President chides 'skewed' global financial architecture

Levi Mukarati ,Assignments Editor |  2 months ago | top

President Emmerson Mnangagwa has come open to those influencing global financial infrastructure that their stance against Zimbabwe and other developing nations is stiffling growth and development initiatives.

Addressing global leaders at the United Nations General Assembly in New York yesterday ,President Mnangagwa, however, said amid the adversities Zimbabwe has propelled economic reforms that have been resulting in significant progress in various economic sectors. 

He added that the Zimbabwe is open for business drive, has opened doors for partnership between Government and the private sector to propel development in the country

"Zimbabwe is committed to Agenda 2030 and has to this end mainstreamed the 17 SDGs (Sustainable Development Goals) into our national economic development blueprint, the National Development Strategy," said President Mnangagwa. "We acknowledge the support of the United Nations in the alignment of this Strategy to the Sustainable Development Goals. 

"Economic reforms have been implemented resulting in significant progress in sectors such as agriculture, manufacturing, mining and tourism. 

"Our Zimbabwe is open for business mantra has fostered strong partnership between the Government and the private sector for inclusive and sustainable development. 

"Massive infrastructure development projects which include dams, energy plants and roads have broadened our national economic asset base as well as production and productivity enablers, while enhancing regional connectivity and integration."

The President added: "The current global financial architecture has demonstrated its inadequacies to address the challenges that confront us. "Increasing and unsustainable debt burden, prohibitive cost of borrowing, illicit financial flows and exploitation of natural resources from developing countries, have all combined to relegate developing countries to the periphery of the global financial system.  

"There is therefore, need for a global financial system which is just, more inclusive and responsive to the challenges we face."

President Mnangagwa also buttressed that the current World Trade Oganisation had remained exclusive for the North while relegating the needs of those in the South.

"Equally, the international trade architecture, under the World Trade Organisation, has remained largely exclusive and indifferent to the needs of developing countries," he said.

"The African Continental Free Trade Area is, thus, expected to be the panacea for Africa to trade and stimulate economic growth and development.  "The AfCFTA must be complimented as we strive to improve production and trade in goods and services. "Liberalisation of services and the strengthening of competition policy and intellectual property rights; as well as the adoption of digital trade should also be enhanced."

President Mnangagwa also briefed global leaders on progress Zimbabwe had registered in the education sector as well as women and youth empowerment.

He said Government is providing quality, inclusive and accessible learning through the roll-out of a phased free primary school education system. 

"Opportunities are being created for all Zimbabweans, especially for women and youth, to realise their individual and collective potential," said President Mnangagwa.

"...Under my leadership, Zimbabwe has legislated reserved youth seats in the National Assembly. 

"To further strengthen participatory democracy and good governance, my government has introduced a 30 percent quota for women in local authorities. 

"This is more important as women bear the brunt of poor service delivery at the local level.  

"The establishment of gender and youth focal desks within Government ministries has helped to mainstream the issues of young people, particularly young women."

President Mnangagwa reaffirmed that 

Zimbabwe stands committed to play its part for the realisation of peace internationally, continentally and within Southern African Development Community.