Staff Reporter
Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube is slated to deliver the 2024 Mid-Term National Budget Statement to Parliament on 25 July 2024.
The review is expected to prioritize social protection for vulnerable citizens affected by the El Nino drought, which has significantly impacted Zimbabwe's agricultural sector.
In a recent interview following the launch of the Zimbabwe Intergovernmental Fiscal Transfers System Administrative Manual in Harare, Professor Ncube outlined the rigorous preparatory stages of the budget review.
"The mid-term budget and economic review will be presented to Parliament on Thursday, the 25th of July, but before that, it goes through various processes such as Cabinet committee discussions and Cabinet approval," Professor Ncube explained.
Regarding the focal points of the upcoming fiscal policy review, Professor Ncube maintained discretion.
"Of course, I can’t say what the focus areas are until I present. But you can be sure that the public will be asking themselves certain questions regarding, for instance, is there adequate support in terms of social protection during this tough year in terms of drought. Then I will be giving assurance that there is adequate support," he added.
Professor Ncube also mentioned that the public would be interested in knowing whether there will be sufficient resources to support the devolution agenda and infrastructure development programs throughout the remainder of the year.
Economist Mr. Persistence Gwanyanya, also a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee, commented on the current fiscal pressures.
"We expect the mid-term budget review to have additional surplus to promote judicious management of the budget — we want the Treasury to continue supporting the stability we have achieved so far as well as the Treasury to underwrite the ZiG currency through measures such as payment of QPDs (Quarterly Payment Dates)," he said.
The El Nino-induced drought has not only impacted agriculture but also affected other sectors like hydro-power production, prompting a downward revision of this year's economic growth forecasts.
Despite the challenges, Government remains optimistic about an economic recovery next year, projecting growth to rebound to above 5 percent.
The mid-term budget presentation is eagerly anticipated as it is expected to address these pressing issues and outline strategic interventions to sustain economic stability and growth.
