World Bank Technical Team in Bid To Revive Zimbabwe’s Economy
12.12.2012
A techinical team assembled by the World Bank has produced a report aimed at
turning around zimbabwe’s troubled economy.
The report which focuses on agriculture, manufacturing and mining was
released in harare today.
However, the world bank’s lending program in zimbabwe is inactive due to
arrears and the role is now limited to technical assistance and analytical
work focusing on macroeconomic policy, food security issues, social sector
expenditures, social service delivery mechanisms and hiv/aids.
The country’s external debt currently stands at 11 billion dollars, making
it difficult for Zimbabwe to secure foreign direct investment.
Permanent secretary in the ministry of economic planning, desire sibanda,
told VOA that the world bank report is key in reviving economic growth which
has remained stagnant.
Meanwhile, Biti also cut his growth forecast to 5.6 % from the 9.4%
projected earlier blaming a poor harvest, lack of donor funding and policy
inconsistencies.
Zimbabwe registered expansion of 9.3 per cent in 2011, the third straight
year of growth after a decade of economic decline that peaked in 2008 when
inflation hit 500 billion per cent.
Biti said government revenues had stopped growing, a sign that the economy
now needed foreign investment to expand production and boost jobs,
especially in the manufacturing and mining industries.