Home / General / Zimbabwe:National Budget Presented – Live Blog

Zimbabwe:National Budget Presented – Live Blog

Photo: Plaxedes Ncube/The Source

The House is almost full as the Speaker of Parliament, Jacob Mudenda walks in. Some opposition backbenchers shout "Safety guaranteed!" as they prepare to hear the national Budget.

Blog

Welcome to our coverage of Zimbabwe's first budget presentation in the post-Robert Mugabe era, and it promises to be a humdinger. Its two weeks since Emmerson Mnangagwa was sworn-in as president to complete a remarkable turn of fortunes after he was fired from the government on November 6 by his predecessor, thanks to the intervention of the military.

And he has promised to hit the ground running so the budget should give an indication of what to expect from his administration that is mostly composed of faces from the failed Mugabe presidency.

The economy desperately needs injection of capital along with stable, investor friendly policies to create the much-needed jobs. Restoring investor confidence will have to be at the top of the agenda while the buy-in of the international community will be key and so far the noises from key allies have been positive.

Dec 7, 2017 4:36 PM

Alfonce Mbizwo
Banking sector stable, adequately capitalised and in compliance with minimum capital requirements. Has seen improved earnings and satisfactory asset quality.

Dec 7, 2017 4:36 PM
Alfonce Mbizwo
Banking sector stable, adequately capitalised and in compliance with minimum capital requirements. Has seen improved earnings and satisfactory asset quality.

Dec 7, 2017 4:33 PM
Alfonce Mbizwo
Current account deficit, estimated at $1 billion, is being financed mostly by debt

Dec 7, 2017 4:32 PM
Alfonce Mbizwo
Gold purchases by Fidelity Refiners at 17,2 tonnes January to September, 12% up on 2016 . Artisanal miners accounted for 51% of the deliveries

Dec 7, 2017 4:29 PM
Alfonce Mbizwo
Coal output has risen from as little as 30k per month in the first quarter of 2017, to about 300,000 tonnes per month currently.

Dec 7, 2017 4:28 PM
Alfonce Mbizwo
Diamond output at 1.8 million carats as at September 30, up from 1.3 million recorded during the whole of 2016.

Dec 7, 2017 4:25 PM
Alfonce Mbizwo
Mineral export receipts of $2.5 billion are projected for 2018, up from $2.3 billion in 2017

Dec 7, 2017 4:19 PM
Alfonce Mbizwo
Analyst Zack Murehwa says budget realistic under rather difficult circumstances

Dec 7, 2017 4:18 PM
Alfonce Mbizwo
Chinamasa concludes after 75 minutes of talking. He does need that glass of water

Dec 7, 2017 4:14 PM
Alfonce Mbizwo
Failure to report a malfunctioning or theft of a fiscal devise to attract a fine of $25 per day for up to 180 days

Dec 7, 2017 4:12 PM
Alfonce Mbizwo
Zimra to become the lead agency to coordinate port operations pending the set up of National Ports Authority

Dec 7, 2017 4:11 PM
Alfonce Mbizwo
Operation Restore Legacy extended to Beitbridge Border Post to restore order. Army to remove touts, beggers and offenders from border area

Dec 7, 2017 4:11 PM
Alfonce Mbizwo
Beitbridge border post to become more automated

Dec 7, 2017 4:08 PM
Alfonce Mbizwo
Chinamasa repeals interest charged on tax penalties

Dec 7, 2017 4:06 PM
Alfonce Mbizwo
Goat and sheep meat also now exempt from VAT

Dec 7, 2017 4:06 PM
Alfonce Mbizwo
No more 10% tax for registered tobacco farmers

Dec 7, 2017 4:05 PM
Alfonce Mbizwo
Rutenga to become a border post from January 1, 2018

Dec 7, 2017 4:04 PM
Simbarashe Zishiri
Zim to accelerate the Lima plan to clear outstanding foreign debt

Dec 7, 2017 4:04 PM
Simbarashe Zishiri
Will invite development partners to intensify their support

Dec 7, 2017 4:04 PM
Alfonce Mbizwo
Gross export tax of 5% for unbeneficiated lithium

Dec 7, 2017 4:03 PM
Simbarashe Zishiri
Employment costs seen at $2,3 bln next year

Dec 7, 2017 4:02 PM
Simbarashe Zishiri
Budget proposes establishment of vocational training centers  for each district

Dec 7, 2017 4:02 PM
Simbarashe Zishiri
IDBZ and local authorities to work together to increase housing developments

Dec 7, 2017 4:02 PM
Simbarashe Zishiri
We are suspending excise duty on raw materials, Chinamasa said.

