Zimbabwe economy to grow by 4 percent, says RBZ

Zimbabwe economy to grow by 4 percent, says RBZ
Published: 07 December 2017 (187 Views)
THE economy is projected to grow by 4 percent next year driven by a positive sentiment spurred by the new political dispension and anticipated good agriculture season, the Reserve Bank of Zimbabwe has said.

Speaking at the First Green Investment Catalyst Round Table for Zimbabwe underway here, RBZ deputy director (Economic Research Division) Mr Samuel Tarinda said challenges and uncertainties associated with an election year would be short-lived and resolved, with minimal impact on the economy.

"Anticipated good agriculture season in 2018, positive spill-over effects to manufacturing, continued support to gold and other mineral production, increased electricity production following completion of a number of power projects and harnessing of international goodwill and capital are expected to spur growth significantly above 4 percent in 2018," he said.

"Going forward, inflation is expected to stabilise, given the recent downward movements in parallel exchange rates, and the measures to stimulate exports and increase the supply of foreign exchange into the economy."

He said the envisaged expansion in economic activity may push up inflation to an average of five percent or slightly higher in 2018, but the levels will remain conducive to promotion of real growth.

Mr Tarinda said RBZ will continue to monitor domestic and external causes of inflation, and take pre-emptive and other appropriate measures to keep inflation in check.

Turning to green investments Mr Tarinda said given the enormous investments needed to bring about a "green transformation" towards sustainable, low-carbon development, the financial sector will have to play a central role in allocating resources to Green Investments – as well as stopping or limiting funding to activities that harm the environment.

France cooperation attaché to Zimbabwe Mr Laurent Godefroy said the green investment scheme should be devoted to assess the feasibility of projects as a green qualification is a necessary but not a sufficient condition to go further.

"Then the project holders need a technical and a financial support to finalise the projects. Who is going to bring this kind of support, would it be up to an institution, or to each of the financial institutions which will be requested," he said.

Environment, Water and Climate Permanent Secretary Mr Prince Mupazviriho said the Green Investments Catalyst Roundtable initiative aims to mainstream climate change into project portfolio finance cycle, which includes project identification, preparation and appraisal, resource mobilisation, implementation, monitoring and evaluation.

"More specifically the roundtable aims to raise awareness, solicit your buy-in, discuss possible projects that can be financed through green investments and develop a framework for green bonds for Zimbabwe," he said.

"To achieve the objectives of this roundtable we have invited expertise in climate finance, green debt, asset management development partners and private sector players to explore the possibility of using capital markets to channel more resources for low carbon and climate resilient development."

Green investments are envisaged to assist the country to meet primarily national development goals and feeding into the broader Sustainable Development Goals.

- chronicle

Tags: RBZ, Zimbabwe, Economy,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Girlfriend hires foreign hitmen

by Staff reporter | 12 December 2017 | 184 Views

'Rate killer to save marriage'

by Staff reporter | 12 December 2017 | 120 Views

Man soils himself at a shrine while queuing to consult a prophet

by Staff reporter | 12 December 2017 | 137 Views

Mugabe's first trip since ouster

by Staff reporter | 12 December 2017 | 133 Views

Mugabe's 'obedient son' sought 'divine intervention'

by Staff reporter | 12 December 2017 | 154 Views

Poet praises Chiwenga

by Farai Shawn Matiashe in Mutare | 12 December 2017 | 74 Views

Mnangagwa's Politburo postponed

by Staff reporter | 12 December 2017 | 102 Views

'Dokora's curriculum to stay,' says Prof Mavima

by Staff reporter | 12 December 2017 | 64 Views

Military warn 'misguided' elements

by Staff reporter | 12 December 2017 | 87 Views

PHOTO: Cops weed photo goes viral

by Staff Reporter | 12 December 2017 | 150 Views

Kangai sued for $2m by NetOne

by Staff reporter | 12 December 2017 | 68 Views

CIO spy's appetite for Maleme farm still on

by Benson Mume | 12 December 2017 | 130 Views

Mpofu rallies his troops behind ED's vision

by Tamara Mutowa | 12 December 2017 | 127 Views

Fears for second Gukurahundi grip Mthwakazi - MLF

by MLF | 12 December 2017 | 153 Views

President Mnangagwa on the social media

by Leonard Koni | 12 December 2017 | 293 Views

Mpofu pledges support for BVR exercise

by Charles Motsi | 12 December 2017 | 84 Views

WATCH: Fuel shortages hit parts of Zimbabwe

by Simbarashe Sithole | 12 December 2017 | 133 Views

Bulawayo runs out of burial space, again

by Staff reporter | 12 December 2017 | 95 Views

Liquid Telecoms rapped for lack of back-up systems

by Staff reporter | 12 December 2017 | 91 Views

Cop steals friend's payslip, buys phone

by Staff reporter | 12 December 2017 | 100 Views

'Illegal to offer extra lessons for a fee'

by Staff reporter | 12 December 2017 | 87 Views

Dad beats daughter to death

by Staff reporter | 12 December 2017 | 116 Views

Mnangagwa meets provincial chairs

by Staff reporter | 12 December 2017 | 97 Views

62 in burning bus

by Staff reporter | 12 December 2017 | 133 Views

Man kills stepdaughter to please own mother

by Staff reporter | 12 December 2017 | 114 Views

Fresh bidding for Egodini project

by Staff reporter | 12 December 2017 | 64 Views

Masuku slams hero worship culture

by Staff reporter | 12 December 2017 | 91 Views

Zimbabwe accused 'murderer' in Botswana prison for 5 years

by Mmegi | 12 December 2017 | 86 Views

Guvamatanga quits Barclays

by Staff reporter | 12 December 2017 | 92 Views

Civil servants on bonuses

by Staff reporter | 12 December 2017 | 125 Views

Zimbabweans panic as permit deadline approaches

by CAJ News | 12 December 2017 | 88 Views

Peter Ndlovu not yet ready for Warriors

by Staff reporter | 12 December 2017 | 87 Views

Politburo kickstarts Zanu-PF Congress

by Staff reporter | 12 December 2017 | 91 Views

Ncube assumes 100% stake in AMH, sale M&G stake

by Staff reporter | 12 December 2017 | 60 Views

Bata invests $500 000 in gumboot plant

by Staff reporter | 12 December 2017 | 91 Views

Residents demonstrate over substandard houses

by Staff reporter | 12 December 2017 | 64 Views