By Linda Tsungirirai Masarira
Editor’s Note: In this article, we reproduce below a statement by opposition politician Ms Linda Masarira in the wake of the spectacular fall of the Zimbabwe Gold (ZiG) currency.
Masarira was speaking in response to claims attributed to RBZ Governor John Mushayavanhu who reportedly claims that the World Bank was to blame for the currency mishap.
Masarira said…
“the failure of Zimbabwe’s currency cannot be blamed on external advisors like the World Bank (but is) a direct consequence of rushing policies without addressing the necessary fundamentals”.
She described Mashayamombe’s utterances as “mediocre and not worthy to be coming out of the RBZ Governors mouth”, then went on to suggest ways Zimbabwe can get thw economy workikg for everyone.
Restoring Confidence in Institutions
The government must implement bold reforms to restore public and investor confidence.
This starts with enforcing the rule of law, rooting out corruption, and ensuring transparency in all fiscal and monetary policies.
Stabilizing Inflation
Before any meaningful currency reform, Zimbabwe must adopt stringent fiscal policies to control inflation.
Working closely with the central bank, the government must tighten monetary supply and carefully monitor inflationary trends to prevent further economic collapse.
Strengthening Gold Reserves
A detailed strategy should be crafted to bolster gold reserves and ensure these reserves are used effectively to back the currency, instil trust, and provide long-term economic stability.
Engaging with International Partners
The government should engage more meaningfully with international financial institutions like the World Bank and IMF, seeking technical assistance while ensuring that any recommendations are implemented in an environment of transparency and proper economic planning.
Linda Tsungirirai Masarira
LEAD PRESIDENT
