The International Monetary Fund (IMF) team is in Zimbabwe providing technical expertise to the country’s economic data reforms as the government gears towards producing Gross Domestic Product (GDP) figures on a quarterly basis.
Reliable economic data is an important element in shaping a country’s developmental goals and this realisation has prompted ZIMRA and ZIMSTAT to share best practises to attain reliable data.
IMF Regional Director for Statistics, Mrs Donna Marrie Grcman said the institution is committed to help Zimbabwe in coming up with globally recognised economic information.
“The economy is working with the IMF towards ensuring accurate data for the benefit of the economy. Reliable data is critical for a country’s economic sustainability,” she said.
Accountant General, Mr David Muchemwa said the technical expertise from the IMF will also enable the government and economic research institutions to work on policies to revive foreign direct investment (FDI) inflows.
ZIMRA Commissioner General, Ms Faith Mazanhi said accurate economic data will also restore local and global business confidence.
Responding to allegations that the Zimbabwe National Statistics Agency (ZIMSTAT) data on economic indicators such as GDP, inflation, trade and business survey, among others is biased, the institution’s Acting Director General, Mrs Taiziwei Mungate justified the calculations as realistic.
“We do our work diligently and we are shocked by such statements because on a regular basis we always consult,” she said. In a related development, ZIMRA and ZIMSTAT signed a memorandum of understanding that is expected to result in the two institutions sharing data on key economic indicators such as vat on income, business taxation system and trade data, among others.