Treasury has assured Zimbabweans of continued use of the multi currency regime as efforts to restore stability, production, increase exports and rebuild gold reserves are still being worked out with further details being expected in the 2019 mid-term fiscal policy set for July this year.
Responding to questions from the media over the future of Zimbabwe’s currency reforms, the Minister of Finance and Economic and Development Professor Mthuli Ncube said the multiple currency system is still the right platform to economic recovery.
“We are still working on the right strategies to recovery so we just want to work within that perspective to unlock more value to this economy,” he said.
While noting some improvement in the fuel supply chain, government is, however, continuing to ensure stability of supplies by stamping out irregularities that have led to artificial shortages.
Some of the key highlights of the 19th Cabinet meeting held on Tuesday (today) included an update on the reconstruction of Cyclone Idai affected areas as well proposed amendments to the Attorney General’s Act.
The government also said it is now seriously looking at price stability measures with President Emmerson Mnangagwa expected to launch the Tripartite Negotiating Forum (TNF) legislation this Wednesday.
This was revealed by the Minister of Information, Publicity and Broadcasting Services, Cde Monica Mutsvangwa at the 19th post Cabinet briefing in the capital this Tuesday (today).
The legislative piece is therefore critical in addressing the continued price increases that are eroding the value of incomes for the workers and inflicting a lot of suffering to the consumers, says the Minister of Information, Publicity and Broadcasting Services, Cde Monica Mutsvangwa.
“It is in this regard that Cabinet welcomes the passing of the TNF Bill by Parliament on the 23rd of May, this vital piece of legislation is now set to be launched tomorrow by His Excellency President Mnangagwa,” she said.
Minister Mutsvangwa added that there is also need to stamp out cartels that have led to speculative behaviours on prices as Cabinet approved principles for the amendment of the competition act.
“The act will empower the commission to levy administrative penalties for firms that violate competition rules,” she said.
Cabinet also received a report on the 100-day cycle which will end on Friday this week.
However, it is the launch of the TNF legislation that is being anticipated to set the tone on economic stability.