Dispensary Assistant (Harare)

Account Student for Attachment (Harare)

Senior Loans And Administration Officer

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Welder (Harare)

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Driver (Harare)

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Student Attachees: Retail (Bulawayo)

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Lecturers

Executive Director

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Education, Parenting, and In-School Officers x3

DREAMS Data Collation Clerks x32

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Facility Priority Services (PMTCT/Paeds) Focal Person x50

No Means No Lead Trainers x12

Families Matter Program (FMP) Facilitators x16 (Nkayi)

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Driver: Confucius Institute

The Ministry of Local Government and Public Works has approved ninety-two budgets for 2023 presented by local authorities, with four being rejected for various reasons.
In a statement issued on Tuesday, 10 January, Local Government and Public Works Minister July Moyo said the process of budget analysis and consequently approval was conducted from 3 to 10 January this year.
Budgets that were not approved were for Murewa Rural District Council, Karoi Town Council, Binga RDC and Lupane Town Board.
Moyo said Murewa RDC officials will now have to meet Local Government Permanent Secretary Zvinechimwe Churu, to relook into their budget.
A team has also been sent to Karoi Town Council to assist in the proper crafting and adoption of the budget by the council.
Binga RDC and Lupane Town Board have been asked to explain their budgets, which do not seem “achievable because of the level of tariffs”. Said Moyo:
<blockquote>
All budget tariffs have been captured in both US$ and ZWL to allow councils to track the exchange rate movement in line with S1 185 of 2020 over the whole year. 
Most councils proposed standstill budgets except for a few that have made increases. 
Some of the increases were occasioned by a relook of the council’s revenue sources, which have expanded because of following the Rural District Councils Act, Urban Councils Act, or their by-laws.
</blockquote>
Moyo added that all councils had been directed to produce by-laws by 31 January in order to support their budgets. | <a href="https://www.herald.co.zw/council-budgets-approved/">The Herald</a>

Pindula News

Ninety-two Council Budgets Approved

Oluwabunmi Adejumo a Nigerian graduate of Economics has listed five tips for developing and managing a budget, “even in tough economic times” as the new year approaches.
Adejumo said budgeting is the most effective method to monitor income and expenditure and also offers more opportunities to save money, reduce debts and live a comfortable life. 
It can even improve one’s mental health, added Adejumo. We present below the list of tips that was first published by The Conversation.
<h2>1. Understand the broader economic conditions</h2>
Adejumo says it is imperative to understand and be updated on the realities of their country’s economic landscape. Added Adejumo:
<blockquote>
You don’t have to be a professional economist, but keep an eye on new developments like free business registration, small business development funds and printing of new money notes. What is the current exchange rate? What’s the political landscape and what international factors, like the price of crude oil, are at play? You should also watch the inflation rate and have a sense of unemployment trends. This economic awareness will prepare you to draft your own budget and you’ll have a sense of when external factors mean it’s time to revisit your plans.
</blockquote>
<h2>2. Review your income sources</h2>
<blockquote>
Some important questions you should ask about your income – and how you might budget with it – include:
• What is my current income?
• What do I use my income for?
• Am I able to save, given my current income?
• What proportion of my income do I save and what proportion do I spend?
• Do I have the capacity to earn more than this?
• How can I improve my income?
Your answers can help you to identify gaps or untapped potential. Those with irregular or unpredictable income should factor in the element of time gap in their income, for effective budgeting. A time gap is when they are not earning income. Make allowance in their budgets for uncertainties like health issues, social engagements, inflation, unemployment, recession and price shocks.
</blockquote>
<h2>3. Appraise your expenses</h2>
<blockquote>
There are fixed expenses which recur within a short period: housing, food, transport, medical costs, electricity, utilities, toiletries and clothing. Variable expenses are more long-term and irregular, such as investment in property or interest-yielding assets, and the purchase of machinery. In reviewing our expenses, we can consider issues such as:
• What is the proportion of consumption-savings ratio from my income? This is how much do I spend compared to how much I save.
• What are my regular expenses?
• What are my fixed, capital or investment expenses?
• What are my extraordinary expenses that need modification?
• Have there been an emergency or extraordinary expenses?
Answers to the questions can lead to an optimal, efficient reallocation of available resources.
</blockquote>
<h2>4. Stabilise your finances through savings</h2>
<blockquote>
Savings have been described as a financial stabiliser, given their potential to cater for urgent needs and create opportunities for investments.
Of course, savings have more value when they grow faster than the rate of inflation. Inflation erodes the value of savings. Therefore, it is advisable to improve the value of savings through investments in interest-yielding assets such as stocks, shares, bonds, microfinance and production.
That’s not to say it’s always easy to save. Many income earners spend as they go, not seeing savings as part of their budgets. Harsh economic realities can also make it difficult – sometimes seemingly impossible – to save. But it’s not impossible: savings can be made in small amounts, through a daily, weekly or monthly contribution to collections, cooperative schemes or microfinance affiliations. 
</blockquote>
<h2>5. Run a flexible budget</h2>
<blockquote>
Once your budget is created, remember that it’s not set in stone. It should be flexible if anything changes in your life. For instance, an amount saved to buy a car can be invested in a promising venture buying shares through public offerings or private placements in multinational organisations. Also, health emergencies or career advancement programmes can require taking some money out of our savings.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Five Tips For Developing And Managing A Budget

