TINASHE MAKICHI
HARARE – President Emmerson Mnangagwa said his new Government will introduce austerity measures aimed at creating fiscal space while some measures will also be put in place to promote domestic savings.
Mnangagwa who was declared duly elected President of the country after the July 30 elections, stressed the need to urgently focus on the economic challenges affecting the Southern African nation.
Addressing the nation during his inauguration ceremony in Harare today, President Mnangagwa said several tough measures would have to be instituted in support of the national development agenda going forward.
“Measures will be put in place to promote domestic savings in support of the national development agenda. Furthermore necessary steps will be taken to create fiscal space through rationalisation and cost cutting measures.
“Measures will be taken to correct fiscal imbalances that threaten to undermine the viability of the financial sector as reflected through the spiraling cash shortages and the distortions plaguing the foreign currency exchange market,” said President Mnangagwa.
He noted that now that elections are over, the Government must focus on addressing the economic challenges facing the country.
To realise the country’s vision and leapfrog the industrialisation and mordenisation agenda, President Mnangagwa said his Government will foster policies that attract both domestic and global capital.
The new Government will soon be reviewing bi-lateral investment promotion and protection agreements to promote and encourage investments from across the world.
Under the new Government thrust, efforts will also be taken to expedite and bring to finality the resolution of the country’s external debt arrears under the LIMA plan.
According to President Mnangagwa, Government will in the next five years accelerate industrialisation, modernisation and mechanisation with greater emphasis on market driven policies.
“We will modernise major roads, airports, railways and border posts. Through modern infrastructure we will connect Zimbabweans, to each other, to region and to the world.”
He said Government will facilitate a more coherent SME framework to strengthen production links across businesses and industry.
President Mnangagwa also noted the need to modernise the social services sector to improve the efficiench and quality of service delivery.
The inauguration was attended by DRC President Joseph Kabila, Rwanda President Paul Kagame, Mozambique President Phillipe Nyusi, South Africa President Cyril Ramaposa, Zambian President Edgar Lungu among other notable dignitaries.
Former President Robert Mugabe could not attend the inauguration but sent his congratulatory message and was represented by his daughter Bona and her husband.
