AfDB flagship report buttresses TSP ideals
THE African Development Bank (AfDB) has launched a flagship economic report on Zimbabwe, which aims to support renewal and transformation of the country.
The regional bank said the report, which is titled: “Building a new Zimbabwe: Targeted policies for growth and job creation”, was prepared by the group’s economic governance and knowledge management office.
The report was presented by AfDB’s lead economist Mr Ferdinand Bakoup in a recent plenary meeting that was attended by Government officials, representatives of public and private sectors as well as other development partners based in the country.
“Made of 11 easy-to-read chapters, the report results from a one-year extensive research work of country, sector and thematic studies to offer economic analysis and policy recommendations that can help spark Zimbabwe’s transformation,” said AfDB.
“It provides the current Government, the donor community, and the private sector with a detailed assessment of investment opportunities in Zimbabwe.”
As an analytical work, the economic report also provides with alternative scenarios for infrastructure investment into 2030 and identifies sectors for potential investment to achieve sustainable and inclusive growth.
“While contributing to the overall efficiency of the development process, the report also proposes options to develop a variety of opportunities and, in so doing, helps fill a knowledge gap on sectoral investment priorities,” said the bank.
Mr Bakoup remarked that Zimbabwe was generously endowed with natural resources, a stock of public infrastructure, as well as a comparatively skilled labour force. He was quoted as saying, “This is an unprecedented asset for the country to join existing supply chains in Africa via the African Continental Free Trade Area”.
However, he underscored that measures were needed to increase the productivity of public investment, strengthen investor confidence, attract patient capital and, develop special economic zones towards further improving the business climate, while continuing to safeguard macroeconomic stability.
“I have no doubt that the report can contribute to the overall efficiency of the development process in Zimbabwe.
“It will be useful in informing and supporting the Government’s dialogue with donors and the business community about further development of economic sectors,” added Mr Bakoup.
According to AfDB, the Government has applauded the timely launch of the report that will aid the implementation of the Transitional Stabilisation Programme (TSP) and the preparation of the Medium Term Plan for 2021–2025. Last month, Finance and Economic Development Minister Professor Mthuli Ncube launched the TSP in a bid to set the economy on a recovery path after years of stagnation.
The programme, which runs from October 2018 to December 2020, seeks to operationalise Vision 2030. The vision sets the tone for Zimbabwe to move towards achieving an upper middle income economy with a per capita income of $3 500 per person in the next 12 years.
TSP acknowledges policy reform initiatives of the new dispensation to stimulate domestic production, exports, rebuilding and transforming the economy. — @okazunga