ZIMBABWE HAS SUFFICIENT FOREX AS RECORDS SHOW RESERVE BANK RELEASED US$ 5 BILLION SINCE JANUARY; ED IS IN TOTAL CONTROL OF ECONOMY
2 min read
By Taonga Botolo
In what majority of African states could just dream about, Zimbabwe, despite choked with punitive sanctions from the US and western allies, has managed to pump nearly US$5Billion into the economy since January 2021, records at the Reserve Bank of Zimbabwe (RBZ) have shown.
The billions have been released to companies as well as individuals through external payments.
Majority of the payments have been made to suppliers of construction materials.
Zimbabwe is now a construction site as roads are being rehabilitated in all the 10 provinces.
Government is also constructing housing units and flats blocks as an answer to the high accommodation demand in the urban areas.
Ordinary citizens are also not being left behind as recent survey shows there are currently 1.5 million houses being built by Zimbabweans across the country.
Meanwhile, economic experts contend that the detailed schedule released by the RBZ is a clear indication the country has enough forex reserves to spur economic growth.
The economic pundits further explain that the RBZ records are in sharp contrast to what some opposition leaders have been saying about Zimbabwe’s economic situation.
“If we are to look at schedules of other countries in Sadc on how they have faired since January, i bet you very few could match what Zimbabwe has done so far in terms of foreign currency disbursement,” explained the economist.
Added he: “This simply shows Zimbabwe economy, despite difficulties it is facing, is on road to recovery. A broke country can’t afford to release $5Billion for external payments.”
Zimbabwe’s economy, according to the IMF, is expected to expand by over 5% while World Bank puts its growth at around 6.5 %.
Overall, entire African continent’s economy is expected to grow by 4%.
President Emmerson Mnangagwa has vowed to rebuild Zimbabwe brick by brick with or without the nocturnal sanctions.
About Author
