Zimbabwe President Emmerson Mnangagwa unveiled a new five-year economic plan on Monday that he said is expected to deliver expansion of more than 5% through 2025.
The so-called “National Development Strategy 1,” replaces the Transitional Stabilisation Program, which Mnangagwa said had delivered “notable and critical successes.” While annual inflation is at 471%, it's tapered off for three straight months and the Zimbabwean dollar has stabilized at around $82 per U.S dollar.
The new economic blueprint will also serve as a precursor to the national budget statement that Finance Minister Mthuli Ncube will present to lawmakers later this month.
The new plan, known as NDS 1, will focus on “accelerated growth,” driven by agriculture, mining, manufacturing and tourism, Mnangagwa said.
The southern African nation, which owes more than $8 billion to international financial institutions, still hopes to pursue an arrears-clearance program with the multilaterals including the World Bank, Ncube told reporters.
Other highlights:
- Fiscal deficits to be kept below 3% of GDP in line with targets set by the Southern African Development Community
- Annual inflation targeted at 3% to 7% by 2025
- Increasing international reserves to at least six months import cover by 2025
- The creation of at least 760,000 formal jobs over the five-year period
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