Govt takes mitigation measures to lessen impact of El Nino

BONGANI BHEBE

The government is putting mitigation  measures in place to lessen  the effects  of a ferocious weather phenomenon   that is anticipated to sweep through Zimbabwe, Finance and Investment Promotion Minister Mthuli Ncube has said.

Zimbabwe is expected  to receive normal to below-normal rainfall due to the El Nino effects.

Ncube has urged farmers to begin preparing  their land ahead of the forthcoming summer cropping season.

Speaking at the second edition of the Zimbabwe Economic Development Conference  held in Victoria Falls, Ncube said: “We are cognisant of the expected difficult year ahead in view of the projected negative impact of the El-Nino weather phenomena, which is associated with extreme weather events, especially drought.

“We are implementing mitigatory measures to reduce its negative impact on the overall economy and reduce food insecurity.”

“Notwithstanding, we are expecting a decent economic growth in 2024 and beyond, and thus remain fully confident that the NDS1 targets and the Vision 2030 objectives remain well within reach,” he said.

According to Ncube, the government is working to create  sound macro-economic policies.

“My ministry is making huge efforts in undertaking its mandate of producing sound macro-economic policies for better economic prospects, which would see us achieve the aspirations of the National Development Strategy 1, Vision2030, Sustainable Development Goals (SDGs) as well as the African Union Agenda 2063,” he said.

Ncube said government was promoting the use of domestic currency by using measures such as payment of corporate taxes and Government agency fees in local currency.

He said additional measures were under consideration.

“In terms of inflation, after the successful implementation of fiscal and monetary measures we put in place to manage liquidity and indiscipline by market players, as well as promote the use of the local currency, inflation has been on a downward trend, with month on month inflation being in negative territory for the months of July and August.

Ncube said, “Going forward, we expect the stability to prevail as we will maintain tight fiscal and monetary policies and we stand ready to introduce additional measures if need be.”