Zimbabwe's economy is fragile and it does not have its own currency
Zimbabwe's economy

Zimbabwe is on a tough journey to an open market economy and citizens have to bear temporal discomfort arising from austerity measures that government is implementing to correct past wrongs, an advisory council to President Emmmerson Mnangagwa said Thursday.

The 26-member PAC said this after it met Mnangagwa and presented him with an advisory note that stressed the need to deal with corruption and getting the masses to understand the tough journey that the country is on.

The PAC’s alternate spokesperson Edwin Manikai told journalists that Mnangagwa had so far taken on board most of their recommendations on opening up the economy, but warned that the citizenry would have to bear the immediate consequences of the adjustments as the economy self-corrects, state news agency New Ziana reported.

“The opening up that we are talking about is the right way to go, the same people who were complaining that things were closed and there was too much administration around foreign currency and fuel are now complaining when it has been opened up,” Manikai said.

“I am not an economist but in a little while, the benefits of these brave measures that His Excellency has implemented through his government will begin to be seen.”

Manikai said with liberalization of forex and fuel markets, prices of goods and services will go up in local currency terms but remain unchanged in United States dollar terms, and will in the medium-term stabilize.

Manikai said the PAC had stressed the need to rally the masses towards a common goal of economic recovery through improved communication by explaining the intentions and actions of the government to the people.

“We want Zimbabweans to achieve the pursuit of happiness and this is the beginning of the journey,” he said. “Everywhere you go where there is change and austerity, there will be some immediate adverse consequences. It is like taking medicine. We all know that medicine is bitter but it’s good for you, focus has to be about the right policies and their implementation and we have the right policies that have now been announced.”

Manikai said the PAC had recommended the setting up of an inter-ministerial committee to look at addressing the needs of the vulnerable during the period that the economy is in transition. Enditem

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