Zimbabwe economy to grow by 4 percent, says RBZ

Zimbabwe economy to grow by 4 percent, says RBZ
Published: 07 December 2017 (895 Views)
THE economy is projected to grow by 4 percent next year driven by a positive sentiment spurred by the new political dispension and anticipated good agriculture season, the Reserve Bank of Zimbabwe has said.

Speaking at the First Green Investment Catalyst Round Table for Zimbabwe underway here, RBZ deputy director (Economic Research Division) Mr Samuel Tarinda said challenges and uncertainties associated with an election year would be short-lived and resolved, with minimal impact on the economy.

"Anticipated good agriculture season in 2018, positive spill-over effects to manufacturing, continued support to gold and other mineral production, increased electricity production following completion of a number of power projects and harnessing of international goodwill and capital are expected to spur growth significantly above 4 percent in 2018," he said.

"Going forward, inflation is expected to stabilise, given the recent downward movements in parallel exchange rates, and the measures to stimulate exports and increase the supply of foreign exchange into the economy."

He said the envisaged expansion in economic activity may push up inflation to an average of five percent or slightly higher in 2018, but the levels will remain conducive to promotion of real growth.

Mr Tarinda said RBZ will continue to monitor domestic and external causes of inflation, and take pre-emptive and other appropriate measures to keep inflation in check.

Turning to green investments Mr Tarinda said given the enormous investments needed to bring about a "green transformation" towards sustainable, low-carbon development, the financial sector will have to play a central role in allocating resources to Green Investments – as well as stopping or limiting funding to activities that harm the environment.

France cooperation attaché to Zimbabwe Mr Laurent Godefroy said the green investment scheme should be devoted to assess the feasibility of projects as a green qualification is a necessary but not a sufficient condition to go further.

"Then the project holders need a technical and a financial support to finalise the projects. Who is going to bring this kind of support, would it be up to an institution, or to each of the financial institutions which will be requested," he said.

Environment, Water and Climate Permanent Secretary Mr Prince Mupazviriho said the Green Investments Catalyst Roundtable initiative aims to mainstream climate change into project portfolio finance cycle, which includes project identification, preparation and appraisal, resource mobilisation, implementation, monitoring and evaluation.

"More specifically the roundtable aims to raise awareness, solicit your buy-in, discuss possible projects that can be financed through green investments and develop a framework for green bonds for Zimbabwe," he said.

"To achieve the objectives of this roundtable we have invited expertise in climate finance, green debt, asset management development partners and private sector players to explore the possibility of using capital markets to channel more resources for low carbon and climate resilient development."

Green investments are envisaged to assist the country to meet primarily national development goals and feeding into the broader Sustainable Development Goals.

- chronicle

Tags: RBZ, Zimbabwe, Economy,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Man ordered to pay Total Zimbabwe $30,000

by Staff reporter | 16 October 2018 | 27 Views

Sickness delays Mugabe ally's case

by Staff reporter | 16 October 2018 | 37 Views

UK announces big inrease in cost of its visas

by Staff reporter | 16 October 2018 | 29 Views

ZCC still want ED and Chamisa to reconcile - morbid clergy holding us back

by Patrick Guramatunhu | 16 October 2018 | 28 Views

How powerful is the Zimbabwe passport?

by CNN | 16 October 2018 | 33 Views

Meat price skyrockets by 100%

by Staff reporter | 16 October 2018 | 28 Views

Lets support the man on the ball

by Munya Shumba | 16 October 2018 | 97 Views

Seeking police clearance for jerry cans a new Mnangagwa madness

by Clr Jacob Mafume, MDC National Spokesperson | 16 October 2018 | 138 Views

Mthuli Ncube's desperate bid facing a sharp court challenge

by Staff reporter | 16 October 2018 | 105 Views

Chamisa reconfigures party structures

by Staff reporter | 16 October 2018 | 93 Views

Zanu-PF infighting takes witchcraft twist

by Staff reporter | 16 October 2018 | 180 Views

Pastor humbled by Zanu-PF readmission

by Staff reporter | 16 October 2018 | 70 Views

'Vehicle licensing to be decentralised'

by Staff reporter | 16 October 2018 | 61 Views

Undenge's fraud trial on controversial Chivayo deal fails to start

by Staff reporter | 16 October 2018 | 46 Views

Pokello parties with new love

by Staff reporter | 16 October 2018 | 38 Views

Mnangwagwa gets cholera vaccine

by Staff reporter | 16 October 2018 | 43 Views

Agricultural productivity a panacea to Zimbabwe's economic revival

by Elijah Chihota | 16 October 2018 | 51 Views

Zimbabwe has enough sugar to last 3 years

by Staff reporter | 16 October 2018 | 93 Views

Court test for Mthuli Ncube's unpopular tax

by Staff reporter | 16 October 2018 | 104 Views

Vacant Senate seats gazetted

by Staff reporter | 16 October 2018 | 90 Views

Zimbabweans rejected Mnangagwa in July, now economy rejects him too

by Stephen Jakes | 16 October 2018 | 113 Views

Minister clarifies on Mberengwa Police District Office establishment

by Stephen Jakes | 16 October 2018 | 83 Views

Mthwakazi Republic Party Warns ZANU PF Aligned Warvets

by Stephen Jakes | 16 October 2018 | 68 Views

Go Warriors Go

by Leonard Koni | 16 October 2018 | 70 Views

Foreign investment and the IMF will cripple Zimbabweans

by David Barber and Tendai Ruben Mbofana | 16 October 2018 | 84 Views

CIO competence questioned by RBZ Governor

by Staff reporter | 15 October 2018 | 352 Views

Thousands rush as Egodini offers job prospects

by Staff reporter | 15 October 2018 | 244 Views

Clashes mar distribution of presidential inputs

by Staff reporter | 15 October 2018 | 190 Views

Lobengula was King of both Matebeleland and Mashonaland

by Etiwel Mutero | 15 October 2018 | 202 Views

Mnangagwa calls forex dealers a security threat

by Staff reporter | 15 October 2018 | 194 Views

List of black market forex dealers circulating on social media

by Staff reporter | 15 October 2018 | 527 Views

Of the national flag, scarf and patriotism

by Nobleman Runyanga | 15 October 2018 | 203 Views

ZBC sues Tazzen Mandizvidza for $1m

by Staff reporter | 15 October 2018 | 230 Views