Finance and Economic Development Minister, Mthuli Ncube Thursday unveiled a ZWL$927.3 billion 2022 national budget, which he said fell far short of the submissions made by various stakeholders.
Next year’s budget is more than double the current 2021 fiscal policy statement which was pegged at ZWL$426.1 billion, an indication the local currency is further weakening as inflation keeps increasing.
“The amount, however, falls far short of requests submitted by line Ministries, Departments and Agencies (MDAs) and presented during the 2022 Budget Hearings, which were in excess of ZWL$2.7 trillion.”
He said the economy is projected to grow by 5.5%, next year underpinned by higher output in mining, manufacturing, agriculture, construction, as well as accommodation and food services (tourism) sector.
“The 2022 growth projection is, however, subject to risks relating to the future path of the pandemic and its impact on key sectors of the economy,” said the Finance Minister.
“Mr Speaker Sir, consistent with a growth projection of 5.5% in 2022, total revenue collections are projected at ZWL$850.7 billion (16.8% of GDP). This budget is a people’s budget as it responds to the various issues raised by stakeholders through the consultative process. Key among the issues raised include the need for prioritisation of agriculture financing, infrastructure development, social services delivery, upscaling of social protection programmes including care to people living with disabilities, the need for predictability and consistency of fiscal and monetary policies. I have heeded the call by citizens and made provisions in this
Ministries and departments prioritised in the 2022 national budget include infrastructure (ZWL$156 billion), Ministry of Agriculture which has been allocated ZWL$124 billion and Health and Child Care (ZWL$117.7 billion).
“The proposed vote appropriations prioritise projects and programmes drawn from NDS1 and are supportive of infrastructure investments and public service delivery,” added Ncube.