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Chinamasa Says Zimbabwe to Make Major Policy Changes

Finance Minister Patrick Chinamasa. (Photo/Irwin Chifera)
Finance minister Patrick Chinamasa says Zimbabwe will make major policy changes in order to transform the economy which is fast declining due to lack of foreign direct investment, scarce capital for reviving crumbling industries and fears over the country’s controversial black empowerment program.

Speaking on the sidelines of a special economic zones conference Thursday, Chinamasa said the meeting aims to produce a document that could see a change in the country’s policies as it seeks to attract domestic and foreign investment.

Chinamasa said the government is drafting a policy document that will transform the economy, which is also devastated by deflation.

He said Zimbabwe will follow economic policies of countries like Mauritius, India and China that transformed their economies through establishing various economic zones while utilizing natural resources.

For perspective reporter Tatenda Gumbo spoke with economist Washington Mehlomakhulu of Resource Exploitation Watch and Prosper Chitambara, an economist with the Labor and Economic Development Research Institute.
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Chitambara said there are two key areas the country should target to effect economic growth.