Zimbabwe has revealed a new economic recovery plan aimed at reducing inflation and increasing the number of formal jobs by 2025.
The Southern African country’s economy contracted sharply in 2019, inflation peaked at 837% in July after the local currency introduced to address a shortage of US dollars dropped in value.
Named the National Development Strategy, the recovery plan, aims to bring inflation from the current 471% down to single-digit figures.
The government says the recovery plan will be driven by mining and agricultural production, but will also seek to develop an economic reform program with the International Monetary Fund (IMF).
It also hopes to create 760,000 new jobs as the majority of Zimbabwean adults are not formally employed.
Zimbabwe has been unable to access low-cost loans with global lenders for more than 20 years after it defaulted on its repayment obligations.
