Mid-Term Budget Review On Thursday Amid Resurfacing Macro-economic Challenges
Finance and Economic Development Minister, Professor Mthuli Ncube will this Thursday present the Mid-Term Budget Review on the back of resurfacing macro-economic challenges.
A combination of high inflation, exchange rate instabilities, global food supply shocks, soaring energy prices and the effects of war in Ukraine have not spared the Zimbabwean economy from challenging conditions.
The mid-term budget review is, therefore, expected to present an opportunity for fiscal authorities to review if the targets are being achieved, identify challenges and provide imminent solutions.
Already, the Ministry of Primary and Secondary Education (MoPSE) has indicated that it is failing to meet set targets including hiring 5 000 new teachers as the money allocated in the initial budget has since been eroded by inflation.
This, therefore, means that the government would need a supplementary budget or they will have to do with existing resources.
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Minister Ncube would also be expected to review workers’ salaries to address growing discontent among workers across the board.
He would also be expected to review taxes as market watchers believe that the tax-free threshold is now too short of household demands.
For the business community, Ncube would be expected to review or offer tax relief for mining, agriculture, tourism, retail and distribution industries as high taxes have been identified as some factors affecting the growth of the economy.
