Finance Minister Ncube to present Mid-Term Budget review

Finance Minister Professor Mthuli Ncube will present the Mid-Term Budget review on July 25.

Some of the key priorities include adequate social support amidst the El Nino-induced drought affecting agriculture and food security.

The review will also address resource allocation for social protection, devolution, and infrastructure development amid revised economic growth projections.

Unveiling his 2024 national budget on 30 November, Ncube said it was tailored to consolidate economic stability.

But the budget, characterised by a hike in tariffs of multiple products and services and the introduction of new taxes, has been widely criticised.

The heavy taxes, levies and fees came into effect on 1 January, inflicting more misery on Zimbabweans who are already grappling with high inflation, power shortages, unemployment, and deteriorating healthcare and education.

“The 2024 budget has been increased to nearly $7bn from an average of $5.5bn over the last 5 years,” Respect Gwenzi, a managing director and chief analyst at financial research company Equity Axis, told The Africa Report.

“The growth in spend already tabled is way ahead of the pace of economic growth which results in a wider deficit.”

Zwnews