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By Wisdom Mumera.

Harare, Zimbabwe. (News Of The South) – December 9, 2015-There is need to build foreign reserves together with building up confidence in the local economy before the return of the local Zimbabwean currency can be envisaged, an economic expert has said.

Speaking during a Parliamentary Post Budget Seminar in Harare on Tuesday Labour and Development Institute of Zimbabwe Director Godfrey Kanyenze said both traits were still lacking at the present moment.

“Currency is based on trust and confidence so it’s hard to bring back the Zimbabwean dollar as we first need to rebuild our foreign reserves so that it has value and also instil trust”.

“We need to build back economic fundamentals that have been destroyed over the past years and these are basic factors of economics but we need discipline to manage that”, he said.

Kanyenze was responding to calls by some Parliamentarians that measures be put in place to bring back the local currency as a manoeuvre to rebuild the economy faster.

“Our problem as Zimbabwe isn’t complicated as it may seem, we just need the political will to implement the resolutions that are apparent and very basic”

“First we identify the most fundamental things that need to be done and prioritise those”.
“Priority seems to be one of the problems as we seem not to know what things to put first”

“We have Parliamentarians buying expensive cars yet they are going to constituents with very poor people who are suffering for lack of basic needs, that’s a classic case of wrong priorities”, he said.

Kanyenze added that the so called Asian miracle which has seen countries such as China and Singapore outpacing African countries from the 90’s was a simple case of correct prioritization.

The Post Budget Seminar brought together Parliamentarians who dissected Finance Minister Chinamasa’s 2016 Budget analyzing how far it took into account recommendations from the pre-Budget Victoria Falls seminar.

The 2016 US$4billion budget has been met with mixed feelings with some lauding its centralization of policy issues whilst some have ridiculed its ambitious nature belying a regressing economy.

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