Zimbabwe’s Pricing & Currency Crisis ‘Coordinative In Nature’: CZI

The Confederation of Zimbabwe Industries (CZI) has said that Zimbabwe’s problems are coordinative in nature. This was said in a statement delivered following an urgent meeting held by the members of the organisation.

The organisation held the crisis meeting to receive a report on the interbank market from economists and to find ways to stablise the economy.

Said part of the statement:

Business in Zimbabwe acknowledges there is need to accelerate engagement on the economic stabilisation and growth agenda as a collective effort across the different sectors so as to achieve effective coordination and implementation of interventions. This is from recognizing that a big part of the economic challenges are coordinative in nature. Our economy is in a position of imbalance due to distortions that need to be attended to so as to bring it back into balance with actions that will stabilise the exchange rate and also restore the purchasing power of consumers. If these distortions are not attended to they will continue to cause further distortions and damage across all sectors of the economy.

The government last week said that bread makers had tried in incite an uprising in Zimbabwe when they raised prices in the week of 18 April 2019. The meeting recommended a process to ‘help to identify standards of disciplined behaviour that we need to adhere to as business, labour and Government in order to achieve economic growth and stability.’

Read the full statement here.

 

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