HARARE – Zimbabwe’s Finance Minister Patrick Chinamasa on Thursday delivered the much-awaited budget speech, a week after he was appointed Finance Minister by President Emmerson Mnangagwa.
Political analysts have applauded the minister for the dedication and hunger he has displayed in transforming the country’s troubled economy.
In his budget speech, Chinamasa admitted that Zimbabwe suffers from low business and investor confidence, adding that a lot has to be done to regain that confidence back.
He highlighted how corruption from notable party leaders in the country has affected and stifled the country’s socio-economic growth over the past three decades or so.
“2018 National budget has been formulated mindful of the urgent need to address the challenges facing Zimbabwe.
Mr Speaker Sir, our country suffers from low business and investor confidence that has been making it difficult for us to attract inward investment flows and therefore unable to generate adequate foreign exchange necessary for supporting economic activity.”
Chinamasa outlined the country’s plans to boost investor confidence, adding that free and fair elections next year will boost the country’s economy.
“On corruption and marketing discipline, Mr Speaker Sir, honourable members of this house will recall the firm statement by his Excellency the President underscoring the need to decisively deal with corruption and ill-discipline.
To deal with this problem, government proposes; we are going to capacitate all agents which are mandated with the fight against corruption – that is the police and corruption commission and so on, the judiciary,” he continued.
Chinamasa showed confidence in his speech and encouraged all Zimbabweans to work together in reviving the country’s economy.
Zimbabwe currently owes an estimated US$9-billion to the World Bank, International Monetary Fund and the African Development Bank.