Ladies and Gentlemen, Comrades and Friends,
We are well aware of the great hardships caused by the lack of availability of cash. This is a painful and poignant issue for so many individuals and families across the country, and a problem we are working tirelessly to solve. We must all recognise that this issue is a significant one, and cannot be resolved overnight. Our job, as leaders, is to honestly recognise the scale of the challenges we face and to create concrete, viable plans to solve them.
To this end, we are accelerating the implementation of measures to resolve the shortage of cash within the economy, by mobilising foreign finance from regional and international financial institutions, increasing cash and currency importation, opening up the economy to investment, and enhancing exports to increase the supply of foreign currency.
While increased capacity utilisation has put positive pressure on the demand for foreign currency, my Government has continued to ensure the financing of critical inputs. In the same breath, the Reserve Bank of Zimbabwe, working with African Export-Import Bank, has put in place a US$1.5 billion facility, earmarked for both liquidity support and the provision of guarantees for investments into the country. I am optimistic that these efforts will not only improve our credit rating, but will equally unlock fresh capital to finance our development agenda.
Locally, the central bank has launched empowerment facilities targeting groups such as women, SMEs and youth, to promote financial inclusion. I urge the financial services sector to create robust financial packages that are responsive to the new Zimbabwean economy. Once more, I would like to reiterate that Zimbabwe is indeed Open for Business. To this end, my Government will continue to implement legal, institutional and administrative reforms, to increase the ease of doing business in Zimbabwe.
Drawing on lessons from other countries, concerted and accelerated efforts are in progress to streamline investment procedures and convenience, through the establishment of a truly One-Stop-Shop Investment Centre. In addition, the National Investment Policy is now in place, while the Investment and Business Facilitation Bill, which seeks to give legal underpinning to Zimbabwe’s commitment to open up its economy, is undergoing due legal process.
To improve efficiency, good governance and transparency in public sector procurement processes, the State Procurement Board was transformed into the Procurement Regulation Authority of Zimbabwe, through the Public Procurement and Disposal of Public Assets Act.
Furthermore, my Government has now established Specialised Anti-Corruption Courts to bolster the anti-corruption campaign. To date, courts have been set up in Harare and Bulawayo with more to be established in other provincial centres. My Government is also on a firm exercise to reform parastatals.
“Zimbabwe is Open for Business” in all facets and in every sphere. All Government ministries, departments, agencies and State enterprises must adjust accordingly and adapt to new reality and a new work culture.
To all workers, I appeal for a new work ethic characterised by determination and honesty. We are cognisant of the plight of public servants, and we remain committed to improving their terms of service, while urging them to continue to exercise patience, as we grow our economy’s capacity to generate the much needed resources.
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