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The International Monetary Fund (IMF), a financial agency of the United Nations, has advised policymakers to adopt austerity measures warning that <a href="https://zero.pindula.co.zw/imf-says-the-worst-is-yet-to-come-for-many-people-2023-will-feel-like-a-recession/">2023 will “feel like a recession.”</a>IMF’s <a href="https://cdn01.dailycaller.com/wp-content/uploads/2022/10/IMF-Oct-2022-1.pdf">World Economic Outlook</a> seen by Pindula News reads in part:
<blockquote>
For most economies, they considered that tighter monetary and fiscal policies are necessary to durably reduce inflation. At the same time, they emphasized that these policies should be accompanied by structural reforms that improve productivity, expand economic capacity, and ease supply-side constraints. Directors recognized that many emerging market and developing economies (EMDEs) face tougher policy choices, as higher food and fuel prices, the need to support the recovery and vulnerable populations, and rising costs of market financing from tighter global financial conditions and US dollar appreciation can pull in different directions, necessitating a difficult balancing act.
Directors stressed that monetary authorities should act decisively and continue to normalize policy to prevent inflationary pressures from becoming entrenched and avoid an unmooring of inflation expectations. They agreed that central banks in most advanced economies and EMDEs would need to continue tightening the monetary policy stance to bring inflation credibly back to target and to anchor inflation expectations.
Directors stressed that maintaining central bank independence and policy credibility will be essential to secure price stability. They also emphasized the importance of continuing to assess the impact of the simultaneous monetary tightening by central banks and, in particular, its implications for EMDEs. Directors stressed that clear communication of both policy functions and the unwavering commitment to achieve price objectives is crucial to preserve credibility and avoid unwarranted market volatility. They considered that, should global financial conditions tighten in a disorderly manner, EMDEs could face capital outflows and should be ready to use all available tools, including foreign exchange interventions and capital flow management measures, guided when appropriate by the Integrated Policy Framework and in line with the Institutional View on the Liberalization and Management of Capital Flows and without substituting for exchange rate flexibility and warranted macroeconomic adjustments.
Directors concurred that fiscal policy is operating in a highly uncertain environment of elevated inflation, slowdown in growth, high debt, and tightening borrowing conditions. They stressed that, where inflation is elevated, a tighter fiscal stance would send a power powerful signal that policymakers are aligned in their fight against inflation. Such a signal would, in turn, reduce the size of required interest rate increases to keep inflation expectations anchored and would help keep borrowing costs lower. Directors emphasized that fiscal support to address the surge in cost of living from high food and energy prices should primarily focus on targeted support to the most vulnerable segments, given the criticality of preserving price incentives to promote energy conservation. Some Directors considered that additional but temporary energy policies may be needed in countries that face exceptionally high and volatile energy prices owing to Russia’s war in Ukraine.
Directors broadly agreed that fiscal policy has a role in protecting people against loss in real incomes in moments of large adverse shocks, but that requires healthy public finances. Building on the experience of the pandemic, they considered that governments should invest in social safety nets and develop policy strategies and tools that can be readily deployed under various scenarios. Directors concurred that a sound and credible medium-term fiscal framework, including spending prioritization and efforts to raise revenues, can help manage urgent needs from high food and energy prices, rebuild fiscal buffers to cope with future crises, and make progress in long-term development needs, such as investment in renewable energy and health care, which can also foster economic resilience.
Directors noted that, although no material systemic event has materialized so far, financial stability risks have risen along many dimensions, which highlights the importance of containing a further buildup of financial vulnerabilities. Being mindful of country-specific circumstances and near-term economic challenges, they agreed that selected macroprudential tools may need to be adjusted to tackle pockets of elevated vulnerabilities. Directors noted, however, that striking a balance between containing the buildup of vulnerabilities and avoiding procyclicality and a disorderly tightening of financial conditions is important given heightened economic uncertainty and the ongoing policy normalization process.
Directors reiterated their urgent call for global cooperation and dialogue, which are essential to defuse geopolitical tensions, avoid further economic and trade fragmentation, and respond to challenges in an interconnected world. They agreed on the criticality of multilateral actions to respond to existing and unfolding humanitarian crises, end Russia’s war in Ukraine, safeguard global liquidity, manage debt distress, mitigate and adapt to climate change, and end the pandemic. Noting that many countries are contending with tighter financial conditions, high debt levels, and pressures to protect the most vulnerable from surging inflation, Directors called on the multilateral institutions to stand ready to provide emergency liquidity to safeguard essential spending and contain financing crises. They also called for
greater debt transparency and better mechanisms to produce orderly debt restructurings—including a more effective Common Framework—in those cases where insolvency issues prevail. Acknowledging that recent energy and food price shocks may have undermined the green transition, Directors stressed that achieving energy security and addressing the climate agenda go hand-in-hand, including by addressing the significant climate financing needs of EMDEs and investing in renewable energy and energy efficiency. Even though the COVID-19 pandemic is starting to fade, Directors called for decisive actions to address the continued inequity in access to health care and vaccinations worldwide and reduce the threat of future pandemics.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Pindula News

