Friday, March 20, 2009

(HERALD) Gono hails Biti on new economic policy

Gono hails Biti on new economic policy
Business Editor

RESERVE Bank of Zimbabwe Governor Dr Gideon Gono has applauded the Ministry of Finance for crafting an economic programme set to transform the country’s fortunes, stressing that the central bank stands ready to play its part.

"The Reserve Bank welcomes this policy thrust and commits to vigorously work with the Ministry of Finance and all other arms of Government, as well as the private sector to make sure this programme registers success.

"The Hon. Minister of Finance’s (Tendai Biti’s) thrust on capacity enhancement in our productive sectors, as well as an incisive focus on social safety nets are all robust policy anchors that should see us emerge a much more self-reliant and equitable economy," said Dr Gono.

It was important, that the thrust should now shift to "nothing else but implementation".

He commended the Finance Minister for his firm stance against "wasteful" spending in line ministries, parastatals and local authorities.

In his budget review statement on Wednesday, Minister Biti stressed the need for ministries to exercise fiscal discipline, stressing that Government would only spend what was in its coffers.

The cash-budgeting system would only see expenditures matched strictly with revenue collected.

"If all sectors of the economy take heed, without doubt, our limited resources will take us over a much longer distance, while current efforts to get external support materialise," said Dr Gono.

The central bank was already in the process of re-aligning the national payments system so it could handle the multi-currency framework.

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