Min­is­ter to present 2017 na­tional bud­get next month

Chronicle (Zimbabwe) - - Business Chronicle - Business Re­porter

FI­NANCE and Eco­nomic De­vel­op­ment Min­is­ter Pa­trick Chi­na­masa is ex­pected to present the 2017 na­tional bud­get early next month.

The min­istry’s per­ma­nent sec­re­tary Mr Wil­lard Ma­nungo said the process of in­ter­ro­gat­ing the sub­mis­sions from dif­fer­ent stake­hold­ers would be com­plete by 23 Novem­ber 2016.

Min­is­ters and Par­lia­men­tar­i­ans con­cluded a three-day pre-bud­get con­sul­ta­tion meet­ing in Bulawayo at the weekend.

“At the mo­ment we are in­ter­ro­gat­ing the sub­mis­sions from var­i­ous Gov­ern­ment de­part­ments and min­istries min­istries, which process would end on the 23rd of Novem­ber. We are look­ing for­ward to have the bud­get pre­sented ei­ther at the end of the month or early De­cem­ber,” he said.

Mr Ma­nungo said the Par­lia­men­tary pre-bud­get sem­i­nar was aimed at grow­ing the econ­omy through en­hanc­ing mea­sures to grow rev­enue gen­er­a­tion.

He said the Gov­ern­ment, in the up­com­ing na­tional bud­get, would also fo­cus on grow­ing rev­enue gen­er­a­tion through Di­as­pora re­mit­tances.

Re­serve Bank of Zim­babwe Gov­er­nor Dr John Man­gudya ac­knowl­edged in the 2016 mid-term pol­icy state­ment review that Di­as­pora re­mit­tances were on a down­ward trend.

“The Gov­er­nor has ac­knowl­edged Di­as­pora re­mit­tances as a ma­jor source of rev­enue and in­di­cated that as Gov­ern­ment we should be as fa­cil­i­ta­tive as pos­si­ble to im­prove rev­enue com­ing through Di­as­pora re­mit­tances as the fig­ures were now lower than be­fore,” he said.

The re­duc­tion in Di­as­pora re­mit­tances has been at­trib­uted to rapid cur­rency de­pre­ci­a­tion in source mar­kets against the United States dol­lar. In the first half of the year, Di­as­pora re­mit­tances de­clined by 13 per­cent to $397,3 mil­lion com­pared to $457,9 mil­lion re­ceived dur­ing the cor­re­spond­ing pe­riod in 2015. Di­as­pora re­mit­tances are a ma­jor source of liq­uid­ity in the coun­try after ex­ports. As part of ef­forts to im­prove rev­enue in­flows from the Di­as­pora com­mu­nity, RBZ has also in­tro­duced an in­cen­tive scheme at a level of be­tween 2,5 per­cent and five per­cent for re­mit­tances com­ing through the for­mal sys­tem.

Last year, the Gov­ern­ment li­censed 34 money trans­fer agen­cies to en­cour­age Di­as­pora re­mit­tances to come through the for­mal sys­tem.

Since the lib­er­al­i­sa­tion in Fe­bru­ary 2009, the econ­omy has been faced with a liq­uid­ity crunch and this has had a knock-on ef­fect in stim­u­lat­ing pro­duc­tiv­ity in the man­u­fac­tur­ing sec­tor.

Zim­babwe Stock Ex­change-listed fast­food chain Sim­bisa, a sub­sidiary of the Innscor Group, has opened a new look out­let along Fife Street in Bulawayo. The fa­cil­ity, for­merly Hae­fe­lis, has been un­der renovation since March

Min­is­ter Pa­trick Chi­na­masa

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