IMF Recommends Austerity Measures As 2023 Looks Gloomy

The government allegedly spent over US$200 000 on Finance minister Mthuli Ncube’s accommodation after his two-year stay at Miekles Hotel where an executive room costs US$200 per night.  
This expenditure of taxpayers’ money comes when Zimbabwe’s economy is still recovering following decades of poor performance. 
Ironically, Ncube has since his appointment in 2018, been introducing austerity measures that were meant to cut public expenditure, and promote saving and economic resuscitation.
A senior civil servant Thursday dismissed suggestions that Ncube lived at the Meikles hotel for over two years. The source said:
<blockquote>
The honourable minister stayed at the hotel for just three months whilst his house was still being occupied by tenants. As soon as the tenant’s lease was duly terminated, he moved into his personal home.
</blockquote>
However, a source in the tourism sector told the Independent that “Ncube stayed at Meikles for a very long time”.
It will not be the first time though after former Vice-President Phelekezela Mphoko also lodged at the Rainbow Towers Hotel in the capital for many years and the government paid the US$619 000 bill.
Mphoko’s reason for staying at the 5-star hotel was that the house that he was allocated by the government did not match his high office.
He finally moved into a US$2 million mansion built by the government.
More: The Independent

Government Spends US$200K On Finance Minister Ncube's Hotel Bills - Report

President Emmerson Mnangagwa has said that the excruciating pain which the citizens are feeling due to austerity measures will soon go away as things are starting to shape up.
He said that although the raft of measures which the government introduced might not be a shot in the arm, they would certainly result in the sustainable transformation of lives.
Addressing Manicaland people at the commissioning of the Sakubva Urban Renewal Project in Mutare on Wednesday, Mnangagwa said:
<blockquote>Our policies have created problems, but we are certain of where we are going. To achieve our goal we have to take measures which are painful, but it will pass and everyone will be happy. Nothing comes cheaply. We have to tighten our belts and I am happy that the worst is over! The bad is past us. Things are going to improve.</blockquote>
His remarks come as members of the public are lamenting over the adverse effects of austerity measures which the government introduced to kickstart the economy that has been going South for the past decade.
Some analysts have said that the measures are taking the country backwards as problems created have so far outweighed intended benefits.
More: <a href="https://www.herald.co.zw/the-worst-is-over-president/">The Herald</a>

"Our Policies Have Created Problems," - President Mnangagwa

President Emmerson <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa" rel="noopener noreferrer" target="_blank">Emmerson Mnangagwa</a> said his government will avoid implementing populist policies which may have immediate benefits but have a long term negative impact on the economy.
The President made the assertion while addressing the 112th Ordinary Session of the Central Committee at the <a href="https://www.pindula.co.zw/Zimbabwe_African_National_Union_-_Patriotic_Front" rel="noopener noreferrer" target="_blank">Zanu-PF</a> headquarters in Harare ahead of the official opening of the party’s 18th National People’s Conference this Friday. He said:
<blockquote>Populist policies and initiatives for short term benefits have dire long-term complications. Let us permanently put our country back on the rails towards recovery, growth and attainment of Vision 2030.
I am confident that together in unity, we will carry the revolution forward progressively and democratically. Forward ever, backward never.</blockquote>
Since the appointment of former banker <a href="https://www.pindula.co.zw/Mthuli_Ncube" rel="noopener noreferrer" target="_blank">Mthuli Ncube</a> as the Minister of Finance in 2018, the government has implemented a raft of austerity measures that have deepened citizens’ suffering.
The government’s reluctance to raise it’s workers’ salaries in line with rising inflation as well as the 2 per cent tax are some of the notable belt-tightening measures that it has put in place.
<h4>More: <a href="https://www.chronicle.co.zw/economy-on-revival-path-president-warns-against-populist-policies/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

ED Against The Adoption Of Populist Policies

The price of mealie meal, which is Zimbabwe’s staple, has been raised astronomically by retailers following the government’s decision to scrap a subsidy of the product.
In one of the country’s major retail outlets, a 50kg bag of mealie meal now costs $517.30. This essentially means that a 10kg bag now costs more than $100 from slightly over $50 a few days ago.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EKPRQNFXkAI4oiz?format=jpg&amp;name=medium"/>

