Afdb African Development Bank X
Afdb African Development Bank X

The African Development Bank (AfDB) on Thursday urged Zimbabwe to continue implementing reforms to ensure macro-economic stability in the country.

“We urge the government to continue its reform efforts of the macro-economy and in particular efforts aimed at attracting adequate foreign exchange necessary for full restoration of macro-economic stability and rebuilding of general infrastructure in the country,” said AfDB country manager Damoni Kitabire.

Business24

He was speaking at a signing ceremony of the 10.51 million U.S. dollars grant from the regional bank to modernize Zimbabwe’s tax administration as well as strengthen the role of parliament and enhance the capacity of the Office of the Auditor General in curbing corruption and illicit financial flows.

The bulk of the grant will go towards supporting the revenue agency, the Zimbabwe Revenue Authority, to implement an efficient and reliable tax and revenue management system that is compliant with international best practices.

“Though the amount may be modest, it will go a long way to support the much-needed digitization of the tax administration system in Zimbabwe, in addition to strengthening the role of Parliament and enhancing the capacity of the Office of Auditor General,” Kitabire said.

He expressed confidence in Zimbabwe’s economy, saying the country has the potential to recover from its current challenges, aided by reforms currently being implemented by the government.

He added that tax administration and related reforms were at the center of Zimbabwe’s economic recovery.

Zimbabwe Finance Minister Mthuli Ncube said the grant will help the country in its efforts to become a middle-income economy by 2030.

“This support has come at an opportune time when government is prioritizing good governance in order to strengthen economic development of our country.

“To this end, the expected outcome is to enhance tax compliance and efficiency, as well as strengthen public accountability which will be achieved through installation and functionality of new tax and revenue management system and improved capacity of the oversight of Parliament an Audit,” Ncube said.

He thanked the regional bank for its continued support to Zimbabwe. Enditem

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