Zimbabwe works on new economic development strategy

The Zimbabwean government is working on a new five-year development strategy, marking the country's return to medium and long-term economic planning in face of the many challenges dogging the economy.

According to the Ministry of Economic Development, the new economic blueprint, named the Zimbabwe Economic Development Strategy, is still in its preliminary stages. It is expected to be fully formulated before the end of this year and run from 2007 to 2011, the ministry said.

Deputy Minister of Economic Development Samuel Undenge said on Sunday that the National Economic Development Priority Program ( NEDPP) is expected to lay the foundation for the formulation and implementation of the new strategy.

The NEDPP is a short-term stabilization program that seeks to restore economic stability through the implementation of quick-win strategies within the remaining six months of the year up to December 2006.

The specific objectives of NEDPP revolve around the reduction of inflation, stabilization of the local currency, ensuring food security, increasing output and productivity, generation of foreign exchange, enhancement of expenditure and revenue management, removal of price distortions and effective policy co- ordination and implementation.

The broad-based objectives of NEDPP focus on the restoration of investor confidence, infrastructure rehabilitation and development, reduction of both domestic and external debt to sustainable levels, restoration of a positive image of the country, and economic empowerment

A total of 350 million U.S. dollars have been raised to date for the implementation of various NEDPP programs.

"The primary objective of the new strategy over the next five years is the achievement of sustainable, balanced and robust economic growth and development, which is oriented towards the poverty reduction and the integration of previously marginalized groups of the population into the mainstream of a vibrant and dynamic economy," the deputy minister said.

Undenge said the upcoming development strategy is premised on the fundamental principle of promoting sustainable economic growth and economic needs of Zimbabweans as enunciated in the Millennium Development Goals.

In this regard the new strategy will be an encompassing and comprehensive strategy, which integrates pro-poor economic development issues with poverty reduction strategies in the context of pro-poor sectoral development policies and programs, he said.

Source: Xinhua