Picture: Price Of Mealie Meal Moves To Another Level

Teachers and civil servants felt insulted by Finance and Economic Development Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube" rel="noopener noreferrer" target="_blank">Mthuli Ncube</a> for saying that they will get bonuses because of the government’s austerity measures.
<a href="https://www.pindula.co.zw/Progressive_Teachers_Union_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Progressive Teachers Union of Zimbabwe (PUTZ)</a> secretary-general <a href="https://www.pindula.co.zw/Raymond_Majongwe" rel="noopener noreferrer" target="_blank">Raymond Majongwe</a> said civil servants have failed to get bonuses only once in 38 years, and Minister Ncube’s statement is preposterous. Said Majongwe:
<blockquote>For the past 38 years, civil servants have been getting a bonus save for just one year.
To want to make the nation believe that we are getting a bonus because of austerity is not only misleading but dangerous. He wants us to glorify a tool that is behind our suffering as if we have ever failed to get a bonus.</blockquote>
Ncube posted a message on his social media account where he announced that civil servants will be able to get a bonus “thanks to austerity”. He, however, did not elaborate on when the bonus will be paid.
<h4>More:<a href="https://www.newsday.co.zw/2019/11/teachers-scoff-at-bonus-claim/" rel="noopener noreferrer" target="_blank"> NewsDay</a></h4>

Mthuli Wants To Mislead The Nation: Teachers

Zimbabwean companies especially those that do not export are expected to take a knock this year due to some or all of the following according to the Sunday Mail:
<blockquote>
<ol>
<li>Decline in demand of products</li>
<li>Foreign currency shortages</li>
<li>Shorter production time due to long periods of load shedding.</li>
<li>Soaring inflation</li>
<li>Eroded consumer purchasing power</li>
</ol>
</blockquote>
This was said by the Finance Minister in his pre-budget strategy paper when he said:
<blockquote>The situation is being worsened by shortages of foreign currency, electricity and fuel, all constraining industry operations.</blockquote>
However, the economy is expected to turn around next year as the ongoing reform initiatives take form according to the publication.
More: <a href="https://www.sundaymail.co.zw/industrial-output-takes-knock-but">The Sunday Mail</a>
<blockquote> </blockquote>

Zimbabwe Industrial Output Expected To Take A Knock In 2019, But Recover In 2020 - Report

The Ministry of Finance and Economic Development has projected that the economy will deteriorate to -3 or -6 per cent in 2019.
The Ministry’s budget strategy paper attributes the economic decline to a number of factors, including drought, shortages of foreign currency, electricity, and fuel. The Ministry said:
<blockquote>The economy is therefore projected to underperform by as much as -3 percent to -6 percent in 2019.
The sectors projected to slow down include electricity and water, agriculture and mining, with all other sectors being also affected through close linkages.</blockquote>
The projections come after the ministry had projected at the end of last year that the economy would grow by 3.1 per cent this year.
Finance Minister had said that the <a href="https://news.pindula.co.zw/2019/10/08/if-you-give-me-6-months-youll-see-changes-significant-changes-mthuli-ncube/">policies which the government was adopting were likely to transform the economy.</a>
More: <a href="http://newziana.co.zw/2019/10/07/zim-writes-off-2019-targets-gdp-growth-rebound-in-2020/">New Ziana</a>

Ministry Of Finance Projects Sharp Economic Deterioration in 2019

PICTURE: Food Being Served At MSU Dining Halls - Report

The Zimbabwe Congress of Trade Unions (ZCTU) has called for an end to austerity measures.
When appointed Finance Minister in 2018, Mthuli Ncube outlined his programme with the mantra, “Austerity for Prosperity”.
Ncube has introduced a cocktail of measures, which in short entail heavy taxation on the citizenry, leaving the majority of citizens worse off under the so-called New Dispensation than they were before the Coup.
In a statement on microblogging site Twitter, the workers’ union said:
<blockquote>AUSTERITY has dismally failed.
We need a new direction
The Workers and the poor citizens must unite and push for a new direction.
We are starving
We are dying at home without medical care
Our children are dropping out of school
No energy, transport, water</blockquote>

ZCTU Calls For An End To Austerity Measures

Zimbabwe Congress of Trade Unions president, Peter Mutasa, said that the long term solution to the problems bedevilling the country lies in instituting real economic, social and political reforms.
Mutasa said this during an interview with The Independent reporter Lisa Tazviinga. He argued that is the short term, workers should be paid salaries in US dollars or the equivalent at the interbank rate. Said Mutasa:
<blockquote>The long-term solution requires real economic, social and political reforms. Without structural economic reforms such as ditching the neoliberal austerity policy, the economy will not recover.
We need to come up with a pro-poor economic programme that is inclusive, owned by the citizens and democratically formulated.
There is a better choice for investment and growth than austerity. Austerity is a form of ESAP and will never lead to economic recovery. The Government must also respect the constitution, rule of law and fundamental freedoms of citizens.
Without widening the democratic space, the country will not be able to attract investment and stability necessary for economic recovery.
However, in the short term, there is no choice than re-dollarisation. Workers must be paid in US dollars or the equivalent at the interbank rate.
The disequilibrium between prices that are pegged in US dollars and salaries that are in RTGS is not sustainable. Workers are struggling and businesses are also folding, there is an urgent need for intervention.</blockquote>
<h4>More: <a href="https://www.theindependent.co.zw/2019/08/02/unions-clash-with-govt/" rel="noopener noreferrer" target="_blank">The Independent</a></h4>

Mthuli's Austerity Measures Will "Never" Lead To Economic Recovery - ZCTU

Confederation of Zimbabwe Retailers president, Denford Mutashu said that Finance Minister Mthuli Ncube’s austerity measures were mistimed and were always going to create hardships without external budgetary support.
Mutashu stated that the austerity measures have managed to create an unhappy business, civil service, workers and consumers. He said:
<blockquote>There is an urgent need to arrest critical economic ills like the ongoing electricity challenges, the water crisis in urban areas, the fuel situation and the liquidity environment.
The austerity measures may have been mistimed as it was always going to be difficult to implement them without external and internal budgetary support towards the provision of social safety nets, to cushion the marginalised on the lower social strata.
The danger the Finance chief (Mthuli Ncube) was always going to face, which is happening now … was to create an unhappy business, civil service, workers and consumers through an austerity journey that the economy was not ready for.</blockquote>
Meanwhile, a politicals analyst, Maxwell Saungweme told the Daily News that the crises obtaining in the country are a clear sign that those in power are lost on how to deal with the current social challenges. He said:
<blockquote>What is happening is a clear manifestation that the current leadership of the country has no clue and can’t arrest the economic and social challenges.
All things are too big and sophisticated for them, and they are reverting to Zanu PF’s normal default … of arresting citizens and human rights defenders.
We simply don’t have people with a clue of the change needed to take Zimbabwe forward.
They continue to diagnose the economic challenges wrongly and overdose the economy with wrong prescriptions. Unless they change course, nothing will change for the better.</blockquote>
<h4>More: <a href="https://www.dailynews.co.zw/articles/2019/07/24/meltdown-puts-ed-in-a-corner-as-power-blackouts-skyrocketing-prices-deflate-zimbabweans" rel="noopener noreferrer" target="_blank">Daily News</a></h4>

Mthuli Ncube Has Managed To Make Business, Workers & Consumers Unhappy - CZR President

Zanu-PF National Youth Commissar, Godfrey Tsenengamu told party youths that they will be left out to dry if they used President Emmerson Mnangagwa’s name to commit crimes.
Tsenengamu also implored the youths to appreciate the austerity measures that are being implemented by the government.
Speaking to party youths at a meeting at the party’s district headquarters in Kwekwe on Friday, Tsenegamu said:
<blockquote>There are some among us who have developed a habit of abusing the name of the President in committing crimes.
Let me warn you that such actions are tantamount to corruption. If you are caught, you will face the full wrath of the law.
Do not expect President Mnangagwa or the party to come to your rescue. The party will not hesitate to discipline such people as they drag the name of the party and the President into disrepute.
We cannot expect the President to do everything by himself just because we elected him to be President.
Everyone has a role to play and it is our duty as the party’s vanguard to play our role and support the President in implementing the austerity measures.
Let us appreciate the austerity measures as they are necessary if the country is to heal. There are no shortcuts to the economic turnaround strategy.</blockquote>
<h4>More: <a href="https://www.sundaynews.co.zw/dont-misuse-eds-name-youths-warned/" rel="noopener noreferrer" target="_blank">Sunday News</a></h4>

