Business / Economy
Zimbabwe launches its macro-economic Medium Term Plan
08 Jul 2011 at 01:31hrs | Views
The embattled Zimbabwean coalition government yesterday launched the Medium Term Plan (MTP) 2011-2015, which it says is expected to pave way for various policies and programmes that address the macro- economic fundamentals critical for the growth of the economy.
Government says the growth target of 7% per annum for the next five years as espoused by the Medium Term Plan (MTP) is achievable if proper implementation tools are put in place with the full participation of government, labour and business.
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In his address at the official launch of the MTP, Prime Minister Morgan Tsvangirai said the country has come up with many economic blueprints since independence, but the difference will be made if there is full implementation of the plan based on the participation of labour, business and the government.
Zimbabwe's MTP 2011 -2015 that was officially launched in the capital, Harare this Thursday and is a successor of the Short Term Emergency Recovery Programme (STERP), aims at addressing the key structural issues beyond stability economics to the growth dimension.Economic Planning and Investment Promotion Minister, Tapiwa Mashakada said the MTP seeks to achieve broad based economic growth that is underpinned on the performance of the industry, mining sector as well as agriculture."The MTP seeks to move the country towards people centered policies," said Minister Mashakada.
The Deputy Prime Minister, Professor Arthur Mutambara said political stability and political will is critical in turning the country into a one hundred billion economy based on annual growth target of 7% or even more.Development partners that assisted the government in the whole process expressed confidence that the country's economy will grow based on the vast mineral wealth, human resource capital as well as political will. The MTP's main target is to ensure that the economy remains on a sustainable growth path averaging 7,1% for the next five years.
The Plan also emphasises the participation of the private sector as well as the improved performance of mining, agriculture, manufacturing, tourism and the financial services sector.Approximately, US$9 billion total investment is required to meet the MTP growth and development targets.
Meanwhile, Zanu PF Vice President, Joice Mujuru said the national development strategy to support the restoration of economic stability sets the platform for economic recovery through people oriented policies.
"Government saw the need to come up with a national development strategy to guide policy planning, implementation, monitoring and evaluation to ensure sustainable growth and development hence the formation of the five year Medium Term Plan.
The plan, crafted by Zimbabweans through the Ministry of Economic Planning and Investment Promotion, and extensive consultation process sets the platform for consolidating the economic stability achieved under STERP," said Vice President Mujuru.
Mujuru also said the growth targets of 7% in the period 2011 -2015 envisaged by the MTP could be surpassed if the vicious illegal sanctions regime is removed but expressed hope that the plan crafted after wide consultations with various stakeholders will transform the fortunes of the country's economy.
The country's MTP 2011-2015 will consolidate the macro-economic stability achieved under STERP and will guide the country in setting up national priorities for the next five years.
The overall goal of the plan is to transform the fortunes of the country's economy and raising the economy to a hundred billion dollar one by 2030.
The business community has called upon the government to monitor the implementation of the just launched Medium Term Plan (MTP) for the benefit of industry and households.
Captains of industry and commerce are concerned that the just launched MTP might fail to yield intended goals if not fully implemented.
Chairman of the Zimbabwe National Chamber of Commerce National Advisory Council, Mr Luxon Zembe said industry is waiting to assess the impact of the MTP on economic growth.
"On paper, this policy seems to be good but let's wait and see," said Mr Zembe.
A banker, Mr Nigel Chanakira says the government should ensure that the policy benefits socio- economic sectors.
"I hope this policy will not just gather dust in the short to long term," Mr Chanakira said.
While there is concern about failed economic blue prints, the Chairman of the Parliamentary Portfolio Committee on Parastatals and State Enterprises, Zanu PF's Larry Mavima says stakeholder commitment on MTP implementation is important.
"We hope everything will be fine in the near future and the MTP will be a success," Mavima said.
The MTP is premised on social and economic development to facilitate positive growth rates.
Government says the growth target of 7% per annum for the next five years as espoused by the Medium Term Plan (MTP) is achievable if proper implementation tools are put in place with the full participation of government, labour and business.
WIN YOUR TICKET FOR THE BOSSO versus CELTIC Match
In his address at the official launch of the MTP, Prime Minister Morgan Tsvangirai said the country has come up with many economic blueprints since independence, but the difference will be made if there is full implementation of the plan based on the participation of labour, business and the government.
Zimbabwe's MTP 2011 -2015 that was officially launched in the capital, Harare this Thursday and is a successor of the Short Term Emergency Recovery Programme (STERP), aims at addressing the key structural issues beyond stability economics to the growth dimension.Economic Planning and Investment Promotion Minister, Tapiwa Mashakada said the MTP seeks to achieve broad based economic growth that is underpinned on the performance of the industry, mining sector as well as agriculture."The MTP seeks to move the country towards people centered policies," said Minister Mashakada.
The Deputy Prime Minister, Professor Arthur Mutambara said political stability and political will is critical in turning the country into a one hundred billion economy based on annual growth target of 7% or even more.Development partners that assisted the government in the whole process expressed confidence that the country's economy will grow based on the vast mineral wealth, human resource capital as well as political will. The MTP's main target is to ensure that the economy remains on a sustainable growth path averaging 7,1% for the next five years.
The Plan also emphasises the participation of the private sector as well as the improved performance of mining, agriculture, manufacturing, tourism and the financial services sector.Approximately, US$9 billion total investment is required to meet the MTP growth and development targets.
Meanwhile, Zanu PF Vice President, Joice Mujuru said the national development strategy to support the restoration of economic stability sets the platform for economic recovery through people oriented policies.
"Government saw the need to come up with a national development strategy to guide policy planning, implementation, monitoring and evaluation to ensure sustainable growth and development hence the formation of the five year Medium Term Plan.
The plan, crafted by Zimbabweans through the Ministry of Economic Planning and Investment Promotion, and extensive consultation process sets the platform for consolidating the economic stability achieved under STERP," said Vice President Mujuru.
Mujuru also said the growth targets of 7% in the period 2011 -2015 envisaged by the MTP could be surpassed if the vicious illegal sanctions regime is removed but expressed hope that the plan crafted after wide consultations with various stakeholders will transform the fortunes of the country's economy.
The overall goal of the plan is to transform the fortunes of the country's economy and raising the economy to a hundred billion dollar one by 2030.
The business community has called upon the government to monitor the implementation of the just launched Medium Term Plan (MTP) for the benefit of industry and households.
Captains of industry and commerce are concerned that the just launched MTP might fail to yield intended goals if not fully implemented.
Chairman of the Zimbabwe National Chamber of Commerce National Advisory Council, Mr Luxon Zembe said industry is waiting to assess the impact of the MTP on economic growth.
"On paper, this policy seems to be good but let's wait and see," said Mr Zembe.
A banker, Mr Nigel Chanakira says the government should ensure that the policy benefits socio- economic sectors.
"I hope this policy will not just gather dust in the short to long term," Mr Chanakira said.
While there is concern about failed economic blue prints, the Chairman of the Parliamentary Portfolio Committee on Parastatals and State Enterprises, Zanu PF's Larry Mavima says stakeholder commitment on MTP implementation is important.
"We hope everything will be fine in the near future and the MTP will be a success," Mavima said.
The MTP is premised on social and economic development to facilitate positive growth rates.
Source - TZM
