TSP delivers economic stability: President
News Editor
THE launch of the foreign currency auction system in June has resulted in the stabilisation of the exchange rate as well as the prices of goods and services, President Emmerson Mnangagwa has said.
In his annual State of the Nation Address while officially opening the Third Session of the Ninth Parliament at State House in Harare yesterday (Thursday), President Mnangagwa said he is optimistic of more results.
“Our Transitional Stabilisation Programme (TSP) has delivered and there are causes for optimism.
“My Government is indeed encouraged by the current economic stability, evident since the launch of the foreign currency auction system in June. The system has resulted in the stability of the foreign currency exchange rate as well as the prices of goods and services,” said the President.
Despite the global and local economic impact of the Covid-19 pandemic, Zimbabwe’s exports increased by 4.9 percent to US$1.96 billion during the first half of 2020, from US$1.86 billion in 2019 for the comparative period.
Imports declined by 5.9 percent from US$1.96 billion to US$1.84 billion during the comparative period.
“To mitigate the negative impact of Covid19 pandemic, Government availed a $18 billion stimulus package for the productive sectors, vulnerable social groups and provision of public services; especially health, water and sanitation.
“In addition, foreign currency receipts have performed better than anticipated, appreciating by 18 percent as at the end of August 2020. Coupled with Diaspora remittances, these should continue to anchor and drive further stability.
“The reported increased certification of new products by the Standards Association of Zimbabwe is another positive signal that our country is indeed alive and jobs are being created. We expect the trend of the positive trade balance to be sustained through increased productivity and exports across all sectors of the economy,” said President Mnangagwa.
He said the attainment of Vision 2030 is premised on a performance-oriented and results-driven culture.
Government will soon launch the First Five-Year National Development Strategy (2021 to 2025) which builds on the successes of the Transitional Stabilisation Programme.