The Zimbabwe Republic Police (ZRP) says the ZWL$1.5 billion allocated to the force for the procurement of equipment in the 2023 national budget is not enough considering that the country is headed for general elections next year.
Elliot Ngirande, the ZRP deputy commissioner general, said Treasury allocated ZWL$1.5 billion for the procurement of ammunition, which was far much less than the ZWL$6.8 billion requested by the ZRP.
He made the remarks on Tuesday while addressing the Parliamentary Portfolio Committee on Defence and Home Affairs on the 2023 national budget presented last week by Finance Minister Mthuli Ncube. Said Ngirande:
<blockquote>
Given the impending general elections in the year 2023, the organisation has to adequately prepare for the usual public disorder situations.
… the police service is a critical stakeholder (in the 2023 elections), the proposed budget seeks to ensure that police operations are enhanced in order to achieve a peaceful environment conducive to the conduct of free and fair elections.
The pre-election period is normally associated with a hive of political activity as contesting parties scramble to mobilise support.
Police deployments are anticipated to increase in order to adequately police political gatherings.
This budget item caters for the acquisition of replacement firearms and replenishment of ammunition to adequately equip all Policeestablishments.
Arms and ammunition are a critical component in police duties which include VIP and VVIP guards and escorts, counter insurgents, hostage rescue, and escorts of precious minerals and other valuables, tracking and escorting dangerous and armed criminals, as well as protection of vital installations.
</blockquote>
He also revealed that ZESA has switched off electricity supplies to some police stations which are now made to operate in darkness. | <a href="https://www.newzimbabwe.com/zrp-chief-blasts-budget-allocation-says-not-enough-for-ammunition-to-deal-with-usual-public-disorder-around-elections/">NewZimbabwe.com</a>

Budget Allocation Is Not Enough - ZRP

Local commentators on health matters say the the$473.8 billion budget allocation towards the provision of health care services announced by Finance and Economic Development Minister Mthuli Ncube is not enough to cater to the sector’s needs.
Ncube announced a $4.5 trillion budget on Thursday, with the health allocation constituting 11% of the total budget.
Community Working Group on Health executive director Itai Rusike said:
<blockquote>
The health budget remains grossly inadequate to fund the critical needs in the health sector.
The current health financing model remains unsustainable as it heavily relies on external financing as well as out-of-pocket spending.
In spite of the huge external support from development partners, there is still a huge financing gap in the health sector in the country which calls for greater innovation and commitment by the government to sustainably address it.
</blockquote>
Dental Private Practitioners Association of Zimbabwe president Johannes Marisa said:
<blockquote>
The health sector budget is an improvement from last year but of course when you are benchmarking with the Abuja Declaration you still realise that it falls short of the stipulated 15%.
We hope the budget is going to address the mass brain drain that is underway in Zimbabwe where we are losing experienced and skilled workers to greener pastures.
</blockquote>
In his 2023 national budget presentation, Ncube acknowledged that the amount allocated to health was well below the 15% stipulated by the Abuja Declaration. Said Ncube:
<blockquote>
In 2023, the budget has set aside 11% of total expenditures towards the health sector notwithstanding financial constraints, Government is committed to the provision of quality health services, as evidenced by the ongoing construction and rehabilitation of health facilities.
In 2023, the budget has set aside 11% of total expenditures towards the health sector and the objective is to eventually meet the Abuja Declaration of 15%.
This is necessary to attain Vision 2030 of becoming an upper middle-income economy.
In 2023, the sector is projected to receive US$212,9 million from development partners towards the same areas.
</blockquote>
| <a href="https://www.newsday.co.zw/health/article/200004115/health-budget-insufficient">NewsDay</a>

"Health Budget Inadequate"

Finance and Economic Development Minister Mthuli Ncube has pledged to fund the recruitment of 7 000 teachers in 2023.
The majority of the teachers will be for Early Child Development (ECD), Grade One and Two classes.
In his 2023 national budget presentation in Parliament on Thursday, Ncube said in addition to the recruitment of 7 000 teachers, incentives will be offered to educators to retain their skills. He said:
<blockquote>
There is a growing demand for teachers to ensure the delivery of quality education, especially at the infant level.
In 2023, the budget has, therefore, made a provision for the recruitment of an additional 7 000 teachers.
Furthermore, support will be extended to teacher training, with relevant skills for deployment in marginalised areas.
This will be complemented by incentives to attract and retain such skills.
</blockquote>
In June, Primary and Secondary Education Minister Evelyn Ndlovu said the country had a shortfall of 25 000 teachers.
She also said the country has an establishment of 136 000 teachers.

