African bank backs Zimbabwe’s economic revival

African bank backs Zimbabwe’s economic revival

African Development Bank
– THE African Development Bank (AfDB) is upbeat about Zimbabwe’s economic turnaround.

This follows the launch of a flagship economic report on the country, titled: “Building a new Zimbabwe: Targeted Policies for Growth and Job Creation” which aims to support renewal and transformation of Zimbabwe.

Ferdinand Bakoup, AfDB Bank’s lead economist, said Zimbabwe was generously endowment with natural resources, a stock of public infrastructure, as well as a comparatively skilled labor force.

“This (report) is an unprecedented asset for the country to join existing supply chains in Africa via the African Continental Free Trade Area,” Bakoup said.

However, he said measures were needed to increase the productivity of public investment, strengthen investor confidence, attract patient capital and develop special economic zones towards further improving the business climate, while continuing to safeguard macroeconomic stability.

“I have no doubt that the report can contribute to the overall efficiency of the development process in Zimbabwe. It will be useful in informing and supporting the government’s dialogue with donors and the business community about further development of economic sectors,” Bakoup added.

Government officials, representatives of public and private sectors as well as other development partners based in the country attended the launch in Harare.

Made of eleven chapters, the report results from a one-year extensive research work of country, sector and thematic studies to offer economic analyses and policy recommendations to help spark Zimbabwe’s transformation.

The government of President Emmerson Mnangagwa applauded the launch of the report that is anticipated to aid the implementation of the Transitional Stabilization Programme and the preparation of the Medium Term Plan for 2021 – 2025.

– CAJ News

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