President Emmerson Mnangagwa promised painful measures for Zimbabweans who are currently faced with harsh economic challenges during a meeting with the business at the Harare state house yesterday.
The Zimbabwean leader met the business sector to discuss the economy as the country experiences price hikes and commodity shortages, besides longtime cash and foreign currency shortage challenges.
“My government has developed a comprehensive plan to revive the economy and to steady economic growth,” the President said. “The only way to a stronger economy is to re-structure, rebuild and reform the economy.”
“The measures involved are painful measures to get our national budget under control. “
President Mnangagwa said, with major structural reforms, the challenges faced by Zimbabwe are not insurmountable.
The southern African President said Zimbabwe’s economy faces serious challenges including high budget deficit and significant debt.
“What is required is urgent and bold action and tough decisions,” the Zimbabwean leader said.
“We cannot run away from the challenges, the longer we wait to address it, the harder it becomes.”
President Robert Mugabe’ s successor also revealed that the measures will also be implemented in the government.
“We must all be humble and the government must lead with that example,” the President said.
“We shall continue to make big cuts to expense and unnecessary expenditure so that government lives within its means.”
Zimbabwe’s budget deficit, which was at US$2,52 billion in 2017, is expected to remain over US$1 billion this year.
Zimbabwe’s debt and deficit challenge, which the country’s leader is struggling against, rose during the former leader Robert Mugabe, where President Mnangagwa was the deputy in the presidium.
“These measures will be felt by all of us but are unavoidable if we want to get our economy back on track,” said President Mnangagwa.
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