When is Zimbabwe getting its own currency?

Zimbabwe, a country plagued by economic challenges for many years, is on a path to recovery under the leadership of President Emmerson Mnangagwa. In a recent interview with CNBC Africa, the Minister of Finance, Chinama, shed light on the country's progress and outlined the steps being taken towards economic stability. The key theme that emerged from the discussion was Zimbabwe's journey towards reintroducing its own currency and stabilizing its debt situation. Despite facing significant hurdles such as sanctions and external debt, the government remains optimistic about the future. One of the key points raised during the interview was the gradual progress being made in the currency situation. Minister Chinama emphasized that the process of reintroducing Zimbabwe's currency will not be rushed, but will be driven by the country's ability to achieve a six months import cover. The government is focused on increasing foreign currency availability and promoting exports to strengthen the economy. While challenges remain, such as leakages and corrupt activities, efforts to address these issues are showing results, with some ATMs now dispensing US dollars. Another crucial aspect discussed was Zimbabwe's debt situation, which stands at around $10 to $11 billion, with a significant portion being domestic debt. Despite the debt burden, Minister Chinama highlighted the country's low borrowing compared to other nations, attributing the challenge to the ability to service the debt. With a focus on attracting foreign direct investment (FDI) and opening up for business, Zimbabwe has seen a positive influx of $2 billion in FDI in the past three months. The government is optimistic about restoring financial stability and normalizing debt servicing. The interview also touched on the government's initiative to sell stakes in state-owned enterprises as part of the economic reform agenda. Minister Chinama noted overwhelming interest from investors, signaling confidence in Zimbabwe's potential for economic growth. The process of identifying entities for sale and determining the best approach, whether through partial or full privatization or listing, is ongoing as part of the 100-day program. In the realm of credit ratings, Zimbabwe currently does not hold an investment-grade status due to political factors. However, there is hope for improvement as global institutions and leaders express willingness to support the country's recovery efforts. President Mnangagwa's engagements with international figures like Christine Lagarde highlight a positive outlook for Zimbabwe, contingent on free and fair elections. The international community's support, including offers of financial assistance, underscores the importance of political stability for economic development. In conclusion, Zimbabwe's pursuit of economic stability and currency independence is a gradual but promising journey. The government's strategic measures to address currency challenges, manage debt, attract investments, and promote privatization demonstrate a commitment to rebuilding the economy. As the country navigates through obstacles and works towards long-term sustainability, the prospect of a sovereign currency in the near future signifies a significant milestone in Zimbabwe's economic recovery.