Gvt opens up basic commodities importation

Review & Mail Writers

Government has with immediate effect opened up the importation of basic commodities by citizens through lowering of import tariffs to ensure availability of affordable basic commodities on the market.

The intervention is meant to cushion citizens from the substantial spike in prices of groceries by retailers over the past few weeks citing high annual inflation, which soared to 96.4 percent in April from 72.7 percent the previous month.

This comes at a time when the socio-economic situation continues to deteriorate as the local currency persists on a downward path, losing half of its value this year as a result of manipulation of the exchange rate.

Recently, President Emmerson Mnangagwa imposed capital controls to stem the depreciation of the bond note and ordered banks to stop lending with immediate effect as a move to encourage the use of the local currency amid threats of the country going back to dollarization.

Finance and Economic Development Minister Professor Mthuli Ncube said government was making efforts to come up with more initiatives to improve the economy and harness the inflationary pressures which have impacted negatively on the local currency.

“Government has been seized with various initiatives aimed at stabilising the economy, contain inflationary pressures and therefore to restore the purchasing power of the local currency, with the primary goal being to increase the domestic and external competitiveness of the economy, create and preserve jobs, improve livelihoods whilst limiting damage to the economy particularly in the face of the Covid-19 pandemic and more recently, the impact of the geopolitical tensions in eastern Europe,” said Ncube.

“To further ensure that citizens have access to affordable  basic commodities in the face of recent substantial price increases in the shops, the government hereby opens up imports of basic commodities by citizens, through the lowering of import tariffs and other accompanying measures.

“This is with immediate effect. Those with free funds are, with immediate effect, permitted to make use of these funds and other resources to import basic commodities.”

Ncube further said that macro stabilisation of the country’s economy had been achieved and thanked all Zimbabweans for their resilience in the current ongoing efforts by government to stabilise the economy.

“Government is grateful for, and fully recognises the sacrifice and cooperation of all Zimbabweans in the ongoing effort to stabilise the economy, which is now on a firm foundation for growth,” he said.

“Macro fiscal stabilisation has been achieved largely through to fiscal consolidation and the resultant attainment of both fiscal balance and stabilisation of the current account as well as increased domestic production of goods.”

A fortnight ago while addressing the 7th ZANU-PF Youth League conference, President Mnangagwa warned that there were saboteurs working closely with some business people to drive the country into economic instability through the manipulation of the exchange rate and unwarranted price hikes of basic commodities.

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