We must maintain a current account balance of not more than -3 percent of GDP, create at least 760 000 formal jobs over the next five years and improve infrastructure development, in particular in the fields of energy and water.
Our Budget is a blueprint for growth, a plan for the average Zimbabwean; the entrepreneur and the teacher, the doctor and the farmer.
Agriculture of course remains the backbone of our economy. And increases in agriculture production and productivity, especially by smallholder farmers will ensure food and nutrition security for the nation, as well as greater opportunities for value addition and the development of successful agro-business value chains.
By enhancing investment in mining towards exploration, beneficiation and value addition of minerals — including levelling the field to accommodate small scale miners — we will create more jobs and increase foreign currency earnings for the country.
We will continue to work on creative measures to strengthen our grip on our fiscal and monetary future, with a market clearing foreign exchange rate regime and sequence measures to ensure the Zimbabwe dollar as the dominant legal tender by 2025.
The foreign exchange system will further be strengthened, complemented by building international foreign exchange reserves of at least six months of import cover.
In order to realise improved financial sector stability, the RBZ will continue to strengthen the prudential supervisory policy framework, implement Financial Sustainability Standards, ensure banks maintain adequate capital levels, fully implement the Basel III Accord, and ensure an efficient National Payments System. Our banks must work for you, the people of Zimbabwe.
Government’s re-engagement with the international community still remains paramount; diplomatically and financially.
Importantly, building upon these relationships with successful negotiations of a new debt and arrears clearance programme with external creditors, we aim to open new lines of credit for our economy and Zimbabwean businesses.
As we move forward, in order to reduce fiscal risks emanating from State-Owned Enterprises (SOEs), Government will need to make some radical changes.
These include expediting commercialisation, improving governance, increasing efficiency to provide services at viable prices, full or partial privatisation, as well as outright disposals and amalgamation of some of the SOEs into existing Government Departments.
The time has come to open up our economy to new players, greater efficiency and a thriving private sector!
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