Zanu-PF desperate to save economy

President Robert Mugabe's ruling Zanu-PF is yielding to mounting pressure to act on the ailing economy and is set to discuss a recovery strategy at the highest level, an official said.

With companies shutting down and workers being laid off, government is increasingly becoming desperate for solutions. Late July, government halved its gross domestic product growth projections for 2014 from 6,1% to 3,1% on account of low business and investment confidence, liquidity challenges and declining global commodity process.

Speaking after a business dinner organised by a state owned media house for the visiting Russian Industry and Trade Denis Manturov on Monday, Zanu-PF secretary for information and publicity Rugare Gumbo told business digest that the ruling party was concerned with the economy and had started making time at politburo, the party's highest decision making body in between conferences, to discuss solutions to the current economic situation.

He said Finance minister Patrick Chinamasa was given time to give periodic updates on the progress of economic projects and programmes that are deemed strategic in achieving targets of the party's economic blue print, Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset).