Zimbabwe Ex-Finance Boss Sees Potential $100 Billion Economy

Enterprise Television- Zimbabwe Ex-Finance Boss Sees Potential $100 Billion Economy

Zimbabwe’s Former Finance Minister says the country’s opposition could expand the size of the economy more than fivefold to $100 billion within eight years if it wins this year’s elections.

The first elected government since Robert Mugabe stepped down in late 2017 under pressure from the military will inherit an economy shattered by almost two decades of upheaval including a failed land reform program, hyper-inflation, Western sanctions and mass emigration. Zimbabwe owes at least $11 billion to lenders such as the African Development Bank. The World Bank estimates current gross domestic product at about $16 billion.

“Part of our agenda is to rebuild the economy,” Tendai Biti, a member of the southern African nation’s main opposition alliance who served as finance minister from 2009 to 2013 in a coalition government, said in an interview Wednesday at Bloomberg’s office in Johannesburg. “We want to build a $100 billion economy within the next eight years — and it’s possible.”

Mugabe’s 37-year rule was brought to an end by the military and his own Zimbabwe African National Union-Patriotic Front in November, with former intelligence chief Emmerson Mnangagwa sworn in as interim president until elections that must be held by Aug. 22. Since taking over, Mnangagwa has embarked on a global campaign to attract back business and investment. Biti says he hasn’t achieved much.

 

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