Zimbabweans should brace for belt-tightening

Zimbabweans should brace for belt-tightening
Published: 23 September 2018 (223 Views)
President Emmerson Mnangagwa has said Zimbabweans must prepare for austerity measures that may appear harsh but are in the medium to long-term designed to set the economy back on track.

Zimbabwe's leader also said he is in the process of replicating a Commonwealth system in which the main opposition receives formal recognition, as part of his measures to strengthen democracy in Zimbabwe.

He made these remarks in an interview with Bloomberg TV here yesterday.

President Mnangagwa is in New York for the 73rd Ordinary Session of the United Nations General Assembly, during which time he is engaging international business and political leaders as part of his drive to revive Zimbabwe's economy and re-integrate it into the comity of nations.

Asked about Zimbabwe's economic fundamentals and where he saw the economy going, President Mnangagwa told Bloomberg TV that it is a time for sobriety.

"We have to be very sober. It is true that our fiscal balance is bad and we must be honest to our people as to what we want to achieve and to do.

"So there is need for us to apply fundamentals that may be harsh to our people, but are necessary for us to cross the bridge."

He said Zimbabweans and the world should judge his administration on the work it is doing and not on prior perceptions of the country, adding that all investors are welcome.

The President said as part of his engagement and re-engagement drive, he is opening up the economy via legislative reforms, and he would be meeting Belgium's Prime Minister, Mr Charles Michel, during his visit here to further this agenda.

Belgium is the seat of the European Union, which for two decades was hostile to Zimbabwe but has since President Mnangagwa's ascension been warming up to the country.

On internal politics, Zimbabwe's Head of State and Government indicated there would be some form of official recognition of the main opposition in Parliament.

This follows failed attempts by the opposition MDC Alliance to delegitimise President Mnangagwa's July 30 electoral victory.

Asked if President Mnangagwa would formally recognise the opposition, he said: "It is (common) worldwide that if a party loses elections, not everybody accepts losing gracefully. But this happens and I do not think it is new in Zimbabwe.

"Under our Commonwealth Parliamentary Democracy, the opposition is recognised, you recognise the leader of the opposition in Parliament.

"Under the former administration, there was no formal recognition of the opposition leader, but now under my administration, we are embracing the Commonwealth approach to parliamentary democracy, where you recognise the leader of the opposition and he is given certain recognition and perks in Parliament."

In Britain, for instance, the leader of the opposition in Parliament has a formal role, leading a shadow cabinet in a system that ensures greater oversight of government and proffers alternative policies.

In the UK, the present Leader of the Official Opposition, Mr Jeremy Corbyn (Labour), is entitled to a salary.

President Mnangagwa said he would continue to promote national unity, peace and democracy.

- zimpapers

Tags: Zimbabwe, Belt, Finance,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Callistus Ndlovu's body expected in Zimbabwe tomorrow

by Staff reporter | 17 February 2019 | 36 Views

Zimbabwe urgently needs own currency

by Edmore Ndudzo | 17 February 2019 | 39 Views

Tafataona Mahoso: A man of many hats

by Staff writer | 17 February 2019 | 76 Views

Anger at Mnangagwa over CEOs snub

by Staff reporter | 17 February 2019 | 74 Views

More bad news for Mnangagwa

by Staff reporter | 17 February 2019 | 112 Views

Mnangagwa tightens his security

by Staff reporter | 17 February 2019 | 79 Views

Zimbabwe maize harvest forecast at 900 000t

by Staff reporter | 17 February 2019 | 61 Views

Mnangagwa admits deploying military crackdown

by Staff reporter | 17 February 2019 | 156 Views

Mutambara pays tribute to 'literary giant' Mungoshi

by Staff reporter | 17 February 2019 | 117 Views

Chiwenga still in Indian hospital

by newzimbabwe | 17 February 2019 | 171 Views

Auxilia Mnangagwa's hand exposed in Zanu-PF youth league ructions

by newzimbabwe | 17 February 2019 | 160 Views

Zimbabwean facing UK deportation says fears being 'killed' at home

by Staff reporter | 17 February 2019 | 135 Views

Bushiri's private jet attached

by news24 | 17 February 2019 | 115 Views

24 bodies retrieved from flooded Zimbabwe gold mine

by AFP | 17 February 2019 | 112 Views

Mnangagwa launches crackdown on illegally settled farm occupiers

by newzimbabwe | 17 February 2019 | 110 Views

Mnangagwa claims that fuel and wheat shortages already fixed

by Staff reporter | 17 February 2019 | 128 Views

AFM drama continues

by Staff reporter | 17 February 2019 | 148 Views

Smart agriculture will boost economy

by Staff reporter | 17 February 2019 | 109 Views

Masowe woman in record breaking home deliveries

by Staff reporter | 17 February 2019 | 139 Views

Chamisa, Mnangagwa dialogue is not about power-sharing

by Nick Mangwana | 17 February 2019 | 133 Views

Zimbabwe unlikely to renew Bureau Veritas deal

by Staff reporter | 17 February 2019 | 102 Views

We remain committed to media liberalisation

by Hon. Monica Mutsvangwa | 17 February 2019 | 106 Views

City dwellers to get food relief

by Staff reporter | 17 February 2019 | 100 Views

Govt begins receiving applications for voluntary retirement

by Staff reporter | 17 February 2019 | 125 Views

MDC Alliance lie has no legs

by Staff writer | 17 February 2019 | 120 Views

Mnangagwa aware of Chamisa's renewed bid to relaunch violent protests

by Staff reporter | 17 February 2019 | 111 Views

Chamisa to bring everyone to Harare for a Mother of All Demonstrations

by Staff reporter | 17 February 2019 | 91 Views

NRZ slashes commuter train fares

by Staff reporter | 17 February 2019 | 101 Views

Selmor relives childhood in Tuku household

by Staff reporter | 17 February 2019 | 64 Views

Sex makes Zodwa Wabantu fat

by Staff reporter | 17 February 2019 | 127 Views

Bosso end pre-season training

by Staff reporter | 17 February 2019 | 102 Views

First private teachers' college opens doors

by Staff reporter | 17 February 2019 | 75 Views

'Mnangagwa invite a step in right direction'

by Staff reporter | 17 February 2019 | 86 Views

Zimta CEO earns around $10 000 before deductions?

by Staff reporter | 17 February 2019 | 77 Views

Haddon and Sly suspends workers

by Staff reporter | 17 February 2019 | 58 Views

Bulawayo water shedding worsens

by Staff reporter | 17 February 2019 | 63 Views

Bosso, Dembare face collapse

by Staff reporter | 17 February 2019 | 57 Views