Govt Says It Will Recruit 7 000 Teachers In 2023

Treasury boss Mthuli Ncube on Thursday tabled a ZWL$4.5 trillion 2023 budget against ZWL$8.7 bids from ministries and government departments.
Addressing parliamentarians at the new Parliament building in Mt Hampden, near Harare, Ncube said ministries knew the budget funding ceiling but chose to ignore it.
He urged ministries to not only adhere to the Budget Strategy Paper and Budget Call Circular but to also prioritise their programmes. He said:
<blockquote>
During the budget formulation processes, line Ministries submitted total bids of over ZWL$8.7 trillion, more than double the available envelope, presenting an allocation challenge.
This notwithstanding, a Budget Strategy Paper and Budget Call Circular with indicative ceilings for each MDA and an overall indicative available revenue collection of ZWL$3.4 trillion.
Going forward, line Ministries are required to adhere to BSP and Budget Call Circulars ceilings when formulating expenditure proposals.
This requires line Ministries to rigorously prioritise their projects and programmes.
</blockquote>
Ncube said the bulk of the funds in the 2023 budget has been allocated to ministries and independent Commissions. He said:
<blockquote>
With regards to 2023 Budget Vote allocations, line Ministries and Independent Commissions have been allocated a total of ZWL$3.7 trillion, whilst Constitutional and Statutory Appropriation have been allocated ZWL$532.6 billion and loan repayments ZWL$248.6 billion bringing the total Budget to ZWL$4.5 trillion.
</blockquote>
Ncube allocated only 18.5% of the budget to the educator sector which is lower than the 20% stipulated in the Dakar Declaration on Education. | <a href="https://openparly.com/zw4-5-trillion-budget-mthuli-ncube-castigates-ministries-for-wanting-more/?">OpenParly</a>

2023 National Budget: Mthuli Ncube Criticises Ministries For Wanting More

Finance and Economic Development Minister Mthuli has proposed to raise value-added tax (VAT) from the current 14.5 percent to 15 percent with effect from 1 January 2023.
Presenting his ZWL$4.2 trillion (about US$6.5 billion) budget on Thursday, at the new Parliament building in Mt Hampden, near Harare, Ncube said on average, SADC countries charge 16 percent VAT. He said:
<blockquote>
Zimbabwe charges a comparatively lower rate of 14.5 percent. The VAT rate was reduced from 15 percent with effect from January 1, 2020, in order to support households during the peak period of the COVID-19 pandemic… I propose to reinstate the VAT rate to the previous rate of 15 percent with effect from January 1, 2023.
</blockquote>
Consumers pay VAT when they buy food, and pay for water, electricity, and other services.
Ncube also removed the suspension of duty on basic food items such as rice, maize meal, bath soap, cooking oil and maize meal amongst others. He said:
<blockquote>
The suspension of duty, which expired on November 16, 2022, will not be extended.
The government will, however, monitor prices of basic commodities with a view to ensuring responsible pricing and affordability, failure of which the suspension will be reinstated.
</blockquote>
Ncube, however, said he was reducing the Intermediate Money Transfer Tax (IMTT) on domestic foreign currency transfers from 4 percent to 2 percent.
Meanwhile, former Finance Minister Tendai Biti described the restoration of duties on basic commodities particularly while approaching a festive season as “equally sadistic and bankrupt.” | <a href="https://www.zimlive.com/2022/11/ncube-raises-vat-restores-duty-on-basics-in-sadistic-and-bankrupt-2023-budget/">ZimLive</a>

