Foreign

Zimbabwe finance minister sticks to 3% growth forecast in spite of poor rains

Published

on


Zimbabwe’s finance minister maintained on Monday that the country’s economy would grow three per cent this year in spite of poor rains that have hurt some crops and persistent power cuts that have hit mines and industry.


The southern African nation is experiencing its worst economic crisis in a decade, compounded by shortages of foreign exchange, fuel, and power as well as a drought in 2019.

These had left half the population in need of food aid.

Mthuli Ncube said in the capital that he felt the government undervalued the contribution of the informal sector to the economy.

Less than 20 per cent of the working population hold formal jobs.

Ncube said in November the economy, which contracted by 6.5 per cent in 2019, would this year rebound as from agriculture and mining output improved.

But many economic analysts expect the economy to worsen.

“We have our own projection of 3 per cent, so you can see that generally there is a feeling that this will be a better year.

“So we are sticking to our 3 per cent rate of growth,” Ncube said in comments broadcast by a local radio station after a meeting with Chinese officials.

“There is always more activity in the economy than we think.”

The UN has warned that Zimbabwe faced another poor harvest this year because of patchy rains.

Ncube has said the government would spend 133 million dollars this year on subsidies for maize meal to keep the price of the most consumed food affordable.

Edited by: Fatima Sule/Emmanuel Yashim

https://nnn.ng/zimbabwe-finance-minister-sticks-to-3-growth-forecast-in-spite-of-poor-rains/

Army pledges support to Borno govt relocation, resettlement of IDPs Durban to host historic 2023 ITTF World Table Tennis Racism: Call out a negative behaviour when you see it happening, Samoura says  Buhari salutes Adebayo Adelabu at 50 Serena digs deep to find way past Ahn into second round Don’t lose faith in us, TUC begs Lagos residents Why Nigeria must remain united — Akande   Lalong inuagurates Abuja-Jos Max Air flight Convoy Attack: Gov. Zulum meets families of fallen policemen Tanzania to introduce electronic budgeting system to reduce revenue loss Lawan, Gbajabiamila vow to break PIB jinx by ensuring its passage Lagos Assembly asks Sanwo-Olu to establish MSMEs hubs in 3 senatorial districts Osinbajo urges destination countries to insist on repatriation of illicit funds Kerber goes out early again in Paris World Contraceptive Day: Advocacy for family planning, a service to humanity — Official UN Women, UNDP inaugurate COVID-19 global gender response tracker SaudiArabia says it busted terrorist cell trained by Iran’s Revolutionary Guards Holding Company: Sterling Bank obtains CBN’s approval in principle PIB: Sylva dispels reports over alleged scraping of NNPC DISCO warns against vandalism of power infrastructure in Kano Defection: Delta APC says it will not miss former Delta Gov Uduaghan Niger Delta region has more than oil to offer- Agba Commission trains 100 saloon operators on COVID-19 hygiene in Lagos Delta Govt. to employ 40 pharmacists to bridge manpower gap NIS deploys 2,000 special force in Northwest   Tinubu salutes Gov. Oyetola at 66, applauds his achievements CDC Group, NSIA sign MoU to strengthen collaboration Minister flags off payment of N5,000 monthly cash transfer to poor households in Bayelsa World Rabies Day: Kebbi Govt vaccinates 17,200 dogs – Commissioner  COVID-19: Many would have died without journalists – Prof Dakas NBC pledges support to TStv, rolls out pay per view digital TV Oct. 1 National Theatre: Need for proper inventory responsible for delay of takeoff of renovation – Official BBNaija: Okowa congratulates Dorathy, Neo Federal University, Dutsinma seeks collaboration with ABU on agriculture, security NiMet predicts thunderstorms, cloudiness Tuesday to Thursday Nigeria @60: No social justice, religious and inter-ethnic tolerance – Ozekhome Food sufficiency: FG set to revitalise rice farms in Anambra Katsina State Govt. spends N18.80bn on water projects in 5 years Strike: NECA lauds FG, Labour for embracing dialogue 4 dead, 4 injured in Anambra multiple accident 4 die, 12 injured on Lagos-Ibadan expressway accident  Navy organises refresher training  on weapons handling, marksmanship for personnel Young farmers call for repositioning of agric sector Couple, 2 others arrested for alleged possession of human skull in Ogun NGO trains volunteers for advocacy of gender issues in Kwara World Rabies Day: Veterinary association calls for speedy review of legislation Lagos Airport Command gets new CP Buhari greets President XI Jinping on China’s 71st Anniversary Positive sentiment: Stock market opens week with N99bn growth Kwara labour unions issue 14 days ultimatum to Kwara Govt.