"Austerity Measures Are Now Being Relaxed" - President Mnangagwa

President Emmerson Mnangagwa has said that austerity measures are now being relaxed as they “have achieved their purpose”.

While opening the Economic Development and Financial Indaba in Harare, which ran under the theme, “Driving towards a 2030 economy anchored on production and exports,” Mnangagwa said:

This indaba comes at a time when my Government has put in place clear frameworks to transform, industrialise and modernise our economy towards the speedy attainment of an upper-middle-income status by 2030.

The transition to this goal is painful. We had to institute austerity measures which we are now relaxing since the purpose of those austerity measures has been achieved in the main, with regards to the issue of currency as well as economic fundamentals.

He also hinted that the 2020 national budget that is due to be presented next week was targeting increased productivity, economic growth and job creation.

His remarks come when production has this year decreased due to power cuts leading to the closure of some companies, decreased revenue and retrenchment of workers in some cases.

More: The Herald