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Zimbabwe to unveil post-Mugabe budget

by 07/12/2017 07:11:00 0 comments 1 Views
Zimbabwe's new government is set to unveil its first budget since the fall of long-serving ruler Robert Mugabe.

It comes a day after Finance Minister Patrick Chinamasa signed a $153m (£115m) loan agreement with China to upgrade the international airport in the capital, Harare, in a bid to attract investors and tourists.

The deal meant cash-strapped Zimbabwe was "back in business", and was "serious about reshaping" the economy, Mr Chinamasa said.

Addressing the inaugural meeting of his cabinet yesterday, President Emmerson Mnangagwa called for the "high-speed execution" of development projects ahead of what are expected to be tightly contested general elections next year.

The International Monetary Fund has said that government spending and foreign debt are too high and Zimbabwe's economy needs structural reform.

Mr Mnangagwa took office on 24 November with a pledge to grow the economy and provide "jobs, jobs, jobs".

Mr Mugabe, 93, was forced to resign after 37 years in power.

The military and Mr Mnangagwa engineered his downfall after he was accused of planning to anoint his controversial wife, Grace Mugabe, as his successor.

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