President Emmerson Dambudzo Mnangagwa is today set to deliver the State of the Nation Address (SONA) and officially open the Second Session of the 10th Parliament of Zimbabwe.
The announcement was made by Speaker of Parliament, Advocate Jacob Mudenda, in General Notice 1527 of 2024.
“It is hereby notified, for public information, that His Excellency, The President of the Republic of Zimbabwe, Honourable Emmerson Dambudzo Mnangagwa will – (a) in terms of section 140(1) of the Constitution, address a joint sitting of the Senate and the National Assembly on Wednesday, the 2nd of October, 2024, at 1400 hours.
“He will set out the Government’s legislative agenda for the Second Session of the 10th Parliament; and (b) in terms of section 140(4) of the Constitution, deliver the State of the Nation Address,” said Advocate Mudenda.
His address is expected to outline key legislative priorities and government policies for the upcoming session. As Zimbabwe continues to navigate both domestic and international challenges, many anticipate that the address will cover a wide range of issues, key among them, economic reforms.
Inflation has surged once again, wiping out the purchasing power of ordinary citizens.
The Zimbabwean ZiG short for Zimbabwe Gold continues to weaken against major currencies, and a growing trade deficit has exacerbated concerns about the country’s economic sustainability.
Many Zimbabweans are struggling with skyrocketing prices of basic goods, fuel shortages, and erratic power supplies, all of which have triggered public discontent.
The Reserve Bank of Zimbabwe (RBZ) recently devalued the ZiG by 44%, causing the currency to dive from 13.98 to 24.3 against the U.S. dollar. This drastic move was aimed at addressing rising exchange rate volatility and inflationary pressures that have plagued the economy since August.
According to RBZ Governor John Mushayavanhu, the decision was necessary due to the resurgence in exchange rate pressures and rising inflation. Despite increased foreign currency inflows, the parallel market exchange rate has continued to spiral out of control, with the gold-backed ZiG trading at a premium of over 100%.
The Monetary Policy Committee (MPC) has taken several measures to combat these challenges, including raising the bank policy rate from 20% to 35%. The committee also increased the statutory reserve requirements for demand and call deposits to 30%. Foreign exchange allowance has been reduced from US$10,000 to US$2,000 per individual.
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