Finance Minister Ncube reviews Zimbabwe’s economic growth rate downwards

The Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, says the government has used up to 44.2 percent of the approved 2024 National Budget so far.

The Office of the President and Cabinet has already spent 92% of its allocated budget. Others who have used over 50% of their budget include Transport, Finance and Agriculture

He disclosed this as he presents the 2024 Mid-Term Fiscal Policy Review Statement to parliament.

In his presentation, which is currently underway, Ncube said the projected economic growth is now 2 from 3.5 percent predicted earlier on in the year.

This is because the drought was more severe than initially expected. Agriculture will shrink -21% this year.

Apparently, he said between Jan-June 2024, Zimbabwe’s forex earnings were US$6.2 billion, 9.5% up from US$5.6bn in H1 2023.

This is largely driven by export growth and remittances.

The minister also pointed out that the government expects current account to narrow to US$44.5 million in 2024, versus a surplus of US$133.9 million in 2023.

Zwnews