Local firms are bracing for the second half of the year by focusing on policies to streamline non productive units to remain viable despite viability constraints.

Local firms have been holding annual general meetings (AGMs) in the past few weeks where shareholders have given approval to directors on policies to focus on survival in light of the resurfacing macroeconomic challenges.

Statistics compiled by the Employers’ Confederation of Zimbabwe (EMCOZ) indicate most companies have managed to shrug off the tough economic environment in the first half of this year on the back of reduction in production costs.

EMCOZ executive director, Mr John Mufukare told the ZBC News that while firms in the agriculture, manufacturing, mining, construction and tourism among other sectors are still committed to operate in Zimbabwe, the focus is on strategies to stay afloat in the second half.

“It is now high time we focus on the future to sustain the economy in light of constraints that are adversely affecting this economy,” said Mr Mufukare.

As part of containing costs and managing to sustain their balance sheets, industries have also deferred the payment of dividends to shareholders citing the need to preserve funding or capital for future expansion in light with macro economic uncertainties.