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Zim launches 'revival' plan
19/04/2006 21:16 - (SA)
Harare - Zimbabwe, which is reeling under record inflation, on Wednesday launched a nine-month programme to revive its moribund economy.
Economic planning minister Rugare Gumbo told a news conference the new economic blueprint, called the National Economic Development Priority Programme (NEDPP), was expected to see the country emerge from its economic troubles within the next six to nine months.
Gumbo said: "The specific objectives revolve around the reduction of inflation, stabilisation of the currency, ensuring food security, generation of foreign currency, increasing output and productivity and effective policy co-ordination."
Zimbabwe is in the seventh year of an economic recession characterised by an inflation racing towards 1 000%, chronic shortages of foreign currency and an unemployment rate hovering over 70%.
At least 80% of the country's 13 million population live below the poverty threshhold.
The government blames the situation on targeted sanctions imposed by western country while critics say the country's troubles are the result of economic mismanagement.
Gumbo acknowledged the country "is currently facing critical economic challenges that require urgent attention and resolution."
Central bank governor Gideon Gono said the new programme would see the country raising $2.5bn in cash or investment.
The programme, a collaboration of government and business, will be overseen by a national security council chaired by President Robert Mugabe.
Mugabe told thousands gathered to celebrate the country's 26th independence anniversary in Harare on Tuesday the economic blueprint would produce one to two percent economic growth this year.
Gumbo said the council had established task forces to cover such areas as agricultural recovery and mobilising foreign currency.
The policy was modelled along the lines of similar economic recovery programmes in Malaysia and India.
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