In a report presented to the Cabinet by the Minister of Finance and Economic Development, the country has been negatively affected by the outrageous pandemic which has scaled down economic progress of many countries across the globe.
This was revealed by Hon Monica Mutsvangwa Minister of Information and Broadcasting Services during the last Post Cabinet Briefing held in the capital.
“Cabinet received and expressed appreciation on the State of the Economy report presented by the Minister of Finance and Economic Development and the Reserve Bank of Zimbabwe Governor. In tandem with other global economies, Zimbabwe’s economy has been negatively impacted by the COVID-19 outbreak and growth is expected to slow down.”
This is likely to be exasibated by dry spells experienced early this year in some parts of the country threatening food insecurity.
“The drought experienced in the 2018-19 and the current season coupled with diminished access to external sources of foreign currency further compounded Zimbabwe’s economic situation.”
In respond to the projected economic turmoil the Finance ministry announced fiscal measures in due course. A plethora of challenges comes amid the country battles the COVID-19 pandemic in the absence of international monetary assistance.
“There are however, a number of measures, both fiscal and monetary, that are being implemented to address the challenges that the country is going through in the absence of financial support from International Finance Institutions (IFIs).”
“It is also stressed that the current price and foreign exchange rate fluctuations are clearly divorced from real economic fundamentals and can also be attributed to speculative tendencies. The Minister of Finance and Economic Development and the Governor of the Reserve Bank of Zimbabwe will announce measures which should see the situation stabilizing in due course.”