Ncube Raises VAT, Restores Duty On Basic Food Items

CCC vice president, Tendai Biti, has said Finance and Economic Development Minister Mthuli should have dollarised the economy, instead of announcing a Zimbabwe dollar-indexed 2023 national budget.
On Thursday, Ncube proposed a ZWL$4.5 trillion budget, which Biti, a former Finance Minister, said ought to have been indexed in US dollars. He said:
<blockquote>
A very cruel budget when you consider the increase in VAT to 15%, but I think the fundamental problem is that with inflation of 268% and the fact that most government revenues are now pegged in US dollars, this budget to be meaningful, ought to have been indexed in US dollars.
In our view, he should simply have announced a US$4 billion budget. If you look at the figures, it is a $4.2 trillion budget, which translates to US$4 billion at an exchange rate of the used USD1 to ZW$100.
The failure to pay civil servants in US dollars is a complete disaster. He has reduced the rate of IMET tax from 4% on US dollars to 2%.
He just needed to scrap the intermediate money transfer altogether, but as you can see, it is an anti-people budget.
</blockquote>
Biti said the budget is anti-people and is premised on wrong and faulty assumptions. He said:
<blockquote>
We find it a very anti-people budget premised on very faulty assumptions that the country will have a good rainfall season and solid international commodity prices; his (Ncube’s) assumption is that we will have power (electricity) next year, which is all wrong assumptions and faulty.
We already know the challenges of power (electricity), the global challenge that almost all economies are in shrinkage. It’s a pipe dream.
In simple terms, this should have been a budget in USDs, he should have dollarised the budget, and he should have floated ZW$. Ncube should have reduced the interest rate from 200% to 20%.
</blockquote>
Biti argued that Ncube should have removed export surrender requirements and the foreign currency auction system.
He also warned the VAT increase will cause price increases as the tax component is unprogressive and affects both the rich and poor. | <a href="https://www.newzimbabwe.com/2023-budget-cruel-and-anti-people-says-biti-dismisses-fiscal-plan-as-power-retention-project-as-aimed-at-helping-zanu-pf-in-next-years-elections/">NewZimbabwe.com</a>

Biti Says 2023 National Budget Is Anti-people

Finance and Economic Development Minister Mthuli Ncube has predicted that inflation will drop to less than 100% next year following measures that have been put in place by the government to stabilise the economy.
The country’s annual consumer price inflation climbed further to 285% in August of 2022, from 256.9% in the prior month.
Addressing journalists on Monday in Harare, Ncube also said Zimbabwe’s gross domestic product (GDP) will grow by 5.5%. He said:
<blockquote>
Next year we will have removed the froth in the economy. We expect growth to edge up again towards 5.5%. Year-on-year inflation next year will drop to less than 100%.
We can give you specific figures as we move towards year-end because we keep fine-tuning them.
In fact, when I present the 2023 budget in November I should be able to say something about our targeted inflation for 2023 in full.
</blockquote>
He said economic growth will be driven by the mining and agricultural sectors.
Ncube said the government will continue to pay suppliers that meet the value for money criteria adding that in the last six weeks, the government paid $184 billion to the suppliers. He said:
<blockquote>
These payments have been made to various players in the market, so it is not a fact that the government is not paying for goods and services.
As we move to implement the value-for-money process, we are committed to honouring all our obligations provided that they are priced correctly in the public interest, and such payments will not adversely impact the exchange rate and cause inflation.
</blockquote>
Ncube said corruption had resulted in the rapid erosion of budgeted resources, which made it necessary to come up with a supplementary budget presented in July this year. | <a href="https://www.newsday.co.zw/local-news/article/200000751/inflation-to-fall-to-less-than-100-next-year-ncube">NewsDay</a>

Inflation To Drop To Less Than 100% In 2023 Says Mthuli

Former Finance Minister Tendai Biti said that Zimbabwe’s economy is now off the rails following the announcement of the ZW$929.3 billion supplementary budget recently.
Biti, who is the Harare East legislator (CCC), made the remarks in Parliament last week while MPs debated a Committee report on the supplementary budget presented to the House by Finance Minister Mthuli Ncube at the end of last month. Said Biti:
<blockquote>
We have been there before, in 2006, 2007 and 2008, once you begin to budget in trillions, you must know you have lost it. You must know that you have now become an innocent bystander to the economy.
You must know that you are no longer in charge of the economy. Unfortunately, that is the predicament that my good friend, the Minister of Finance finds himself in.
A supplementary budget is an increase, of 10%; 15% – you can call it a supplementary budget.
… but when you have a 100% increase on the original budget, it cannot be a supplementary budget.
This is a brand new budget; a budget that is now raising expenditure by 100% to $1.9 trillion.
</blockquote>
Ncube presented a supplementary budget of ZW$929.3 billion on top of the initial 2022 approved budget of ZW$968.3 billion. This increased the proposed 2022 budget to ZW$1.9 trillion.
Biti, who is CCC parliamentary spokesman on the economy, said Ncube’s budget presentations have become meaningless. He said:
<blockquote>
The concern is that the underlying assumptions made by the Minister were so far off the mark that hardly more than six months later, he has had to come to this august House to ask for a 100% increase in his budget.
So we question the legitimacy and credibility of all the processes that we are doing. It is a waste of time that we are asked to sit here when the Minister is going to go and be off target by 100%.
</blockquote>
More: <a href="https://www.newzimbabwe.com/once-you-begin-to-budget-in-trillions-you-must-know-you-have-lost-it-says-biti-as-he-shreds-mthulis-supplementary-budget/">NewZimbabwe.com</a>

