The President who is taking his annual leave briefly came back today to meet with members of the Presidential advisory council. Here is the full meeting agenda as communicated by George Charamba.
PAC which is set to hold its inaugural meeting for 2020 year in early February, sought to get direction on Government policy and programmes for the year that has just begun. In his brief to PAC representatives, the President intimated that 2020 is the year of productivity and growth on the back of reforms and liberalization measures implemented in 2019. Govt would seek to pay close attention on sector-specific policies both for inner consistency and cross-sectoral harmony and linkage to the overall quest for productivity and growth.
Special emphasis will be placed on enabling energy sector in the double sense of power and fuel to ensure this critical enabler does not hamper productivity and growth. Additional focus will be placed on infrastructural projects, with Govt urging PAC to use its influence and stature to enthuse private sector participation in infrastructural programmes.
Out of the 34 policy advisories which PAC forwarded to Govt, there was an appreciation that little was covered related to international trade in the triple sense of economic diplomacy, FDI attraction, technology sourcing and overseas markets development for greater exports. 2020 would see a deliberate emphasis in this area, including looking at ways of mobilizing the Zimbabwean Diaspora in this drive for greater productivity and exports.
The Financial Sector would work extra hard to ensure currency stability and low inflation for growth, while industry and commerce would look at a medium-to-long term industrial strategy in keeping with greater import substitution and the manufacturing of exportables. Mines and Mining Development will seek to intensify greater exploration of National mineral resources to make them bankable & thus usable for leveraging foreign capital.
Noteworthy is the fact that the World Bank projects Zimbabwe’s economy to grow by 2,7% in 2020, up from a negative growth of -6,5% last year because of drought. This sanguine projection is based on firming mineral prices, principally gold and platinum. Foreign receipts amounted to USD$6,8bn, down from USD$7,8bn the year before. This deep of USD$400m was not bad given the challenging year Zimbabwe went through, including costs of adjustment & liberalization.
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