Zimbabwean President Emmerson Mnangagwa says the economy is on the rebound with industrial capacity utilisation exceeding 66% in 2022, up from 47% in 2020.
He however warned that depressed power generation would affect production and announced that Hwange Unit 7 is expected to be commissioned by year end. 300 MW from Unit 8 is expected to come on-stream by the second quarter of 2023.
He said the government envisages lower inflation figures after Month-on-month inflation for September significantly declined to 3.5%.
Government will maintain a tight monetary policy to contain inflation.
Foreign receipts amounted to US$7.7 billion for the 8 months up to 31st August, 2022, reflecting a 32.4% increase from the US$5.8 billion recorded over the corresponding period in 2021.
Mnangagwa’s SONA did not address social protection amid a hunger crisis where 3.8 million people will be food insecure next year.