ZANU PF Youth League Boss Says Austerity Measures Should Be Appreciated

President Emmerson Mnangagwa has hailed Finance and Economic Development Minister, Mthuli Ncube achieving a budget surplus for the country for the first time since independence.
In an interview with Bloomberg, while he was in Mozambique for the United States-Africa summit, Mnangagwa said:
<blockquote>I’ve been in government for 38 years as a minister and I can’t remember when you ever had a budget surplus.
Now, this young man has been able to achieve a budget surplus in less than eight months. So it tells me that what he tells me is possibly true on these issues.</blockquote>
Ncube’s austerity measures have generated despair among the generality of the citizenry.
With no salary increment for civil servants for many years, coupled with galloping inflation and punitive taxes, the announcement of a budget surplus has been met with scorn.
<h4>More: <a href="https://www.bloomberg.com/news/articles/2019-06-21/zimbabwe-president-wants-new-currency-imf-loan-in-revival-bid" rel="noopener noreferrer" target="_blank">Bloomberg</a></h4>

What Mthuli Ncube Tells Me Is Possibly True - ED

“Austerity for Prosperity” summarises Finance and Economic Development Minister Mthuli Ncube’s policies and what he seeks to achieve.
Austerity basically entails a cut on government expenditure (resulting in hardships for the majority as social safety nets are removed) and the raising of taxes, which again makes life harder for the ordinary citizen.
<img decoding="async" src="https://pbs.twimg.com/media/D8wfEEHWwAEzw5w.jpg"/>

Picture From A Wedding - Mthuli Ncube's Austerity For Posterity 'Bearing Fruit'

Commentators have expressed dismay over President Emmerson Mnangagwa for using luxury jets chartered from the Middle East for his domestic and foreign travels.
Political analyst Maxwell Saungweme told the Daily News that Zimbabwe is certainly nor on the path of austerity as shown by government officials’ opulence. He said:
<blockquote>I don’t agree with austerity, but one has to be so detached from reality or basic economics to believe that Zimbabwe is pursuing austerity measures.
Austerity in Zimbabwe is on paper and in Mthuli Ncube’s bedroom or library or it exists in whatever he smokes.
You can’t have a bloated government spending more than it is getting as you pay lip service to austerity. That Mnangagwa is jet-setting and at a huge cost to the fiscus should tell you that you have a regime that speaks austerity and acts superfluously flamboyant.
The only thing Mthuli did was to heavily tax everyone including micro-income earners to broaden revenue base so that they spend more in government.
This is not austerity but politically-motivated penury and poverty of the masses by a high spending and a high-flying capitalist regime that does not believe in austerity but high-spending on luxuries.</blockquote>
Speaking to the Daily News, MDC spokesperson Jacob Mafume said that extravagance and opulence on the part of government is economic terrorism. Said Mafume:
<blockquote>I think they were calling other people economic terrorists; I do not know if such activities do not fit the term economic terrorism.
Everyone in the country is suffering but they see it fit charter expensive jets to fly in simply to go to Bulawayo.
There is no money, they increase prices at will, parastatals are increasing prices, there is no walking the talk.</blockquote>
President Mnangagwa denied that he draws from state coffers to hire the private jet. In fact, he claimed that the Crown Prince of the United Arab Emirates, HH Mohamed bin Zayed Al Nahyan, offered him the Airbus A318-100 jet for use at any time of need without any payment.
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<h5><a href="https://zero.pindula.co.zw/how-zimbabweans-reacted-to-reports-that-president-mnangagwa-hired-3rd-jet-in-5-days/">How Zimbabweans Reacted To Reports That President Mnangagwa Hired 3rd Jet In 5 Days</a></h5>
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<h5>More: <a href="https://www.dailynews.co.zw/articles/2019/04/28/outrage-over-ed-s-jet-setting-hires-plane-from-abu-dhabi-to-go-to-byo" rel="noopener noreferrer" target="_blank">Daily News (Subscription Required)</a></h5>

'Hired Luxury Jets Proves Govt Pays Lip Service To Austerity'

Finance and Economic Development Minister Mthuli Ncube said that the government is currently operating on a positive cash basis.
Ncube attributed the positive development to a raft of austerity measured that he introduced when he became Minister.
<blockquote>Government is cash positive. We managed to pay civil servants salaries for the months of January and February from a cash positive position, with $300 million in the bank.
We are spending what we have, and I am determined to ensure that we carry on like that for the next two years. In fact, it should always be like that. On the expenditure front, we have been working hard to curtail expenditure in terms of civil servants’ salaries and civil service reform.</blockquote>
Some of the “painful” measures introduced by Ncube include the 2 per cent Intermediated Money Transfer Tax, an upward review (to 7 cents per litre) of excise duty on diesel and paraffin, and to 6,5 cents per litre excise duty on petrol and customs duty on motor vehicles and selected goods to be paid in foreign currency, among other measures.
<h4>More: <a href="https://www.herald.co.zw/govt-is-cash-positive-mthuli/">The Herald</a></h4>

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