Dec 7, 2017 4:02 PM
Alfonce Mbizwo
Lower tax for tyre imports of up to 150,000 tyres by approved dealers

Dec 7, 2017 4:01 PM
Alfonce Mbizwo
Power generation projects to be exempted from corporate tax for first five years of operation, and 15pct to apply thereafter

Dec 7, 2017 3:59 PM
Alfonce Mbizwo
More rebates for industry, tourism rebates extended

Dec 7, 2017 3:57 PM
Alfonce Mbizwo
Higher and tertiary education gets $480,9mln. Parliament gets $57mln, cue more howls from unhappy MPs

Dec 7, 2017 3:56 PM
Alfonce Mbizwo
Health gets $408,9mln

Dec 7, 2017 3:56 PM
Alfonce Mbizwo
Land, agriculture gets 497mln. Home Affairs, $435,4mln. Defence gets $420,3mln

Dec 7, 2017 3:55 PM
Alfonce Mbizwo
Primary and secondary education get $905,5mln

Dec 7, 2017 3:54 PM
Alfonce Mbizwo
$132,2mln for 2018 general elections

Dec 7, 2017 3:54 PM
Alfonce Mbizwo
Govt to pay the 2017 bonus as per commitment, but in 2018 and will be staggered

Dec 7, 2017 3:53 PM
Alfonce Mbizwo
Zero tolerance on land barons, says Chinamasa

Dec 7, 2017 3:51 PM
Alfonce Mbizwo
Revive sport as a career path for the many youths. Every district to have a multipurpose sports facility

Dec 7, 2017 3:51 PM
Alfonce Mbizwo
180k students being thrown into the streets every year after 'O' and 'A' levels. More vocational training centres for skills transfer

Dec 7, 2017 3:49 PM
Alfonce Mbizwo
10-year plan to have 200ha per district per year under irrigation

Dec 7, 2017 3:49 PM
Alfonce Mbizwo
We need to sustain food security, emphasizing on irrigation rehabilitation

Dec 7, 2017 3:48 PM
Alfonce Mbizwo
We are reorienting our budget towards developmental projects, says Chinamasa

Dec 7, 2017 3:47 PM
Alfonce Mbizwo
Employment costs are accounting for $3,2bln of budget

Dec 7, 2017 3:46 PM
Alfonce Mbizwo
Recurrent expenditure at $4,6bln

Dec 7, 2017 3:46 PM
Alfonce Mbizwo
19% of budget to be used for developmental projects

Dec 7, 2017 3:45 PM
Alfonce Mbizwo
Expenditures seen at $5,8bln, budget deficit seen at$673mln or 3,5% from

Dec 7, 2017 3:44 PM
Alfonce Mbizwo
Budget seen at $5,1bln

Dec 7, 2017 3:44 PM
Alfonce Mbizwo
We think that Zimbabwe can do better than 4,5% growth for next year, says Chinamasa. Need more transparency over public resources

Dec 7, 2017 3:43 PM
Alfonce Mbizwo
To address Zimbabwe's high cost of doing business to be in line with regional standards

Dec 7, 2017 3:43 PM
Alfonce Mbizwo
Govt want expedite Special economic zones in Byo, Harare and Victoria Falls

Dec 7, 2017 3:41 PM
Alfonce Mbizwo
Foreign nationals in reserved sectors shall remain, except in gold panning. But must own up, register and open local bank accounts.

