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ED Speaks On Foreign Currency Shortages

President Emmerson Mnangagwa has spoken on the current foreign currency shortages facing the country saying the government is working to ensure that critical imports are prioritized on foreign currency allocation.

Speaking during the ongoing Zimbabwe exporters conference organised by Zimtrade,Mnangagwa appealed to the industry to support the production of raw materials and industrial feed stock which can be sourced locally.

“l am aware of the foreign currency challenges that you are facing to import raw materials,machinery and equipment and other essential services.The Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe are working to ensure that critical imports are prioritized on foreign currency allocation,” President Mnangagwa said.

He said his government will continue the ongoing  efforts to re-engage with the International Financial Institutions to support the recapitalisation and re-tooling of industry as well as trade finance to boost capacity utilization and production for export.

“As our engagement and re-engagement efforts begin to yield visible benefits,l challenge industry to anticipate the expanded export market and develop business strategies with this in mind.

“Meanwhile my government will continue the ongoing  efforts to re-engage with the International Financial Institutions to support the recapitalisation and re-tooling of industry as well as trade finance to boost capacity utilization and production for export.

“We are to date encouraged by the positive response we are receiving as a result of our re-engagement efforts, l call upon companies to harness this goodwill and establish joint venture partnerships with potential investors that are keen to do business in Zimbabwe,” added Mnangagwa.

Despite promises of economic turnaround by President Mnangagwa during his inauguration in November last year, foreign currency shortages have persisted.

 

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