President Emmerson Mnangagwa will later this month send a delegation to Perth Australia, in a bid to spread “Zimbabwe Is Open for Business” gospel at a Mining Investment Seminar Downunder
The delegation will comprise of Mines and Minerals Development Minister, Winston Chitando and Information, Publicity and Broadcast Services Minister, Monica Mutsvangwa, among other key mining industry experts.
This comes as the Mnangagwa regime is making frantic efforts to find investment opportunities to revive the critically ailing economy.
Zimbabwe Open For Business Forum chief executive officer, Xobile Magwisi said the Perth Investment Forum will create a platform to showcase opportunities for Zimbabwe and create synergies for the mining industry.
“Zimbabwe is open for business as you have seen before, participates in all platform where discussions can be held openly to try and find solutions to challenges we are facing as a country,” he said.
Mnangagwa’s ascendancy to the country’s number one job in November 2017 had brought hope for the troubled nation but a series of “unfortunate” events have denied any hopes re-engagement and investment from the outside world, particularly, the western countries.
Mnangagwa saw his chances of economic revival go up in smoke soon after the July 2018 elections as gross human rights violations were committed before the world cameras.
In January this year, the Mnangagwa regime shot itself in the foot again as the army moved in to quell protests killing 17 people in the process.
This has forced potential investors to take a ‘look from the sidelines” approach as they wait on Mnangagwa to show some seriousness before they commit their investments in the country.
However, all hope is not lost for the regime as the International Monitory Fund (IMF) team which has been in the country seem to have given thumbs up to economic reforms being spearheaded by Mnangagwa.
“Significant economic reforms underway: the new government that was sworn into office following the July 2018 elections, tightened the fiscal stance since September 2018 and introduced a new domestic currency (the RTGS dollar) in February 2019.
“The authorities are also advancing on the structural reforms as elaborated in their Transitional Stabilisation Programme (TSP), which seeks to achieve macroeconomic stability and aims at reforming and privatising State-Owned Enterprises (SOEs), addressing corruption in procurement and revenue administration, and promoting private sector investment by improving the business climate.”
Government has requested a Staff Monitored Programme (SMP) covering the period May 15, 2019, to March 15, 2020.
The IMF says it “supports this request”, which would assist authorities to implement key reforms outlined in the TSP, and “help Zimbabwe build a track record of sound economic policies as it seeks to normalise relations with external creditors”.
The TSP, which runs from October 2018 to December 2020, prioritises fiscal consolidation, economic stabilisation, and stimulation of growth and employment creation.
