The ManicaPost
Ray Bande in Nyanga
GOVERNMENT is accelerating the widening of the foreign currency basket to avoid dependency on the United States of America dollar by promoting the use of the South African rand, British pound, Chinese Yuan as well as the bond notes which will not be used only as an export incentive, but also for daily transaction, a senior Government official has said.
Delivering his keynote address at the Heads of Government Ministries workshop in Nyanga yesterday (Thursday), Chief Secretary to the President and Cabinet, Dr Misheck Sibanda, said the prevailing cash shortages have had an adverse effect on the implementation of the economic blueprint, Zim-Asset, hence the need to promote the use of more currencies in the foreign currency basket the country is using. “There is also the widening of the basket of foreign currency usage in order to avoid dependence on one currency.
“The British pound, rand and Chinese yuan are also going to be utilised, while the bond notes will not only be an export incentive, but also will be used in daily transactions,” he said.
Dr Sibanda said the use of the US dollar had proved unsustainable as it attracted fortune seekers who would stop at nothing to siphon every dollar on the market.
Dr Sibanda highlighted the achievements and challenges Government has faced since the start for the implementation of the Zim-Asset policy.
“In the Food and Nutrition cluster of Zim-Asset, there has been low production or productivity in the A1 and A2 farms owing to high costs of inputs and effects of climate change as well as limited funding of agricultural sector.
“The revival of key agricultural institutions namely Arda, Cotton Company of Zimbabwe, Cold Storage Commission, which in some cases these initiative are already bearing fruit,” he said.
The theme of the workshop is: “Accelerating the implementation of Zim-Asset through creativity and innovation.”
During the two-day high profile workshop, permanent secretaries in attendance are expected to learn ways of improving efficiency in policy implementation from Malaysian and Tanzanian experiences.
Attendees are also expected to explore ways at accelerating the implementation of Zim-Asset and resuscitation of the economy.
