Finance Minister Mthuli Ncube presents 2025 Mid-Term Budget

This afternoon, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube is currently presenting the 2025 Mid-Term Fiscal Policy Review Statement and the 2026 National Budget Strategy Paper at the New Parliament Building in Mt Hampden.

 

The presentation provides an update on Zimbabwe’s economic performance in the first half of the year and outlines fiscal projections for the remainder of 2025.

 

Key takeaways:

 

From Jan-May, Zimbabwe earned US$6 billion in forex earnings, 30.2% more than the same period in 2024 (US$4.9 billion). This was largely due to higher gold exports, which almost doubled to US$1.4bn.

 

During the same period, imports grew by 5.2% to US$4.03 billion from US$3.83 billion during the same period in 2024.

 

Between Jan-June, Govt spent 35% of the approved 2025 budget. Finance Min. Mthuli Ncube says he will not be granting any extra money, as the remaining 65% is enough.

 

Transport was the biggest spender, and has exceeded its budget for the full year. This is due to road construction, including the Trabablas interchange.

 

In contrast, Health has spent just a quarter of its budget, a possible sign of slow allocations from Treasury.

 

Because of the low prices of lithium and platinum in the last half year, Mthuli now expects the mining sector to grow slower than expected. This is despite signs of recovery in platinum.

 

Mining’s growth is now projected at 2.9% this year, down from a previous expectation of 5.6%. The decline, will however be tempered by expected growth from gold.

Zwnews