HARARE Zimbabwe (Xinhua) --
Zimbabwe, which is facing serious foreign
currency shortages, has called on local firms to prioritize
local ahead of foreign firms when awarding contracts to preserve
the scarce money.
However, this should
be done according to regulations governing procurement processes
as well as international best practice, permanent secretary in
the Ministry of Finance George Guvamatanga said.
He was quoted by the
state-controlled Herald newspaper on Tuesday as saying that the
engagement of local contractors enhances economic activity,
boosts job creation and propels the country’s goal of becoming
an upper middle class economy by 2030.
“As part of the
economic development plan, engagement of external contractors
should be done in cases where there is no local capacity and
expertise, that way reducing foreign currency exposure,”
He said in the event
of an external contractor being engaged, the contract should be
scrutinized to ensure value for money while also considering the
participation of locals as sub-contractors.
Zimbabwe is facing
an acute shortage of foreign currency which has affected
importation of critical products such as fuel and medical drugs.