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The International Monetary Fund (IMF) has praised Minister of Mines and Mining Development Hon Winston Chitando for working on a USD $12 billion mining economy which has helped Zimbabwe become part of the most innovative and advanced nations in the world.
Minister Chitando has prioritized the use of the country’s vast mineral resources to spur development with the mining industry expected to contribute US$12 billion by the end of 2023.
Many new mining ventures have been opened while some existing ones have been expanded and such operations are mainly in the lithium, platinum, gold, chrome, nickel, diamonds, iron and steel sectors.
According to the International Monetary Fund (IMF),
“The Republic of Zimbabwe is a landlocked southern African country with a US$38 billion GDP. Its economy is primarily fuelled by the services sector, due to low levels of industrialisation. Additionally, Zimbabwe also has the world’s second largest informal economy.
“These are economies that remain undocumented as their transactions are generally conducted outside the formal banking system, which keeps them off of the authorities’ radar.
The IMF further noted that,“Zimbabwe is also rich in natural resources such as gold, coal, and iron ore,” its report added.
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