Publications - NANGO

The 2019 Mid-Year Budget Review and Supplementary Budget

“Building a Strong Foundation for Future Prosperity” Speech to the Parliament of Zimbabwe By Hon. Prof. Mthuli Ncube Minister of Finance & Economic Development 1 August 2019 INTRODUCTION 1. Mr Speaker Sir, I rise to present this year’s Mid-Year Budget Review, complying with section 7(2)(a) of the Public Finance Management Act. 2. The Review seeks to update this august House and the nation at large on macroeconomic developments during the first half of the year. On the basis of developments to date, the Review further outlines an updated Macro-Fiscal Framework, which underpins the proposed 2019 Supplementary Budget. 3. To the extent possible, contributions received from various stakeholders in Government, private sector and civic organisations, including critics, are acknowledged and appreciated in the crafting of this Review. Mr Speaker Sir, there is a saying by Michael Bassey Johnson (a writer) that “a bitter critic is the sweetest corrector”. It is, therefore, incumbent upon all of us to be tolerant of different views and freely participate in the reconstruction of this economy. 4. What is important is to remain steadfast in implementing key reforms, hence the theme for this Review: ‘Building a Strong Foundation for Future Prosperity’.

2019_Mid-Term_National_Budget_Speech.pdf

FLASH Appeal 2019 January – June 2019 (Revised following Cyclone Idai, March 2019)

Climatic shocks combined with austerity measures put in place as part of an economic reform process, which have resulted in an increase of basic commodity prices and shortage of essential medicine, have significantly increased humanitarian needs in Zimbabwe during the past year. In early March, an already fragile humanitarian situation was compounded by the impact of Cyclone Idai which tracked through many districts in eastern Zimbabwe. In the province of Manicaland, many lives have been lost and hundreds are still unaccounted for. Thousands of families require emergency shelter and the livelihoods of at least 270,000 people have been affected. Infrastructure damage is very significant. The identified needs represent estimates and most likely will change with further improvements in access with further assessments.

ROSEA_Zimbabwe_FlashAppeal_05042019-Update-with-Cyclone-Idai-1_0.pdf

2019 Mid Year Budget Review and Supplementary Budget Highlights

Budget Theme “Building a Strong Foundation for Future Prosperity” Transitional Stabilisation Programme Implementation Progress • Fiscal and monetary policy successfully shifted to a disciplined and sustainable regime. • The ‘twin-deficit’ was successfully tackled, and 2019 has so far seen consistent fiscal surpluses and a substantial improvement in the current account balance. • The current account, for the first time since 2009, registered a surplus in the first quarter of 2019. • Monthly revenue collections for the first six months amounted to ZWL$5.0 billion, against expenditures of ZWL$4.2 billion. • A cumulative budget surplus of ZWL$803.6 million was therefore realised in the first half of 2019. • Domestic debt declined from ZWL$9.5 to ZWL$8.8 billion - a reduction of 7.4%. • Comprehensive currency reforms are being implemented to restore independent monetary policy and to create further scope for enhanced competitiveness of exports and import substitution. • Month-on-month inflation averaged 12.4% in the first half of 2019 against 6.4% recorded in the last half of 2018. • Given substantial headwinds including damages caused by a major drought and cyclone Idai, the initially projected GDP growth is likely unattainable. • In order to build a track record of sound economic policies, Government has signed off on a Staff Monitored Programme with the International Monetary Fund to run from March 2019 to March 2020.

2019_Mid_Term_National_Budget_Highlights.pdf

Analysis of the 2019 National Budget: A social and Economic Justice Perspective

Introduction The 2019 National Budget was presented against a very tight fiscal space and the launch of the Transitional Stabilisation Programme (October 2018-December 2020), and the broader Vision 2030 which is premised on promoting private sector growth and attainment of middle income status. The budget whose theme is “Austerity for Prosperity” is underpinned by expenditure cutting and revenue enhancing measures through taxation. This budget analysis, therefore, makes an assessment of how the budget will impact the social and economic rights of citizens especially the most vulnerable groups. Both the revenue and expenditure patterns will be reviewed in accordance with the key social and economic sectors with a focus on social protection, health, education and agriculture. The paper presents the key highlights of the 2019 budget, particularly the projected revenues, expenditure and public debt. Deep analysis of the revenue and expenditure measures will be made to assess the implications on social and economic rights with a view to give specific recommendations on how best to enhance revenue collections and ensure transparency and accountability in public finance management. Click the link below for a complete analysis.

ZIMCODDs-2019-National-Budget-Analysis....pdf

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