Zimbabwe economy to grow by 4 percent, says RBZ

Zimbabwe economy to grow by 4 percent, says RBZ
Published: 07 December 2017 (666 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

ZimFirst leader promises a new Zimbabwe

by Stephen Jakes | 20 February 2018 | 208 Views

Tsvangirai FOREVER

by Itai Mushekwe | 20 February 2018 | 499 Views

Tsvangirai's son endorses Chamisa

by Stephen Jakes | 20 February 2018 | 329 Views

Dynamos, Caps to face Zambian sides

by Staff Reporter | 20 February 2018 | 107 Views

Build Zimbabwe promises to develop the nation to competitive status

by Stephen Jakes | 20 February 2018 | 70 Views

Pizza Hut launches in Zimbabwe

by Staff Reporter | 20 February 2018 | 133 Views

The New Zanu-PF has shown political maturity and tolerance

by Dr Masimba Mavaza | 20 February 2018 | 112 Views

'Late Tsvangirai forgave Mugabe'

by Staff Reporter | 20 February 2018 | 238 Views

Zimra implements new strategies

by Staff reporter | 20 February 2018 | 87 Views

Obert Mpofu Parly probe over missing $15bn postponed

by Staff reporter | 20 February 2018 | 98 Views

Govt to proclaim bonus pay dates

by Staff reporter | 20 February 2018 | 100 Views

Khupe, Mudzuri, Elizabeth shut out at Tsvangirai funeral

by Staff reporter | 20 February 2018 | 231 Views

Peter Zwide Kalanga unveiled as Ndebele King

by Staff reporter | 20 February 2018 | 139 Views

Tsvangira's Freedom Square last bow

by Staff reporter | 20 February 2018 | 67 Views

'Companies tired of bankrolling Zanu-PF'

by Staff reporter | 20 February 2018 | 88 Views

More drama at Tsvangirai send-off

by Staff reporter | 20 February 2018 | 278 Views

Domestic dispute ends in tragedy

by Staff reporter | 20 February 2018 | 83 Views

Chivayo, business partner clash

by Staff reporter | 20 February 2018 | 68 Views

Kombis banned from CBD

by Staff reporter | 20 February 2018 | 104 Views

Man kills wife's lover

by Staff reporter | 20 February 2018 | 86 Views

Mnangagwa to repossess Chipanga's Farm

by Staff reporter | 20 February 2018 | 140 Views

Mzembi freedom bid thrown out

by Staff reporter | 20 February 2018 | 51 Views

Pupil bites 14 classmates

by Staff reporter | 20 February 2018 | 46 Views

Bosso turn tables on Chicken Inn

by Staff reporter | 20 February 2018 | 36 Views

Zifa lift Peter Dube suspension

by Staff reporter | 20 February 2018 | 52 Views

Matabeleland communities seek apology over Gukurahundi atrocities

by Staff reporter | 20 February 2018 | 32 Views

Govt starts offering STEM scholarships for teachers

by Staff reporter | 20 February 2018 | 35 Views

Mnangagwa's compassionate politics good for country

by Nick Mangwana | 20 February 2018 | 94 Views

Banning second hand car imports not fully thought out

by Staff reporter | 20 February 2018 | 99 Views

Gogo Tsvangirai trending

by Staff reporter | 20 February 2018 | 136 Views

Council clears Egodini for mall project to resume

by Staff reporter | 20 February 2018 | 27 Views

Mobile network operators directed to tackle money transfer hiccups

by Staff reporter | 20 February 2018 | 55 Views

Fierce game of thrones hits Zimbabwe opposition

by Staff reporter | 20 February 2018 | 31 Views

Mugabe birthday low key event

by Staff reporter | 20 February 2018 | 191 Views

Bulawayo flash floods leave trail of destruction

by Staff reporter | 20 February 2018 | 38 Views

Govt moves to promote local motor industry

by Staff reporter | 20 February 2018 | 37 Views

Chiwenga commands political parties to observe peace

by Staff reporter | 20 February 2018 | 42 Views