10 Things We Loved From The 2018 Budget Presentation By Patrick Chinamasa

5 years agoThu, 07 Dec 2017 15:53:29 GMT
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10 Things We Loved From The 2018 Budget Presentation By Patrick Chinamasa

Here are some of the things that we loved from the budget presentation for 2018 made by Minister of Finance and Economic Planning, Patrick Chinamasa.

  1. Exemption of taxes and levies on fuel imported for approved Power Generation Projects.  Power generation in Zimbabwe really needs to up as the country is importing a lot of power from South Africa’s Eskom Hydro Cabora Bassa (HBC) of Mozambique.
  2. The government will set up toll-free lines to the Office of the President to allow citizens to report corruption.  If implemented well and with the appropriate political will this could help reduce corruption in the country.  But only if implemented correctly.
  3. The government will retire all employees above 65 in order to rationalize the civil service. While this means the end of employment for some, we hope it will reduce the size of the civil service which has been consuming the majority of the country’s revenue.  At one time wages were 94 percent of the total budget.
  4. The government will engage the USA, UK and EU at the highest level of debt clearance and support, as well as international financial institutions like the IMF, World Bank. We hope financial support from outside will hope the ordinary person who has been suffering really badly from the poor economy.
  5. The government will abolish 3 479 youth officers posts. We agree happy about this as it reduces the size of the civil servants and may in the process reduce the number of alleged “ghost workers.”
  6. Indigenisation law will be amended to limit 51:49 local ownership requirement to diamond and platinum mining only. All the other sectors are open to investment from all nationalities.  We hope this will allow investors who were too scared to invest in the country to come and invest in the country’s many sectors
  7. The fuel benefits for government officers are to be reviewed and only one personal vehicle will be allocated to permanent secretaries of ministries.
  8. Delegations for foreign assignments will be reduced and there will be no first class travel for government officials except for the Presidium.
  9. The government has resolved to downsize the number of diplomatic missions from the current 46 embassies.
  10. The local authorities will be required to allocate 70% of revenue to service delivery and 30% to wages.



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