Dec 7, 2017 3:40 PM
Alfonce Mbizwo
Reserved sectors to remain, except with govt special dispensation from govt

Dec 7, 2017 3:39 PM
Alfonce Mbizwo
Other extractives will not be affected by any indigenisation requirements, says Chinamasa

Dec 7, 2017 3:39 PM
Alfonce Mbizwo
The  budget amending the indigenisation act to bring: Mining: confne 51:49% to diamond and platinum only

Dec 7, 2017 3:37 PM
Alfonce Mbizwo
We desire to honour our obligations as well as honour regional and international protocols. To expedite the release of farms under BIPPA arrangement that were taken under the land reform

Updated Dec 7, 2017 3:37 PM
Dec 7, 2017 3:35 PM
Alfonce Mbizwo
Prohibitive penalty structure on way to deal with graft. It has already begun, says Chinamasa

Dec 7, 2017 3:34 PM
Alfonce Mbizwo
More digitisation of govt services to lessen graft

Dec 7, 2017 3:34 PM
Alfonce Mbizwo
ZACC, policeand the judiciary will be capacitated to deal with graft

Dec 7, 2017 3:33 PM
Alfonce Mbizwo
Govt will enforce directive to make local authorities channel 70pct of resources towards service delivery. Councils no longer permitted to sell land to raise finance

Dec 7, 2017 3:32 PM
Alfonce Mbizwo
We will close all technically insolvent parastatals that are not strategic. Will pout under joint ventures other critical SOEs and privatise others. CSC case in point

Dec 7, 2017 3:31 PM
Alfonce Mbizwo
Time for action on the long overdue parastatal reforms

Dec 7, 2017 3:31 PM
Alfonce Mbizwo
Govt commissioners to become non-executive and parttime

Dec 7, 2017 3:30 PM
Alfonce Mbizwo
Funding of political parties need review, govt cannot afford the costs, says Chinamasa

Dec 7, 2017 3:30 PM
Alfonce Mbizwo
Parents to continue to pay for ECD education. Govt cannot afford to hire needed 6,000 ECD teachers. Infact, govt to lessen interventons

Dec 7, 2017 3:27 PM
Alfonce Mbizwo
Govt to reduce number of foreign service missions and to rationalise costs at those that will remain

Dec 7, 2017 3:27 PM
Alfonce Mbizwo
46 embassies and consulates currently operating. Debt now stand at $17mln.

Dec 7, 2017 3:26 PM
Alfonce Mbizwo
Foreign business travel to be reviewed.: Strict   reduction of the size of delegations to the absolute necessary. No first class travel permitted across the board, save for the Presidium

Dec 7, 2017 3:24 PM
Alfonce Mbizwo
Govt to allocate only one vehicle for Perm secretaries and equivalent grades. Same for Commissioners. Some will get loans instead of cars

Dec 7, 2017 3:23 PM
Alfonce Mbizwo
Govt to reduce fuel benefits for senior govt officeers

Dec 7, 2017 3:23 PM
Alfonce Mbizwo
Govt to abolish 3,739 youth posts as part of cost cutting. Cue laughter, ululating and howls in the House

Dec 7, 2017 3:22 PM
Alfonce Mbizwo
Govt will maintain freeze on hiring non-critical stuff

Dec 7, 2017 3:22 PM
Alfonce Mbizwo
Govt to institute a voluntary retirement scheme, with a plan for softlanding those who take the voluntary retirement

Dec 7, 2017 3:21 PM
Alfonce Mbizwo
Many public servants continue to work well beyond their retirement age, says Chinamasa. From January 2018, govt to retire staff above 65 years of age

Dec 7, 2017 3:20 PM
Alfonce Mbizwo
Cabinet decisions on measures to deal with management of fiscus to be binding, without arbitrary populist changes, says Chinamasa

Dec 7, 2017 3:19 PM
Alfonce Mbizwo
Need to bring govt spending on wages to 70pct from the current 86%.

