HomeMembers of ParliamentHon. Madzimure: There is no middle-income economy where people earn US$100

Hon. Madzimure: There is no middle-income economy where people earn US$100

Hon. Madzimure: There is no middle-income economy where people earn US$100

Kambuzuma legislator Willias Madzimure says the country is regressing and there are no prospects of achieving the middle-income economy status that is being targeted.

The second republic which came to power courtesy of a military assisted coup in 2017 has set a target of achieving a middle-income economy by 2030.

However, things on the ground appear to be moving in the wrong direction than the one envisioned.

The situation has been made worse by the measures that were recently announced by President Emmerson Mnangagwa.

Speaking in the National Assembly following a Ministerial Statement from Finance Minister Mthuli Ncube, Honourable Madzimure said the country is not going anywhere.

‘’Thank you, Mr Speaker Sir.  Firstly, I want to remind the Honourable Minister that Zimbabwe is towards achieving an upper-middle-income economy but looking at the measures that he has taken, considering that when Honourable Munengami requested for a Ministerial Statement, the nuclear bomb that he just released had not yet been released.

‘’During that period, our rate has gone up by 100%, meaning that the remunerations that people were getting had been reduced by 50%.

‘’There is no middle-income economy where one earns USD100, considering the demands of food, clothing and so on.

‘’Are we saying that we are no longer interested in an upper-middle-income economy because what is happening currently does not reflect that we are heading towards a middle-income economy.  We are actually regressing to the lowest income economy,’’ he said.

The Zimbabwean economy has largely been affected by various factors chief among them policy inconsistencies, unstable exchange, and multiple currencies that have caused price distortion among other things.

These factors have been raging on for some years and have resulted in the erosion of people’s savings and also return on investments. Although the economy has not fully dollarized, most of the goods and services are being pegged in US dollars.

Hon. Madzimure: There is no middle-income economy where people earn US$100

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