Zim economy reawakening: ED

ZIMBABWE’S economy is showing signs of recovery and growth owing to Government’s aggressive economic reform agenda since the dawn of the new political dispensation, President Mnangagwa has said.

Addressing Zimbabweans living and working in Rwanda on Monday night, the President said the performance of the economy in the first three months of the year pointed towards gradual economic stabilisation and prospects for growth.

The President is here attending the African Union (AU) Extraordinary Session of Heads of State and Government, which convenes today at Kigali Convention Centre.

The 23 percent increase in foreign currency receipts in the three months to March, President Mnangagwa said, indicated that the economy was primed for growth.

He described the exponential growth in demand for foreign currency by industry, especially for importing raw materials, as a sign of “good challenges” as this showed a recovering industrial base.

On Friday, he said, the Government would be announcing a multi-billion dollar mining deal with a yet-to-be-named investor.

“Our industry is behind; most of the industries are, in terms of capacity utilisation, below 50 percent,” said President Mnangagwa. “We tried to improve the industry and commerce environment by introducing Statutory Instrument 64, which has done a lot of good.