Dec 7, 2017 3:18 PM

Alfonce Mbizwo

To deal with an unsustainable budget deficit. "We need to manage our expenditure. Budget to be below 4% of GDP

Dec 7, 2017 3:16 PM

Alfonce Mbizwo

More measures to improve plastic and mobile use: lower charges of services and higher interest rates to promote savings culture

Dec 7, 2017 3:16 PM

Alfonce Mbizwo

86% of export earnings coming from mining and tobacco

Dec 7, 2017 3:15 PM

Alfonce Mbizwo

Govt to enforce plastic and mobile money. Increase cash availability for minimal cash withdrawals

Dec 7, 2017 3:14 PM

Alfonce Mbizwo

More cash imports necessary

Dec 7, 2017 3:14 PM

Alfonce Mbizwo

In the short to medium term, we need to increase use of mobile and plastic money  to the rural areas

Dec 7, 2017 3:11 PM

Alfonce Mbizwo

Measures needed to instill confidence and discipline in the economy. Budget heralds a new economic order

Dec 7, 2017 3:10 PM

Alfonce Mbizwo

Total borrowings around $2,9mln this year as govt services due domestic debt

Updated Dec 7, 2017 3:10 PM

Dec 7, 2017 3:09 PM

Alfonce Mbizwo

Budget deficit seen of $1,5bln at year end than the original $400mln

Dec 7, 2017 3:09 PM

Alfonce Mbizwo

Revenue collection has outperformed expectations at $2,8bln up to September against a target of $2,7bln

Dec 7, 2017 3:06 PM

Alfonce Mbizwo

Inflation seen at 3,7% at year end

Dec 7, 2017 3:05 PM

Alfonce Mbizwo

Notwithstanding challenges, economy remains on track to achieve 3,5% GDP growth due to growth in agriculture, mining, and energy. Real economic growth seen at 4,5% in 2018

Updated Dec 7, 2017 3:05 PM

Dec 7, 2017 3:04 PM

Alfonce Mbizwo

Low confidence levels in the Zim economy reflective of high budget deficit, says Chinamasa

Dec 7, 2017 3:03 PM

Alfonce Mbizwo

Budget mindful of urgent challenges facing Zimbabwe, says Chinamasa

Dec 7, 2017 3:02 PM

Alfonce Mbizwo

Finmin Chinamasa speaks

Dec 7, 2017 2:59 PM

Alfonce Mbizwo

President Emmerson Mnangagwa enters Parliament. Nearly time

Dec 7, 2017 2:38 PM

Alfonce Mbizwo

Speaker of Parliament, Jacob Mudenda adjourns the business of the House for the day. Now awaiting the arrival of the Man With The Bag of Tricks, Finance Minister, Patrick Chinamasa, who is expected to begin his presentation at 1500.

Dec 7, 2017 2:38 PM
Alfonce Mbizwo
Speaker of Parliament, Jacob Mudenda adjourns the business of the House for the day. Now awaiting the arrival of the Man With The Bag of Tricks, Finance Minister, Patrick Chinamasa, who is expected to begin his presentation at 1500.

Dec 7, 2017 2:24 PM
Alfonce Mbizwo
The House is almost full as the Speaker of Parliament, Jacob Mudenda walks in. Some opposition backbenchers shout: Safety guaranteed!

Dec 7, 2017 2:20 PM
Alfonce Mbizwo
On Wednesday, Zimbabwe's new government signed a $153 million loan agreement with China to expand and refurbish its RGM International airport in Harare as it bids to attract investors and tourists. The budget, according to finance minister, Patrick Chinamasa, will show that Zimbabwe is 'open for business.' Some pre-budget reading:
Budget to show Zimbabwe open for business, says finmin - The Source

HARARE, December 6 (The Source) - Finance minister Patrick Chinamasa says the country's 2018 budget, which will be presented on Thursday, will send a clear message to the world that Zimbabwe is open for business. The new administration in Harare has pledged to re-engage the... Read More
The Source

Dec 7, 2017 2:14 PM
Alfonce Mbizwo
Please join us by sending your comments via our Twitter handle @TheSourceZW, our Facebook page or email on editor@source.co.zw

Comments are closed.

Scroll To Top