In Davos, Zimbabwe’s finance minister promises reforms
Finance minister Mthuli Ncube wants to introduce a new domestic currency within a year that might involve a change to the official rate
Davos — Zimbabwe’s finance minister painted an optimistic outlook for his country on Tuesday, despite protests over fuel prices that human rights groups say have left at least a dozen people dead. Finance minister Mthuli Ncube said that in the next year he hoped to bring inflation under 10% from 42% now, find the money to cover debt payments of $1.2bn, and introduce a new currency. He also talked up a privatisation programme that has so far seen little real progress. “Zimbabwe is the best buy in Africa right now,” he said in an interview at the World Economic Forum in Davos.
Zimbabwe is facing its most serious economic crisis in a decade. Shortages of food, fuel and foreign currency are testing the government of President Emmerson Mnangagwa, who was voted into power after the overthrow of Robert Mugabe in 2017. The government recently raised the price of fuel, which sparked protests across the country. Human rights groups say Zimbabwean security forces used live ammunition to ...