Zimbabweans Urged to Unite for Economic Growth

A new political outfit, Ideas Party of Democracy has urged Zimbabweans to be united in an effort to improve the economic fortunes of the country.

Zimbabwe has been facing an economic meltdown for the past two decades following economic sanction imposed by the western countries in the wake of the land reform program in the 2000s.

This resulted in massive job losses as industries closed due to incapacitation and gave birth to years of stagnation.

Although in recent months there has been steady progress due to various government’s initiatives, a collective effort is needed to take the country of the economic doldrums it is in, according to IPD leader, Herbert Chamuka.

Speaking to 263Chat recently, Chamuka said unity of purpose will bring back the Zimbabwe of old.

“We must unite for the common good, we need to build this country together as one people. No matter how small your contribution to the economy is, it will go a long way. The country is not for ZANU-PF alone and its President, Emmerson Mnangagwa, it’s our country.

“The current government is people chosen and when they find the going tough, that is when we as citizens must chip in and assist,” Chamuka said.

He added that although the Mnangagwa administration has been finding it difficult due to the economic situation worsened by the economic sanctions, it has tried its best with the available resources.

He urged people in the diaspora to make contributions to the resuscitation of the once vibrant economy.

Diaspora remittances make up a large chunk of the country’s revenue.

Zimbabwe recorded a 33 per cent increase in diaspora remittances to US$466,2 million as at July 31, 2020, compared to US$349,7 million at the same time last year, according to Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya.

Chamuka added that citizens should be wary of attacks on the country by detractors who want to see the Mnangagwa administration failing.

Meanwhile, the World Bank has praised the country for coming up with reforms that strengthen financial management, economic recovery and new growth.

“We also note improved transparency of debt reporting which is a positive development. Zimbabwe ranks higher than many of its peers in the region in terms of debt reporting, as shown in the October 2020 World Bank Africa Pulse report

“Improving debt transparency through publication of the annual borrowing plan, the adoption of a debt management strategy, and a re-engagement roadmap would strengthen the country’s ability to borrow at better financial terms and conditions.

“However, Zimbabwe continues to be in debt distress as the majority of external debt is in arrears. This limits Government’s ability to respond to climatic, health and economic shocks, such as those caused by the Covid-19 pandemic by borrowing at concessional terms or participating in global initiatives, such as the global Debt Service Standstill Initiative,” said the World Bank.

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