CABINET yesterday approved for immediate implementation the Transitional Stabilisation Programme announced by Finance and Economic Development Minister Professor Mthuli Ncube on Monday.
Addressing journalists last night, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said Cabinet deliberated on the measures after a presentation by Prof Ncube before adopting them.
“The implementation process will accordingly commence this month and run up to December 2020. The launch of the programme is to take place very soon,” said Minister Mutsvangwa.
She said the programme’s main thrust is to ensure the stabilisation of the macro-economic environment that include the financial sector, introduction of necessary policy and institutional reforms to facilitate private sector led economic growth and the launch of the quick win projects and programmes to stimulate economic growth.
“Implementation of the quick win projects and programmes will be undertaken in 100 Day Cycles guided by the Rapid Results Approach. The Transitional Stabilisation Programme constitutes the first phase of the implementation of the Vision 2030 and will thus pave way for the implementation of two successive Five Year Development Plans which are to run from 2021 to 2030,” said Minister Mutsvangwa.
She said key features and objectives included addressing various existing and external and macro-economic imbalances, thus providing a foundation for robust economic growth and development beyond 2020.
They also include strengthening fiscal responsibility and management of Government expenditures so as to divert resources from recurrent expenditure to productive activities, facilitate innovation in the design and administration of taxes to include simplified tax structures for micro, small and medium enterprises.
“Other features include targeting the eradication of corruption, which is a major source of leakages to public revenues and a cost burden to businesses. Instituting measures that seek to strengthen the economy’s balance of payments in order to enhance exports, currency competitiveness and capital inflows and reduce over dependency on imports,” she said.
Other features included the desire to rationalise the civil service so as to reduce the unsustainable public sector wage bill.
Minister Mutsvangwa said Cabinet had also considered the Zimbabwe Investment and Development Bill that was presented by Industry and Commerce Minister, Nqobizitha Ndhlovu.
“The Bill is part of current efforts by the Government of Zimbabwe to create a regionally and internationally competitive investment and business environment. More specifically the Bill provides for the establishment of the Zimbabwe Investment and Development Agency,” said Minister Mutsvangwa.
“The Agency will serve as a One Stop Investment Service Centre with the goal to promote and facilitate quick processing and effective protection of investment.”
She said the Agency will take over the functions of the Special Economic Zones Authority, Zimbabwe Investment Authority and the Joint Venture Unit.
“The enactment will in 100 day cycles enhance the current legal and regulatory regime in Zimbabwe governing commerce and business in general, which has been consistently been cited as one of the major barriers to inflows of Foreign Direct Investment into the country,” said Minister Mutsvangwa.
Turning to cholera, Minister Mutsvangwa said Government was pleased to note that while the outbreak was not yet over there was a sharp decline in the cases of patients admitted in hospitals.
The Press conference was attended by Prof Ncube, Local Government, Public Works and National Housing Minister July Moyo, Minister Ndhlovu and Chief Secretary to the President and Cabinet Dr Misheck Sibanda.