MDC's Dr Mashakada praises economic reforms

FORMER Minister of Economic Planning and Investment Promotion and a key member of the MDCT party, Dr Tapiwa Mashakada has heaped praises on the country's economic revival efforts under the Second Republic and has endorsed the International Monetary Fund (IMF) report.

A renowned economist and an expert on trade and investment facilitation, said the IMF is spot on in its positive forecast of the country's economic turnaround. This comes after an IMF staff team led by Mr Dhaneshwar Ghura last month conducted a virtual staff visit from 1 to 15 June 2021, that discussed recent economic developments and outlook.

In its report, the IMF noted that "economic recovery is underway in 2021, with real GDP expected to grow by about six percent, reflecting a bumper agricultural output, increased energy production, and the resumption of greater manufacturing and construction activities".

Apart from the IMF, the World Bank has also projected good times for the country, buttressing Treasury's estimates that the economy could jump by a margin of up to seven percent. However, some shrill voices in the opposition have sought to cast aspersions at the positive forecast. But Dr Mashakada said all indications point to an economic rebound. "I welcome the recent IMF press statement which endorses Zimbabwe's economic recovery trajectory on the back of exchange rate stability, fiscal consolidation, and a good agricultural season.

"Combined with nascent recovery in the manufacturing and construction sectors, the IMF observes that in 2021, the economy is poised to grow by 6 percent. This is good news coming from this Bretton Woods Institution.

"The IMF assessment of the economic rebound is spot on. The IMF staff team led by Mr Ghura has done proper due diligence on the Zimbabwean economy and I am encouraged by the economic turnaround which is palpable. I urge the Government to stay the reform course and continue to deepen macroeconomic and structural reforms," said Dr Mashakada.

Against a backdrop of economic recovery and resilience, Dr Mashakada said to enable the country to develop to its full potential, economic sanctions imposed by the West should be removed unconditionally.

"I want to take this opportunity to urge the international community to unconditionally lift the economic embargo imposed on Zimbabwe to allow the country to move forward unencumbered or hamstrung by these restrictive measures.

"I call upon the Government to implement propoor policies and pursue growth with social inclusion. Government must implement the NDS1 (National Development Strategy 1) in earnest and take care of the social effects of economic policies. The vulnerable groups and pensioners must be covered by social safety nets," he said.

Dr Mashakada called for a social contract between business, labour, and civil society to ensure that the prevailing economic recovery is irreversible.