THURSDAY, 5.30PM:
SOUNDING like a repentant prodigal son, President Robert Mugabe on Thursday launched Zimbabwe’s second economic reform programme, pledging never to repeat the mistakes which saw the country degenerate into economic chaos.
LEWIS MACHIPISA
reports that the ambitious new Zimbabwe Programme for Economic and Social Transformation envisages an annual growth of six percent over the next three years. It also calls for the reduction of inflation (currently around 20%) to single digits levels, and growth in investment from the 21,9% of Gross Domestic Product experienced during the first phase of the reform programme to 25%.
From government projections of the minimum GDP growth target of average 6% per annum, it is hoped that 42200 new jobs per annum will be created in the formal sector, and that the country will achieve a per capita income growth of 3,4% and a consumption growth at 4,4%.
Conceding that the persistently high budget deficits had raised questions about his government’s commitment to a prudent lifestyle, Mugabe said his government would introduce more stringent expenditure and financial controls and improve its revenue collection.
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