Zimbabwe Launches New Development Strategy

Zimbabwean President Emmerson Mnangagwa delivers a speech at the fundraising day at the Sixth World Fund Conference in Lyon, France, on October 10, 2019. (Photo by Nicolas Liponne/NurPhoto)

Zimbabwe has unveiled a new economic recovery plan aimed at reducing inflation and increasing the number of formal jobs by 2025.

The plan launched by the Zimbabwe country’s president, Mr Emmerson Mnangagwa, on Monday replaces the Transitional Stabilisation Programme which ran from 2018 to this year; and is running under the theme “Towards a Prosperous and Empowered Upper Middle-Income Society by 2030.”

Zimbabwe’s economy contracted sharply in 2019 after the local currency introduced to address a shortage of US dollars dropped in value. Inflation peaked at 837% in July.

The plan, dubbed the National Development Strategy, plans to bring inflation from the current 471% down to single-digit figures, and to create 760,000 new jobs.

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The policy document lays out policies, institutional reforms and 14 national priorities for the next five years in order for the country to achieve it’s upper middle- income economy status in line with vision 2030.

To ensure it’s success, government has also developed a robust monitoring and evaluation system that will anchor the NDS1.

Some of the highlighted national priorities include growth and stability with the vision that the economy will record average GDP growth rates of above 5%, forex exchange rate stablisation and sustained low inflation rates.

More than 700 000 jobs are expected and also an increase Gross National Income (GNI) per capita income levels to more than US$3 000 by 2025.

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Speaking on Monday during the launch of the Blueprint in Harare, President Mnangagwa said focus will be on strategic infrastructure in energy, water and sanitation, ICT and transport sectors, all meant to enable efficiency in the country.

“Riding on the momentum realised during the phase of the TSP, the construction, rehabilitation and modernisation of key infrastructure will continue with greater speed under the NDS1.

“Focus will be on strategic infrastructure in energy, water and sanitation, ICT and transport sectors which enable Zimbabwe to be more efficient and competitive,” he said.

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