The success of measures taken by Government to stabilise and grow the economy are self-evident and instill confidence in future prospects, Speaker of the National Assembly, Advocate Jacob Mudenda has said.
The Speaker said this Monday at a parliamentary post-budget seminar of the $4,5 trillion 2023 budget presented to Parliament by Finance and Economic Development Minister, Professor Mthuli Ncube last week.
Following the instability experienced in the economy from the beginning of this year, largely as a result of speculative behaviour especially attack on the locak currency, Government instituted measures to curb the rot by raising credit interest rates to stop speculative borrowing issuance of gold coins to mop up excess liquidity and the value for money audits in its procurement processes.
“These measures which have undeniably re-anchored inflation and exchange rate expectations have brought about the much needed stability in the Zimbabwean market,” he said.
“The results of the prevailing stable economic fundamentals and the supportive fiscal and monetary policy interventions are there for everyone to see. “That is why economists believe that they have adequate insulation to cushion the economy from external shocks. Suffice it to affirm that even the illegal money changers bear testimony of the impact of these policies as they woke up to converging parallel market and the willing buyer willing seller exchange rates regime.” Advocate Mudenda said inflation on a month on month basis has plummeted from 12,4 percent in August 2022 to 3, 5 % in September 2022 according to the Zimbabwe Statistical Agency.
The budget was delivered under the theme, “Accelerating Economic Transformation”, and the Speaker urged all MPs to heed President Mnangagwa’s call to ensure that the Budget is inclusive and leaves no person or area behind in its strategic intent.
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