Harare, October 2, 2024 – Zimbabwe’s Finance Minister, Mthuli Ncube, said that public sector workers will receive a salary increase in response to the sharp devaluation of the Zimbabwe dollar (ZiG). The announcement follows a 42% drop in the currency’s value, which has significantly eroded the purchasing power of citizens.
Speaking after the SONA by President ED, Ncube emphasized the government’s commitment to cushioning civil servants from the economic impact of the currency devaluation. “For us as government, on our part, we will make some adjustments to civil servant salaries to make sure that the purchasing power is restored,” he said.
The minister also outlined a range of additional monetary measures aimed at stabilizing the economy. Among these is a restriction on the amount of money individuals can carry out of the country, a move intended to control capital flight and stabilize the local currency.
“These measures, combined with the salary adjustments, are designed to maintain monetary flow and prevent further inflationary pressures,” Ncube added.
Zimbabwe has been grappling with persistent inflation and currency instability, issues that have significantly strained the economy and affected the livelihoods of many citizens. The government’s latest steps come as part of broader efforts to restore economic stability amidst ongoing challenges.
Critics, however, have expressed concerns over whether these measures will be enough to reverse the devaluation’s effects and stabilize the broader economy. Public sector unions are expected to engage with the government on the details of the salary increases in the coming days.
