Zimbabwe Cuts Duties on Essential Imports to Ease Prices
News | Economy
Zimbabwe has announced a six-month suspension of import duties on some basic commodities, such as cooking oil, rice, and soap, to reduce the cost of living for its citizens.
The government said on Monday that the duty-free imports will help to stabilize the prices of essential goods, which have been rising due to inflation, foreign currency shortages, and supply chain disruptions.
The government said that the duty suspension will apply to 10 items, namely: cooking oil, rice, flour, salt, sugar, maize meal, milk, petroleum jelly, toothpaste, and bath soap.
The government said that these items were selected because they are widely consumed by the majority of Zimbabweans, and because they have a significant impact on the consumer price index, which measures inflation.
The government said that the duty suspension will not affect the local producers of these items, who will continue to enjoy protection from unfair competition and dumping.
The government said that the duty suspension will also not affect the revenue collection, as the import duties on these items constitute a small fraction of the total customs revenue.
The government said that the duty suspension is part of its efforts to cushion the vulnerable groups from the effects of the Covid-19 pandemic, which has hit the economy hard.
The government said that It is also implementing other measures to support the recovery and growth of the economy, such as increasing the social safety nets, improving the business environment, and attracting foreign investment.
The government said that It is confident that the duty suspension will bring relief to the consumers, and that it will monitor the situation closely to ensure that the benefits are passed on to the end-users.
The government said that it Is committed to pursuing sound fiscal and monetary policies, and that it will review the duty suspension after six months, depending on the prevailing economic conditions.
The government said that it is hopeful that the duty suspension will contribute to the stability and prosperity of the country, and that it will enhance the welfare and happiness of the people.
Source: The Herald
