Minister: Zim economy recovering

mangoma.jpgElton Mangoma Pretoria - The Zimbabwean economy is speedily recovering under the unity government, the country's economic minister Elton Mangoma said in Pretoria on Monday.

He attributed the recovery to, among other things, institutional changes at the country’s central bank.

"The Zimbabwean dollar has been discontinued and we do not expect to
see it in the immediate future. Also there is institutional change at
the Reserve Bank," he told reporters.

The bank’s role was to supervise the financial sector to ensure it functioned properly, he said.

"In the absence of the Zimbabwean dollar, international currencies such
as the South African rand and the American dollar are being used."

He said Zimbabwe had already made much progress.

"We have stabilised the economy. Processes of democracy are in place,
such as freedom of expression, freedom of association – all these were
not there in the harsh period we experienced in Zimbabwe," Mangoma said.

He explained that the government was acting firmly on land invasions and farm attacks.

"A culprit has been arrested in relation to the recent Harare farm
invasion. The population understands that we could not do the same
thing that brought us this problem," he said.

Zimbabwe needed security of tenure in the form of title deeds and leasing to address land reforms and to develop agriculture.

Although the country had made some progress there were still some problematic issues that needed to be resolved.

These he said were the appointments of the governor of the reserve bank and that of the attorney general.

The appointment would be done in accordance with the Constitution and the agreement reached by the unity government.

"It will not be in the interest of one individual. The executive power
rests with the president, the prime minister and the cabinet, not like
in the past were the president had the executive power," said Mangoma.


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