Zimbabwe problems are surmountable, says Mthuli Ncube

Zimbabwe problems are surmountable, says Mthuli Ncube
Published: 11 January 2019 (138 Views)
FINANCE minister Mthuli Ncube has said the serious challenges facing the country, including a high budget deficit and significant debt, and currency challenges, were surmountable with major structural reforms.

Addressing the European Parliament yesterday, Ncube said what was required was urgent and bold action, and tough decisions.

"We cannot run away from the challenge — the longer we wait to address it, the harder it will be," he said.

Ncube said government has developed a comprehensive plan to revive the economy and put the country on the path to steady economic growth.

"The only way to a stronger economy is to restructure, rebuild and reform," he said.

"This plan involves some painful measures to get our national budget under control. These measures will be felt by all of us, but are unavoidable if we want to get our economy back on track. These measures are those of a doctor performing a lifesaving operation. They cause pain, but the pain is the only thing that will lead to a recovery. As Margret Thatcher once said: Yes, the medicine is harsh, but the patient requires it in order to live."

Ncube added: "We must all be humble and austere, and government is leading by example. We are continuing to make big cuts to perks and unnecessary expenditure, so that government lives within its means."

He said government was making structural reforms to liberalise the economy, privatise inefficient parastatals, reduce red tape, regulation and attract investment.

"It is vital that we do not panic. The money in Zimbabwean banks accounts is and continues to be of value, and government is guaranteeing the availability of all essential commodities, including fuel," Ncube said.

"Amidst these reforms, our growth projections remains strong, a similar rate to some of the fastest growing economies in Africa. This is an indication of where we are going if we keep on this path."

He said the new Zimbabwe cannot go it alone and must open its arms to the international community, international investors, and international financial organisations.

- newsday

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

'Mnangagwa should pursue dialogue with Chamisa'

by Staff reporter | 16 June 2019 | 43 Views

Mnangagwa closes door on Chiwenga

by Staff reporter | 16 June 2019 | 60 Views

Lawyers pursue Tsvangirai's debtors

by Staff reporter | 16 June 2019 | 45 Views

Electricity charges to go up

by Staff reporter | 16 June 2019 | 49 Views

Black market rates continue to soar

by Staff reporter | 16 June 2019 | 58 Views

Chasi divides energy sector opinion

by Staff reporter | 16 June 2019 | 48 Views

Mthuli Ncube: From messiah to villain?

by Staff reporter | 16 June 2019 | 40 Views

Jonathan Moyo's role in the arts sector

by Staff reporter | 16 June 2019 | 41 Views

Jonathan Moyo's role in the arts sector

by Staff reporter | 16 June 2019 | 35 Views

Prophet Magaya in US$900k land scandal

by Staff reporter | 16 June 2019 | 35 Views

Watching our customs and traditions vanish

by Thomas Murisa | 16 June 2019 | 38 Views

Sober approach to the Gukurahundi genocide problem

by Clemen Moyo | 16 June 2019 | 33 Views

Zimnat holds march to mark launch of USD funeral plan

by Staff reporter | 16 June 2019 | 39 Views

Here we go again

by Zimbabwe Vigil Diary | 16 June 2019 | 35 Views

Bosso silences Dembare

by Staff reporter | 16 June 2019 | 42 Views

We need more vocational training centres in Mash. Central

by Thomas Murisa | 16 June 2019 | 31 Views

What constitutes a youth in Zimbabwe politics?

by AT Kadada | 16 June 2019 | 26 Views

The time for 'V11' and 'fulcrum' is now behind us

by Thomas Murisa | 16 June 2019 | 34 Views

Zimbabwe needs complete transformation, not patchworks.

by Dr Gus Manatsa | 16 June 2019 | 35 Views

Regulations around Online Gambling in Zimbabwe

by Staff Writer | 16 June 2019 | 45 Views

Mthuli Ncube's speech to AfDB boards of governors - Fulltext

by Mthuli NCube | 16 June 2019 | 41 Views

Victoria Falls rejects local currency

by Staff reporter | 16 June 2019 | 39 Views

Mnangagwa exposes Grace Mugabe

by Staff reporter | 16 June 2019 | 42 Views

Zimbabwe Saints seeks to rise from the dust

by Staff reporter | 16 June 2019 | 36 Views

Spunned man hangs himself

by Staff reporter | 16 June 2019 | 29 Views

Passport shortage leaves Zimbabweans stranded

by AP | 16 June 2019 | 35 Views

Chamisa will not massage Mnangagwa's ego

by newzimbabwe | 16 June 2019 | 31 Views

'Ramaphosa not too stupid to allow SA turn into a Zimbabwe'

by Staff reporter | 16 June 2019 | 37 Views

Winter of discontent for Mnangagwa

by ZimLive | 16 June 2019 | 31 Views

Baboons terrorise Gwanda

by Staff reporter | 16 June 2019 | 34 Views

Crackdown against money dealers

by Staff reporter | 16 June 2019 | 33 Views

Mnangagwa promises free education

by Staff reporter | 16 June 2019 | 32 Views

Chamisa tells Mnangagwa to 'wake up and smell the change'

by newzimbabwe | 16 June 2019 | 30 Views