Biti Trashes Mthuli Ncube's $929.3 Billion Supplementary Budget

The government spent higher amounts funding operations of the Defence and War Veterans ministry during the first half of the year, compared to expenditures committed to crucial sectors, such as health care, data released by the Ministry of Finance has revealed.
Finance and Economic Development Minister Mthuli Ncube’s Mid-Term Budget Review presented on Thursday showed that the amount of money channelled towards defence was higher than the funds that were deployed to fighting the coronavirus.
The data showed that the Defence and War Veterans Ministry had already expended ZW$14,5 billion (US$169,4 million) during the first half of the year, which represents 61% of its annual vote totalling ZW$23,8 billion (US$278 million).
In contrast, the Ministry of Health and Child Care spent ZW$9,4 billion (US$109,8 million) during the same period, out of the ZW$54 billion (US$630,8 million) 2021 budget allocation.
Further, the Defence and War Veterans Ministry expenditure was way above the national average of expenditures.
The Office of the President and Cabinet, whose annual budget is ZW$14,2 billion (US$165,8 million), had utilised ZW$8 billion (US$93,4 million) during the first half of the year.
This is just ZW$4 billion (US$46,7 million) below the ZW$9,4 billion (US$109,8 million) spent on health and child care during the same period.
<h4>More: <a href="https://www.theindependent.co.zw/2021/07/30/govt-pampers-army-war-veterans/">The Independent</a></h4>

