomic stability, restore and transform the economy's capacity to produce goods and services competitively for empowerment and poverty reduction," he said. (Zimbabwe Independent)

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