AfDB commends Government reforms
THE African Development Bank (AfDB) has commended Government’s efforts in implementing the ongoing reforms under the Transitional Stabilisation Programme (TSP) aimed at turning around the economy.
Zimbabwe launched the TSP, a two-year economic blue-print which runs up to the end of this year in October 2018 and the programme set in motion a number of infrastructure projects spanning across energy, roads and social services such as water and health provision.
It focused on stabilising the macro-economy, laying a foundation for sustainable and shared private sector-led growth.
The AfDB said its seven-member delegation of executive directors was in the country last week on a week-long fact-finding mission where they held meetings with a number of officials including President Mnangagwa.
The delegation also met officials from various ministries, civil society, private sector and multilateral financial institutions, during which they were briefed on the current macro-economic, social and political environment in the country.
“During the meeting with President Mnangagwa, the delegation appreciated ongoing reform efforts initiated since January 2019 as part of the Government’s Transitional Stabilisation Programme 2018-2020 under the IMF Staff Monitored Programme (May 2019-March 2020).
“They welcomed the President’s pledge to recalibrate the programme, which aims to implement a coherent set of policies that facilitate a return to macroeconomic stability,” said AfDB in a statement.
The reforms include introducing necessary policy and institutional reforms for private sector-led growth, addressing infrastructure gaps and launching quick-wins to stimulate and restore growth.
President Mnangagwa was quoted as saying: “I would like to express my gratitude to the Bank for the commitment towards Zimbabwe. We need more assistance as a country, more so, as we embarked on substantive economic reforms based only on domestic resources without help from the international community.”
Meanwhile, the Government has started working on a five-year National Development Strategy (NDS) to bolster infrastructure projects deemed crucial for the attainment of an upper middle-income status by 2030.
The NDS is set to be launched in September and will replace the TSP.
The AfDB directors noted that despite some positive results, reform coordination in the country remains a challenge, against a backdrop of a continuing general rise in poverty levels, especially in the urban areas.
Zimbabwe is also still feeling the after effects of Cyclone Idai, which hit the country in March last year, and the 2019/20 drought, which has left more than 8,5 million people (three million of whom are in urban areas), food insecure.
The delegation also visited several bank-funded projects, including the Post Cyclone Idai Emergency Recovery and Resilience Programme (PCIREP) implemented in the Chimanimani district, which was severely affected by Cyclone Idai.
The project, funded to the tune of $24,7 million, focuses on public infrastructure interventions aimed at re-establishing sustainable livelihoods and kick-starting economic activities of the affected population.
The AfDB commended the Government’s rebuilding efforts in Chimanimani and other parts of the country, and reiterated the bank’s commitment to the people of Zimbabwe and the country’ economic development agenda.
The group urged perseverance in the implementation of reforms and called for early normalisation of relations with development partners, which would help unlock more substantive external resources for Zimbabwe, including from AfDB. — chronciel.co.zw
