Zimbabwe’s Finance Minister, Professor Mthuli Ncube has said the coronavirus pandemic will likely not have projected negative effects on the economy of the Southern African country.
Ncube had in July projected that the economy will this year decline by a great margin (4.5%) but now believes that it has shown some unexpected resilience.
The economy was already on a downward trend when the outbreak of the coronavirus pandemic forced the world into lockdown.
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Speaking during an online media conference held this Monday, the finance minister said:
I am more bullish again even during this Covid-19 moment, I think the economy will surprise us on the upside,” finance minister Mthuli Ncube said during an online media conference.
Our prognosis is that the impact of Covid-19 overall on Zimbabwe is not as deep as in other countries
Ncube attributed the resilience or macro-economic stability to the transitional stabilization programme which the government embarked on in 2018 and is expected to run through 2020.
The TSP was aimed at stabilising the macro-economy, and the financial sector; introducing necessary policy and institutional reforms to translate to a private sector-led economy; addressing infrastructure gaps, and launching quick-wins to stimulate growth.
Ncube believes the “TSP has achieved its intended purpose” adding that it has established “the foundational pillars, which are Macroeconomic stability, Private sector-led economy, the democratisation of the country, Infrastructure development, social protection programmes and the Normalization of International Relation.”
He also claims that Zimbabwe has “made real sector reforms in all the productive sectors” while productivity has increased in agriculture, mining, tourism and manufacturing industry.”