Govt Pampers Army, War Veterans

<ul>
<li>Agriculture
Growth of the agriculture sector in 2021 has been revised upwards on account of higher-than-expected performance of almost all crops particularly maize, groundnuts, and sorghum. The sector is, therefore, estimated to grow by 34%, up from the original Budget projection of 11%. The positive performance is on account of a good 2020/21 rainfall season, supported by adequate planning and preparation. The Meteorology Department records indicate that the country largely received normal to above normal rainfall during the past season, with even distribution in space and time. Crop and Livestock Assessment Report indicates an overall 23% increase in area planted for crops to 3.5 million ha in the 2020/2021 season.</li>
<li>Maize
Maize output for the 2020/21 cropping season is estimated at a record 2.7 million tonnes, about 193.1% up from 0.9 million tonnes produced in the 2019/20 season. The maize output will be complemented by increases in the output of other grains, which include sorghum, pear millet and finger millet. This level of output surpasses the national cereal requirement of an estimated 1.8 million tonnes and 450 000 tonnes for human and livestock consumption, respectively. Government has designated the GMB as the sole buyer of grain. Out of the grain stock produced, it is anticipated that 1.9 million tons of grain, valued at ZWL$67.7 billion, will be delivered to GMB by farmers country wide. Government has put in place mechanisms for paying for the deliveries, mainly from proceeds from sale of grain, AMA Bills Facility and fiscal revenues. As at 26 July 2021, grain deliveries by farmers to GMB depots stood at 637 000 tons valued at ZWL$20.9 billion, of which 567 000 tons was for maize, 58 000 tons traditional grains, 11 000 tons soya beans and 661 tons wheat. Payments against these grain receipts stood at ZWL$13.3 billion, leaving a balance of ZWL$7.6 billion which is currently being processed.</li>
<li>Tobacco
The area under tobacco increased by 6.1% from 117 976 hectares cultivated in the 2019/20 season to 125 176 hectares in the 2020/21 season with 84 000 hectares under irrigation, while the rest was under dry land. The bulk of the crop was in the traditional tobacco growing areas of Mashonaland and Manicaland Provinces. From the increased hectarage, tobacco output is projected to increase by 8% to 195 million kilograms in 2021 compared to 184 million kilograms recorded in the 2019/20 season. The anticipated improvement is partly attributed to the good rains received during the season and increased financing by contractors who provided sufficient inputs during the season.</li>
<li>Cotton
Benefitting from timeous distribution of inputs and better rainfall, area planted for cotton increased by 37.5% to 239 619 hectares in the 2020/21 season, from 174 212 hectares, as farmers responded well to the Government incentive aimed at resuscitating the cotton to clothing value chain. Resultantly, initial estimates put cotton output to at least 140 000 tonnes during the 2020/21 season, a 39% increase from 101 000 tonnes produced in the 2019/20 season. The crop output benefited from continued support from the Cotton Company of Zimbabwe (COTTCO) administered Presidential Cotton Free Inputs Scheme, complemented by private players who also supported cotton farmers through contract farming.</li>
<li>Sugarcane
The above-normal rainfall season has significantly enhanced water security for the sugar cane industry. Tugwi-Mukosi Dam spilled for the first time since its commissioning in May 2017, while Lake Mutirikwi reached over 60% of its capacity. This water resource is adequate to cater for 75% of the sugar industry’s irrigated cane area for at least three seasons. Sugarcane production is, therefore, projected at 4.35 million tonnes, which is 1.8% increase from 4.27 million obtained in the 2019/2020 season. Sugar production for the year is projected to increase on the back of expected improvements in yields, cane quality and milling efficiencies.</li>
<li>Wheat
In 2021, winter wheat output is projected at 280 000 tonnes, 32% up from the 212 000 tonnes produced in 2020 on account of the 66 000 hectares of winter wheat planted during the winter season. Wheat yield is also expected to be enhanced from timeous provision of inputs. Projected higher output is on account of: Adequate water availability, with average dam levels reported at 95.9% of capacity by May 2021; Availability of chemicals and fertiliser on the market; and Expected stability of electricity supply.</li>
<li>Mining
Government recognises the importance of capacitating the Ministry of Mines and Mining Development in order for the country to derive value from its minerals. Therefore, the 2021 National Budget allocated ZWL$1.4 billion towards the operations of the Ministry. A total of ZWL$561 million (40%) has so far been disbursed, with the following selected milestones having been achieved.</li>
<li>Harare-Masvingo-Beitbridge Road
To date, a total of 180.45 km have been completed and opened to traffic. This is, however, below the targeted 200kms anticipated to have been completed by December 2020. Work stoppages arising from COVID-19 imposed lockdowns as well as disruptions caused by the heavy rains affected project implementation. The target to deliver 200kms during 2021 remains on course with funding modalities having been put in place to ensure smooth implementation of the project.</li>
<li>Gross Domestic Product (GDP)
GDP growth for the year 2021 is projected to remain strong at 7.8%, slightly above the 2021 National Budget growth target of 7.4%. The strong rebound of the economy is anchored on better 2020/21 rainfall season, higher international mineral commodity prices, stable macroeconomic environment and managed COVID-19 pandemic. 28. Higher growth rates are projected in agriculture, electricity generation, manufacturing as well as financial services.</li>
<li>CAPITAL DEVELOPMENT BUDGET
Capital spending as at 30 June 2021 amounted to ZWL$67.4 billion, against a target of ZWL$58 billion.
Major expenditures were incurred towards:
Infrastructure development projects, ZWL$21.2 billion;
Equity and investment shares, ZWL$21.6 billion; and
Grain procurement ZWL$13.5 billion.</li>
<li>Debt Servicing
Government has been making debt service payments on active portfolios so as to unlock new financing and trigger disbursements to ongoing projects. During the first quarter of 2021, debt service payments amounting to US$17.04 million were made towards token payments (US$1.6 million), other multilateral creditors (US$ 4.11 million) and bilateral Non-Paris Club (US$11.33 million).
</li>
<li>From January to June: Revenue – ZWL$198.2 billion, attributed to taxes and non-tax revenue. Expenditure – ZWL$197 billion Surplus – ZWL$570 million</li>
<li>As at 26/7/21, Grain deliveries to the GMB stood at 636 000 tonnes, valued at $20.9 billion</li>
<li>Capital spending amounted to $67 billion against a budgeted $58 billion.</li>
<li>Cumulative revenue collection 198.2 Zim dollars against a target of 182.1 million, giving a positive variance of 8.8 percent.</li>
<li>Spending within budget has improved public finances.</li>
<li>Food imports will be lower following an excellent 2020 agricultural season.</li>
<li>Current account balance for 2021 is projected to remain in a surplus position of 611.6 million compared to 1.1 billion recorded in 2020.</li>
<li>The banking sector is safe and sound, even under the impact of the covid-19 pandemic.</li>
<li>Inflation projected to drop to between 22 and 35% by December 2021</li>
<li>GDP growth projected at 7% for 2022</li>
</ul>
<h4>More: <a href="https://www.newsday.co.zw/2021/07/mid-term-budget-review-statement/">NewsDay</a></h4>

