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Mnangagwa, stew over economy

by Staff reporter
29 May 2020 at 08:45hrs | Views
President Mnangagwa has directed Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe governor John Mangudya to announce economic stabilisation measures following a meeting on Wednesday.

Mnangagwa met Finance and Economic Development Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya on Wednesday to discuss prices of basics, Industry and Commerce Minister Sekai Nzenza said yesterday.

One measure, said Minister Nzenza would be to mark subsidised roller meal, clearly indicating that it was a Government-subsidised product, which should be sold at $70 per 10kg to curb profiteering

Industry and Commerce minister Sekai Nzenza yesterday admitted in Parliament that the moratorium on prices increases imposed by government on retailers during the COVID-10 crisis had not worked, with prices of basic commodities shooting through the roof.

Nzenza appeared before the Parliamentary Portfolio Committee on Industry and Commerce chaired by Chimanimani East MP Joshua Sacco where she was grilled on price increases, the industrialisation strategy post-COVID-19 and the dispute between farmers and sugar miller, Tongaat Hulett

Zimbabwe's economy is expected to slow down this year owing to the Covid-19 pandemic, a Cabinet Minister said on Wednesday.

Addressing a post Cabinet media briefing, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said the pandemic had hugely affected the economy. Minister Mutsvangwa said Government had put a number of measures in place to rescue the economy. Zimbabwe has been under Western sanctions for two decades, penalties that have cost its economy over US$100 billion over the period.

The Reserve Bank of Zimbabwe (RBZ) and Treasury will soon come up with monetary and fiscal measures to cushion consumers from escalating prices of basic food items, legislators heard yesterday.

Source - Daily News