Economic reforms: Govt calls for calm, patience


Finance and Economic Development Minister Professor Mthuli Ncube has called for calm and patience as Vision 2030 can be achieved.

Vision 2030, enunciated by President Mnangagwa, seeks to make Zimbabwe an upper middle income economy, a standard set by the World Bank entailing higher standards of living, lifting the country from its current state after years of sanctions-induced de-industrialisation and negative growth.

In his weekly column published by the State media today, Prof Ncube outlines a roadmap towards the country’s attainment of Vision 2030.

“The targets we have set ourselves are ambitious, but attainable and the sacrifices we make today will be repaid many times over in the years to come. The TSP is the first step of a bold, concrete and comprehensive plan to restructure, rebuild and reform our economy, putting us on the path to steady economic growth. The road to our Vision 2030 is bumpy and full of potholes, but with careful navigation and discipline, we will realise our vision,” he writes.

The TSP, a short-term economic policy strategy contained set of reforms and interventions to stabilise the economy over the next two years, anchors the long-term strategy.

“This is the first step towards the realisation of Vision 2030, and will be followed by two successor plans, that will lead us to the Promised Land. The TSP is a highly realistic document.

“It acknowledges our starting point: An economy having to contend with a high budget deficit and significant debt after years of mismanagement. These challenges are significant, but with major structural reform, they are not insurmountable. What is required is bold action and a willingness to take tough decisions. We cannot bury our heads in the sand  the longer we wait to address our challenges, the harder it will be,” he says.

“The main focus therefore is on the need to urgently correct the mismanagement of the Budget. For years, Government has been spending much more than it had, which destabilised the economy. Simply put, when we came to this office, our national wallet was empty and we had significant debt.

“Our strategy is to cut down Government spending  through eradicating unnecessary expenses and waste  while widening the income base. We can no longer spend what we do not have.”

He says the pain experienced through implementing TSP was temporary.

“But this is the only way. The TSP is like a doctor performing life-saving surgery on the Zimbabwean economy. Yes, the surgery will cause pain, but this pain is the first step towards recovery.”