LIVE UPDATES : ZIMBABWE 2018 NATIONAL BUDGET PRESENTATION

1515: Exports remain the major source of liquidity. Incentives for horticulture

1512: To deal with cash shortages, corruption and indiscipline, create an investor friendly-environment. Exports will be critical to deal with cash shortages. Cash shortages are a symptoms of many challenges facing the economy – need to increase use of plastic/mobile money by enhancing their availability in rural areas, enforce traders acceptance of mobile money

1510: 2018 measures; to restore marketing confidence, policy consistency, credibility and predictability, a new economic order

1507: Revenues have out-performed targets this year. By year end revenue totals are expected to reach $3.9 billion

1506: Appreciable narrowing of trade balances from $2 billion to about $1.5 billion.

1503: Budget is meant to address the low confidence levels, low production, high unemployment rate, foreign currency shortages. Economy is on track to realise the projected 3.7 growth rate for 2017. For 2018 growth is expected to reach 4.5 percent.

1458: President Mnangagwa and Minister Chinamasa have entered the August House.

1436: The Speaker of Parliament, Advocate Jacob Mudenda, has read the Prayer as well as announcing that the Minister of Finance and Economic Planning Patrick Chinamasa will present the Budget at 3pm and suspends business.

1428: President Emmerson Mnangagwa has arrived at Parliament Building and will either proceed to his Office or into the Chamber.

1405: Cabinet ministers have started arriving and these include Major General SB Moyo, Supa Mandiwanzira and Kazembe Kazembe. Members of Parliament have already taken their seats.

1355: We will be giving you live updates from Parliament Building. Please stay with us.

See also  Zimbabwe Activist Makomborero Haruzivishe Granted $20,000 After Spending 9 Months in Jail

1354: Zimbabweans wait with bated breath for Finance Minister Patrick Chinamasa’s 2018 National Budget Statement, which he is expected to present this afternoon; outlining macro-economic and fiscal objectives, targets and other projections, taking into account several underlying macro-economic and fiscal assumptions.

The 2018 Budget is hugely anticipated to provide solid indications on key economic parameters and underlying macro and micro-economic assumptions to drive economic performance, and the anticipated revenue out turns, critical for providing guidance on the expenditure capacity of the Government for the coming year.

more recommended stories