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Business Writer

Zimbabwe’s debt clearance drive and continuation of the economic policies aimed at the attainment of Vision 2030 are items likely to feature more prominently on the Finance and Investment Promotion Minister, Professor Mthuli Ncube’s agenda, an economic commentator has said.

On Monday, President Mnangagwa retained Professor Ncube in the modified Finance and Investment Promotion ministry which was previously Finance and Economic Development.

Economic commentators said the development is meant to ensure smooth continuity in the finance ministry

National University of Science and Technology (Nust) Department of Banking and Investment Promotion, Mr Stevenson Dlamini said: “The re-appointment of the Honorable Minister Professor Mthuli Ncube to the position of Minister of Finance and Investment Promotion came as no surprise to me.

“His appointment is meant to ensure the continuation of the economic policies aimed at the attainment of Vision 2030.

“We expect that the tight monetary policy stance will continue for the duration of   National Development Strategy 1 (NDS1).”

 Mr Dlamini added that Prof Ncube will also place more focus on debt clearance strategy.

“He is likely to prioritize the debt clearance and Industrial Development Policies which will be supported by a high drive to build forex and gold reserves,” said Mr Dlamini.

Recently, officials said the country is making remarkable progress on its Arrears Clearance and Debt Resolution mission with trust and goodwill growing among partners as international funders are warming up to the process with the International Monetary Fund (IMF) agreeing to start the process of engagement on some programmes.

The IMF is due to start the Staff Monitored Programme during the fourth quarter of 2023 or the first quarter of 2024.

In December 2022, the Government established a structured dialogue platform with all creditors and development partners, to institutionalise structured dialogue on economic and governance reforms to underpin the arrears clearance and debt resolution process.

Zimbabwe’s debt clearance process is being championed by African Development Bank president Dr Akinumwi Adesina and former Mozambican President Joaquim Chissano, who has been designated as High-Level Facilitator.

President Mnangagwa appointed Dr Adesina as a champion in July 2022.

Zimbabwe is in arrears for servicing its debt, with arrears to multilateral development banks, including the African Development Bank, the World Bank and the European Investment Bank.