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Finance Minister Mthuli Ncube Attributes Economic Upheaval To Global Crises

Finance Minister Mthuli Ncube Attributes Economic Upheaval To Global Crises

Finance Minister, Professor Mthuli Ncube has attributed the current economic crisis rocking the country to global upheavals.

Zimbabwe’s economic crisis is characterised by runaway inflation, rocketing prices of goods and services and dwindling incomes.– 

Ncube’s remarks come just days after President Emmerson Mnangagwa blamed the economic crisis in the Southern African country on efforts by economic saboteurs angling to topple him.

He even introduced a cocktail of measures which he claimed were targeted at stopping his adversaries in their tracks.

However, presenting a ministerial statement on the state of the economy in the National Assembly Thursday, Ncube said the economic woes were a reflection of global economic upheavals, mainly due to the ongoing armed conflict between Russia and Ukraine. He said:

There is tension around the world currently and this has resulted in a disruption of the global economic chain, affecting its growth.

The global economic growth forecast of 4,4% for 2022 has been revised to 3,6%. Global tension has seen energy prices skyrocketing. As we know, Russia contributes 19% of the blend and crude oil. Prices of oil are now US$129 per barrel and this has resulted in increased inflation.

In Zimbabwe, the global markets have affected fuel prices where a litre of petrol now costs US$1,75. In the United States of America, there have been increases in interest rates by at least 8,6%. All these have caused an increase in prices of goods and services globally.

Ncube also claimed Zimbabwe, like many other emerging economies, was importing global inflation worsening an already dire situation. 

Among measures to curtail inflation and exchange rates, Ncube said, the multiple currency regime will continue, saying Treasury would soon start paying government expenses in foreign currency.

More: NewZimbabwe

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Asalif 1 week ago

Ukraine war yatanga zuro pano ndoyoaffecter economy today musatipatisa imi were are sunctions now last week your president accused companies hameno achasara last week banks muchapedzisira Mati nokuti hakuna kunaya zvakanaka next week rate yave pa1000:$1

Lawrence van Wyk 1 week ago

Why is the effect seemingly being extremely experienced only by this nation.
This global crisis is being used as a scapegoat by these people.

MuPfungwe Chaiye 1 week ago

So this guy is telling us kuti hondo ikapera ndokunaka kweZim inenge yava huchi nemukaka. Chaaii Zimbabweans we have suffered. Ikapera hondo yacho havashaiwe zvimwe zvekublamer haaaa unopera strong yese

The King of Serpents 1 week ago

Pakaipa, so Russia has become a scapegoat for all our past, present and future problems in Zimbabwe😭😭😭😭😭😭😭 Dear God, please help us.

Tkt 1 week ago

Honestly the guy have failed to please us.
But from my own point of view, zim economics ma1. ichanetsa kugadzirisa for a long time bcoz vacho vane mari will not just sit and watch while businesses are being raided like what the so-called ccc says that they will reverse all financial deals. Kkkk my foot.
Hameno itai tione

Chawabvunza 1 week ago

With due respect, I fail to understand why His Excellency President ED MNANGAGWA imported Professor Ncube from overseas where he was working. Why should he want to hide behind Ukraine-Russia war which is only two months old ? Zimbabwe economy has been in doldrums for the past two years. At the moment he is advising government not to give civil servants meaningful salary increments on the pretext that if civil servants get increments the economic situation will get worse. Government is losing money by occasionally facilitating Professor Ncube's visits to his family abroad. His continued employment is a cost to government. It also boggles my mind as to why government imported Mr Nick MANGWANA from England. Did our government fail to get someone in the mould of him ? Professor Ncube has failed to run Finance Portfolio, simple. He should pack his bags and rejoin his family in Europe.


Mmmm 1 week ago

I still buy bread 🍞 at $1usd. Those who use Zim $ suffer hardships thanks to the professor.


Dispenser 1 week ago

what a shame ,why is south Africa, Zambia ,Botswana is not affected by hyperinflation instead ,since oil has affected globally yes I don't deny .We have never heard that bread is now costing 100rand ,200kwacha either or 390pula.Stop kidding yu are good as a teacher at a kindergarten school.

bhangu 1 week ago

blame game....just resign you have failed can a whole professor run an economy like this ...failed to control inflation,can't pay workers ,caant raise enough for the gvt needs everything is in shambles

remove the bond not you said it's bad money and bad money chases good money aways why keep it ... political puppet economics boy...ukuudzirwa kaa

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