Mnangagwa says there is no need to panic

PRESIDENT Emmerson Mnangagwa has guaranteed the nation of the availability of all essential commodities, including fuel, saying there is no need for panic buying as Government has stepped up efforts to radically transform the economy.

In a statement posted on twitter yesterday, President Mnangagwa said Government through the Ministry of Finance and Economic Development, which is headed by Professor Mthuli Ncube, is working on a raft of measures aimed at addressing the economic challenges facing the nation.

"Last week, Minister of Finance Mthuli Ncube, drawing on his vast experience as chief economist and vice president at the African Development Bank (AfDB), announced a series of measures to reform and revive our economy, and put us on the path to steady economic growth. Cognisant of the scale and urgency of the challenges facing us, our plan is bold and far reaching, and will have the desired effect," he said.

President Mnangagwa said his Government is aware of the nation's dilemma.

He said Government is in the process of rebuilding and restructuring the economy in line with his vision of transforming Zimbabwe into a middle-income economy by 2030.

"I have read your comments and understand the difficulties many face, and Government will do all in its power to minimise them. We are already taking the lead by cutting back on unnecessary spending. The only way to a stronger economy is to restructure, rebuild and reform," he said.

"We must all be realistic. Whatever some may claim, there are no silver bullets or quick fixes. There is no need to panic, and Government is guaranteeing the availability of all essential commodities, including fuel."

The President urged people to be patient as Zimbabwe is going through the primary stages of a radical economic transformation.

"We are on a shared journey to a better and more secure future. The road is long, winding and at times bumpy, but there is no other way. This is the road to a middle-income economy, and if we travel it together, with patience and purpose, we will realise our vision," he said.

President Mnangagwa is leading an aggressive realignment of the country's economy through introducing far-reaching reforms and re-engaging the international community.

The President has on many occasions emphasised that economic revival and growth are at the centre of his Government's agenda.

Yesterday's remarks by the President come barely a day after the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya said there is no need for panic buying of fuel and other essential commodities.

The central bank chief said shortages were a result of opportunists manipulating foreign currency markets to cause panic. He said fuel queues that resurfaced in most parts of the country over the weekend should ease this week following the release of US$41 million by the RBZ towards fuel procurement.

The money is part of the US$500 million line of credit announced in the Monetary Policy Statement issued by RBZ last week to fund the procurement of essential commodities that include fuel, electricity, wheat, raw materials for the manufacturing of cooking oil, packaging and other basic commodities.