2021 Mid-Term Budget Review Statement

Finance and Economic Development Minister Mthuli Ncube on Thursday delivered his mid-term budget review statement, making no major policy decisions and saying he may not need additional funding for his 2021 budget.
He made no major announcements on taxation, the currency, or any measures likely to shake tables immediately.
Here is a summary of some of the main takeaways from Ncube’s statement:
Economic Growth
Ncube revised his initial prediction of 7.4% growth for 2021 to 7.8%. His predictions are far higher than the IMF’s projection of 6% and the World Bank’s 3.9% forecast.
He also said agriculture will this year grow faster than expected. It will grow by 34%, higher than the initially predicted 11%. He bases this on output from key farm segments, such as maize production.
Ncube sees year-on-year inflation slowing down to between 22% and 35% by December 2021.
Vaccine procurement
Ncube said COVID-19 vaccines that have been bought so far have been purchased “utilising the savings from last year, in the main.”
However, for Zimbabwe to achieve the target of 60% of the population, the vaccination campaign will require “mobilisation of additional resources for the procurement of more vaccines, over and above the US$100m resource envelope.”
No extra budget is needed, for now
Ncube has stayed away from asking for more money from Parliament. Unless there is a major shock, he says, there will be no need for a supplementary budget this year.
So far this year, the Government has managed to live within its means. The government raised an estimated Z$198.2 billion in revenues between January and June and spent Z$197.6 billion.
Diaspora’s support for the economy keeps growing
During the first six months of the year, Zimbabweans living abroad sent home a total of US$746.9 million. Over the same time last year, they sent US$288.7 million. Remittances are projected to reach US$1.3 billion by year-end, Ncube said.
The contribution of Diaspora remittances to the economy is growing.
Sold: Gold refinery
Ncube said ten gold miners have agreed to buy the 60% of Fidelity Printers and Refineries, the company that refines and exports gold, for US$49 million.
This will be the first time that the refinery will be in private hands since it was established in 1988.
<h4>More: <a href="https://newzwire.live/highlights-key-takeaways-from-mthulis-play-it-safe-budget-review/">newZWire</a></h4>

Key Takeaways From Mthuli Ncube's Midterm Budget Review Statement

The Permanent Secretary in the Ministry of Finance and Economic Development George Guvamatanga said that the budget surpluses which they have been reporting since last year are being channelled towards infrastructural development.
Watch the video below:
<div class="jetpack-video-wrapper"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="360" loading="lazy" src="https://www.youtube.com/embed/W6hWv6QEG0o?feature=oembed" title="Zimbabwe's Budget Surplus: Where is the money going? Perm Sec finance explains" width="640"></iframe></div>

WATCH: Finance Secretary Explains What Happened To Budget Surpluses

Finance and Economic Development Minister Mthuli Ncube presented the mid-term budget review this Thursday.
One of the major highlights of the review was that there will not be a supplementary budget as Ministries have spent only 46 per cent of their budgetary allocations.
Here are some of the highlights from the 2020 mid-term budget review:
<ul>
<li>Zimbabwe’s manufacturing sector will contract by 10.8% in 2020, against the initial projection of -1.9%.</li>
<li>The overall economy is forecasted to contract by 4.5% in 2020 and recover by 7.4% in 2021.</li>
<li>As at 31st May 2020, total foreign currency inflows amounted US$2.35 billion, against foreign payments amounting to US$1.55 billion.</li>
<li>Remittances are projected to slightly decline by 4.9% to US$877 million in 2020, from US$921.7 million in 2019, as major source economies, such as South Africa, UK, and the US go into recession this year.</li>
<li>Foreign Direct Investment (FDI) is forecast to fall by 40% to US$150.4m this year from the US$249.5m recorded in 2019. In the first half, FDI inflows were just US$71.2 million compared to US$111.6 million recorded during the same period in 2019.</li>
<li>The tax-free threshold to be reviewed from ZWL$2 000 to ZWL$ 5 000 per month.</li>
<li>The tax bands to be adjusted to begin at ZWL$5 001 and end at ZWL$ 100 000, above which the Highest Marginal Tax rate of 40% will apply, with effect from 1 August 2020.</li>
<li>Health workers will not pay tax on their COVID-19 Risk Allowances for a period of 12 months, starting from 1 April 2020.</li>
<li>Companies that make COVID-19 donations now get tax deductions of the equivalent of US$100K.</li>
<li>For the period January to June 2020, a budget surplus of around ZWL$800 million has been realised. This takes account of the outstanding payment.</li>
<li>The banking sector remained adequately capitalised, with aggregate core capital of ZWL$10.74 billion, as at 31 March 2020.</li>
<li>The government has embarked on the formulation of the National Development Strategy (NDS): 2021-2025, which is the first of two medium-term development plans guiding the country’s development trajectory towards Vision 2030.</li>
</ul>

