Sunday, 7 October 2018

Everyone Including Zanu PF Supporters Are Panicking Over Worsening Economy

Fuel shortages intensified across the country as long queues formed at service stations that were selling the commodity amid widespread panic-buying of basic goods blamed on government’s new austerity measures.


Civil society organisations (CSOs) demanded the resignation of Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (pictured below), saying the monetary measures announced by the government last week were wreaking havoc among the poor.

“The impact of the announcement of the monetary policy hits harder ordinary citizens as it immediately led to an increase in pricing of basic commodities,” the organisations said in a statement after meeting to deliberate on the crisis yesterday.

“CSOs demand that the governor should abide by the commitment he said that if the bond note does not work, he is going to resign. He also said that there was no need of having a separate account and he is now going back on his word.
Everyone Including Zanu PF Supporters Are Panicking Over Worsening Economy
“For economic transformation to happen, we need an environment that is predictable.”

Energy and Power Development minister Joram Gumbo had on Friday told The Standard the new tax introduced by Finance minister Mthuli Ncube on electronic transactions was likely to push the price of fuel up.

“That two cents [per dollar money transfer] that was put by the Finance minister from what I read in the economy, fuel prices are going to go up and what is happening is that if fuel goes up, then downstream everything else goes up,” he said.

Gumbo insisted there was enough fuel in the country, but dealers could be facing challenges in securing foreign currency to pay for it. - The Standard




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