ZIMSPHERE
HARARE – The government has blacklisted 51 contractors for unlawfully diverting funds received for payments for goods and services to the illegal foreign currency parallel market.
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| Finance Minister Mthuli Ncube |
This comes as government is trying to find some economic stability, restore confidence in the financial system, and foster a conducive business environment.
In a statement, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube highlighted the government's commitment to addressing economic irregularities.
He noted that the blacklisted companies had been under scrutiny since July 18, 2022, when the Treasury directed the Financial Intelligence Unit to monitor all payments related to high-value government contracts.
The objective was to identify and curb illegal foreign currency dealings, he said.
"This measure was aimed at containing market forces and aligning the macro-economy with the liberalized foreign exchange market, where the exchange rate is freely determined by the banking system based on demand and supply," Ncube said.
Ncube also emphasized the positive impact of introducing the Zimbabwean currency (ZIG) as legal tender on April 5, saying this has further stabilized the economy and brought about orderly pricing in the market, which the government aims to sustain.
"The government's commitment to improving the economy is unwavering. We will continue to monitor market developments closely," Ncube added.
"The ongoing implementation of the Value for Money principle in government operations has resulted in significant savings, enabling the execution of programs and projects that benefit our citizens."
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