Highlights From The Mid-term Budget Review

Bulawayo City Council (BCC) town clerk, Christopher Dube said that the city is on the edge of a precipice financially.
Dube revealed that BCC is seeking to increase its budget by over 100 per cent.
Presenting 2019 proposed supplementary budget to the city’s business community during a consultative meeting at the council chambers, Dube said:
<blockquote>Projects which council had budgeted for might not be undertaken owing to the price escalations.
This has forced us to propose an upward review of the 2019 budget from RTGS$212 million to RTGS$475 million.
It’s therefore against this background that the city council is carrying out consultative meetings to ensure the input of residents is included in the final decision.
Recent developments in the country’s economy such as high inflation, currency rates and distortions have necessitated council to come up with a supplementary budget.
The 2019 budget which was submitted in 2018 to the Ministry of Local Government, Public Works and National Housing for approval has already been eroded by inflation.
We’re in a difficult situation and we have to work together so that we don’t forgo our capital projects and let the council go down under. We want to survive as the city council that’s why we’re asking for a little more.</blockquote>
BCC finance director Kimpton Ndimande said that there is a need for the council to increase rates, rentals and fees in order to 
keep things working.
Businesses, however, feel that the council should create other avenues for revenues rather than relying solely on rates.
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<h4>More: <a href="https://www.chronicle.co.zw/rates-hike-critical-to-avoid-suspending-services-%E2%88%92-bcc/">Chronicle</a></h4>

Bulawayo City Council Proposes To Increase Budget By Over 100%

Harare City Council will present its budget live on television on Monday next week.
Harare Mayor Herbert Gomba said the city was going to present a programme-based budget where money would be distributed according to specific programmes. Said Gomba:
<blockquote>We want to be able to proceed and finish road reconstruction and resealing that we started. Therefore, some money will be set aside for that. The budget will also look at expanding council schools. We want to be able to construct one in Kuwadzana and another one in Harare South. The budget will also look at constructing one or two more clinics. As you know, we are constructing one in Glen Norah. We are also looking at extending libraries. The budget will also look at water purification.</blockquote>
Harare Residents Trust director Mr Precious Shumba urged council to reduce rates by 30 percent across the board.
More: <a href="https://www.herald.co.zw/budget-to-be-beamed-live/">Herald</a>

Harare City Council To Be Presented Live

Combined Harare Residents’ Association (CHRA) has rejected Harare City Council’s proposed $269,3 million budget arguing that there were no proper consultations and that it is not sustainable.
Speaking to NewsDay in an interview
CHRA director, Mfundo Mlilo said:
<blockquote>We are rejecting the budget on two issues which are the process and substantive issues. On process, we are saying it didn’t cover the length and breadth in terms of consultation to capture the concerns of residents and we haven’t received the consultation report that says this is what the residents of Harare want. Without that report, it is really difficult to support it. Secondly, there are no substantial issues contained in the budget. For example, there is a proposal to increase the budget by 150%. Effectively, the cost of water is going to be high. There are many other areas that do not answer to what residents need.</blockquote>
More: <a href="https://www.newsday.co.zw/2017/11/reject-harare-budget-residents/">NewsDay</a>

Harare residents reject Council budget

The government’s command agriculture program will increase the country’s budget deficit by nearly $120 million. This is due to the fact that the government will actually be losing money in buying the command agriculture maize.
The government, through the Grain Marketing Board (GMB), will be paying farmers $390 a tonne for the maize. Tafadzwa Musarara, chairman of the Grain Millers Association of Zimbabwe, told Reuters that his association had agreed to buy 800 000 tonnes of maize from the government for $194 million. This means that they will be buying each tonne of maize at $242.50 per tonne. At this price, the government will be losing $147.50 for every tonne of maize that it buys from the farmers and sells to the millers.
The 800 000 tonnes will cost the government $312 million to buy and when they sell it for $194 million to the millers there will be a deficit of $118 million which will be added to the national budget, which already has a deficit.
More: <a href="https://uk.reuters.com/article/uk-zimbabwe-economy-agriculture-exclusiv-idUKKBN19S20Z">Reuters</a>

Govt buying Command Agriculture maize at $390/tonne only to sell it for $242.50/tonne

In the 9 months between January and  September this year, Treasury exceeded the expenditure budget for the whole year by $410 million.  Treasury has attributed this to debt servicing and grain imports due to the drought. Minister of Finance <a href="http://www.pindula.co.zw/Patrick_Chinamasa" target="_blank">Patrick Chinamsa</a> said the situation was undesirable and added that:
<blockquote>The high recurrent expenditures inclusive of employment costs renders the country highly consumptive and hence anti-developmental.
Cumulative expenditure to September amounted to $3,48 billion against a target of $2,99 billion.  Major expenditure drivers were employment costs, grain procurement and debt servicing</blockquote>
 
More: <a href="http://www.herald.co.zw/treasury-overshoots-expenditure-budget/" target="_blank">Herald</a>

Treasury exceeds expenditure budget for 2016 by $410 million in 9 months

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