Zimbabwe Finance Minister Chinamasa presents US$5.1bn budget

December 7, 2017
| Report Focus News

finance and Economic Planning Minister Cde Patrick Chinamasa has presented a US$5.1 billion 2018 national budget, projecting a 4.5 percent economic growth rate for next year.

Presenting the budget statement in Parliament today, Cde Chinamasa said the budget reflects new economic order as enunciated by President Emmerson Mnangagwa, adding that it is meant to address the low confidence levels, low production, high unemployment rate, foreign currency shortages, corruption and indiscipline, among other challenges.

Minister Chinamasa said the economy is on track to realise the projected 3.7 growth rate for 2017, adding that revenues have out-performed targets this year and by year end revenue totals are expected to reach $3.9 billion.

Some of the proposed measures in the 2018 budget statement include measures to restore marketing confidence, policy consistency, credibility and predictability, and a new economic order

Highlights of Cde Chinamasa’s budget statement include dealing with cash shortages, corruption and indiscipline, creating an investor friendly-environment, increasing use of plastic/mobile money by enhancing their availability in rural areas, as well as enforcing traders’ acceptance of mobile money.

Minister Chinamasa said exports will be critical to deal with cash shortages which are a symptom of many challenges facing the economy.

He said exports remain the major source of liquidity, hence proposals to incentivise the horticulture sector.