LIVE UPDATES: 2019 Mid – Term Budget

16:13 Mthuli concludes and sits down. The president leaves amid ululations and some MPs chanting ED PFEE

In Conclusion, Mthuli emphasises on the following:

  • Fiscal And Monetary Issues are now under control
  • Economic growth is inevitable

Tax rebates penalties reviewed up to 25%, capital gains tax reviewed up to 5%

Lithium Solar battery duty removed

Mthuli raises the taxable income from $300 to $700.

Dry Ports within the borders of Zimbabwe to boost income are being considered.

The Indigenisation and  Economic Empowerment Act will be replaced with the Economic Empowerment act where investors will negotiate percentages with stakeholders.

Public Institutions – audits to be done and standards to be set to govern the auditing of public Institutions.

Social safety nets for vulnerable groups – 189 000 tonnes of grain has been distributed to benefit  757 000 households since January

Cyclone Idai – $423 Million set aside for Cyclone Idai affected areas

68 Million to be given to acquiring 100 fully equipped ambulances.

4 posts are now in the final stages of completion to be opened in the 3rd quarter of 2019

Mvuri, Kadoma and Ndanga hospitals to be refurbished. Mbuya Nehanda refurbishment after it was destroyed by fire is now complete.

$26.6 Million to be given to REA to make sure all rural schools have electricity

The government has approved the following electricity tariffs.

  • Non exporting business $
  • $9.86 per kilo one hour for domestic consumers
  • 3 US cents for agricultural companies
  • 6.7 US cent for Mines etc.

 

Vaka Yakha Zimbabwe to be unveiled to help housing and infrastructure development.

In opening the economy to encouraging investment the government will unveil a comprehensive strategy to attract USD $12 Billion Dollar in the mining industry till 2023.

4.5 Billion given to the welfare of Civil service

Cushioning for pensioners – pensioners’ wages will be reviewed

The 2019 supplementary budget is projecting the following.

  • 18.62 Billion is the projected expenditure, 14.1 billion projected collection.

Zimstats will start publishing year on year inflation in 2020 since there was de-dollarisation they cant publish inflation periods that used USD and the periods that used ZWD using the same measures.

15.00 The parallel market and the interbank rate  have narrowed since the introduction of ZWD

15:00 Mthuli says the introduction of the Zim Dollar made our good cheaper on the foreign markets

14:58 Current account surplus of USD $196 million was recorded in the first quarter of  2019 the last one was recorded in 2009

14:54 Domestic Debt containment was managed by stopping issuing of TBs. A total of 230 Million of  TB issued. Domestic Debt went down just a little above 1 Billion ZWD

14.50 Mthuli talks about austerity measures and says inconsistencies in policies slowed down growth.

14.47: Mthuli Ncube takes to the Podium and starts his salutations

14:46 The president walks in some MPs start chanting ED PFEE.

The theme of 2019 Mid Term Budget is Building a Strong Foundation for Future Prosperity

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