Zim minister predicts growth

HARARE – Zimbabwe’s finance minister predicted marginal economic growth in the coming year and urged the nation to “live within our means” as he announced the 2008 budget.

“The 2008 macro-economic framework is premised on a projected real economic growth of four per cent, due to the anticipated growth in the agriculture sector, improved industrial performance and economic programmes by the grassroots,” Samuel Mumbengegwi told parliament in Harare on Thursday He said the current economic woes in a country where annual inflation is around 8 000 per cent were enormous but surmountable. “They require our urgent, committed and determined implementation of agreed policies and measures as enunciated in the People’s Budget,” said the minister.”The reality of being under sanctions is that we are on our own, hence, the need for increased self reliance on our own initiatives and resources.”He said despite the drought conditions experienced during the 2006/2007 cropping season, the agricultural sector was also projected to grow by about four per cent.The projected growth would result from “good weather,” Mumbengegwi said.Mumbengegwi proposed a clutch of measures to reduce inflation including reducing money supply by the central government.He however did not announce the October inflation figures “because many items included in the consumer-basket have not been available in the shops.”Nampa-AFP”They require our urgent, committed and determined implementation of agreed policies and measures as enunciated in the People’s Budget,” said the minister.”The reality of being under sanctions is that we are on our own, hence, the need for increased self reliance on our own initiatives and resources.”He said despite the drought conditions experienced during the 2006/2007 cropping season, the agricultural sector was also projected to grow by about four per cent.The projected growth would result from “good weather,” Mumbengegwi said.Mumbengegwi proposed a clutch of measures to reduce inflation including reducing money supply by the central government.He however did not announce the October inflation figures “because many items included in the consumer-basket have not been available in the shops.”Nampa-AFP