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A Multicurrency Regime Will Get Zimbabwean Economy Ticking Again - Former Finance Minister

Nov 29, 2019 05:23 PM
A Multicurrency Regime Will Get Zimbabwean Economy Ticking Again - Former Finance Minister Africa Business Radio, Tendai Biti , Zimbabwe, Finance Minister, Africa Business News, Multicurrency Regime

Former Finance minister and Harare East legislator Tendai Biti says Zimbabwe needs to reintroduce the multi-currency regime, seek debt cancellation and liberalize the fuel industry, among other interventions, to get the economy ticking again. In an interview, Biti also said a political solution is a key to addressing Zimbabwe's economic crisis and resolving the crisis of legitimacy emanating from last year's general elections. President Emmerson Mnangagwa beat MDC Alliance president Nelson Chamisa by a wafer-thin margin although the MDC insists the elections were rigged. Biti also said the government should repeal Statutory Instrument 142/19 with immediate effect, and the government should go back to the regime of multiple currencies even with the local currency working as a medium of exchange and the exchange rate will find equilibrium. Biti said the government should ring-fence pensions and savings in US dollar terms to avoid devaluation of pensions and savings. The Zimbabwe Electricity Supply Authority, he said, should be allowed to levy its charges in US dollars. This will enable the parastatal to import the required 400 megawatts of electricity. Biti believes the government should get rid of command agriculture and introduce incentives to the farming sector.

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