Mid-term budget review set for tomorrow

The 2021 mid-term budget review statement will be presented in Parliament tomorrow, Information Minister, Monica Mutsvangwa, said yesterday.

Finance and Economic Development Minister, Mthuli Ncube, last November presented a ZWL$426, 1 billion 2021 national budget, which will be reviewed this Thursday.

Some of the prioritised sectors in the 2021 fiscal policy included the primary and secondary education which has been allocated ZWL$55 billion, agriculture (ZWL$46, 3 billion), health care (ZWL$54, 7 billion) and transport and infrastructure development (ZWL$30 billion).

The tax-Free threshold was reviewed upwards from ZWL$5 000 to ZWL$10 000 per month while tax bands were adjusted to begin at ZWL$10 001 and end at ZWL$250 000 per month, with the highest marginal tax rate being pegged at 40%.

“Cabinet advises the nation that the details of the 2021 Mid-Year Fiscal Policy will be in the statement that the Minister will present to Parliament this Thursday,” said Mutsvangwa, during a post cabinet briefing.

“Cabinet adopted the 2021 Mid-Year Fiscal Policy and Economic Review and Balance of Payment Developments, the State of the Financial Sector and Outlook, which was presented by the Minister of Finance and Economic Development, Honourable Professor Mthuli Ncube.”

Mutsvangwa added that Ncube presented the Budget Strategy Paper for 2022, which was approved by Cabinet.

The 2022 budget strategy paper is part of the annual budget preparatory process issued in order for stakeholders to understand macro-fiscal issues that will guide prioritisation of budget allocations.

“Cabinet wishes to advise the nation that the Zimbabwean economy is projected to grow by 5.4% in 2022, anchored on growth in the mining, manufacturing and electricity generation sectors, among others,” said Mutsvangwa.

“In the 2022 national budget, the government will prioritise to sustain macroeconomic stability, to create a conducive environment for business investment and to improve the living standards of the majority.” 

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