2018 NATIONAL BUDGET PRESENTATION 07 DECEMBER 2017

Welcome to the coverage of the 2018 National Budget Presentation. Mr A. Nyamuramba and Ms. T. L. Manyemba will be giving you the updates.

Administrator December 7, 20175:32 pm

Goodbye for now until next time.

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The following is a picture collage of the 2018 National Budget in pictures.

Administrator December 7, 20174:20 pm

I conclude by commending the full budget and lay on the table the Estimates of Expenditure. The new economic order requires support of labour civic society and the region accompanied by support and good will.

I thank you.
Administrator December 7, 20174:16 pm

To designate ZIMRA as the legal agents to control and administer border posts until the establishment of a Portal Authority.

Administrator December 7, 20174:15 pm

Restore order at Beitbridge Boarder posts, extension of operation restore order at Beitbridge Border Post with immediate effect remove touts and beggars.

Administrator December 7, 20174:13 pm

Mining fees to be reviewed on ground rentals.

Administrator December 7, 20174:11 pm

Interest on the penalty to companies to be repealed.

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Mining communities, review of staff housing allowances for schools.

Administrator December 7, 20174:10 pm

Exemption of goat and sheep meat from VAT.

Administrator December 7, 20174:09 pm

Review of VAT with holding rate from 10 percent to 5 percent of the taxable rates.

Administrator December 7, 20174:07 pm

Suspension of duty on luxury coaches importation extend to 2018.

Administrator December 7, 20174:06 pm

Relief on manufacture’s in the following sectors, dairy, textile, furniture and luggage ware manufacturers.

Rebates on soap manufacturers , this has to do with rebates on tax on capital goods.
Administrator December 7, 20174:04 pm

Highlights of 2018 Budget allocations;
– 905,5 million to Primary and Secondary Education Ministry
– 497,3 million to Lands, Agriculture and Resettlement Ministry.
– 435,4 million to Home Affairs and Culture Ministry.
– 420,3 million to Security and War Veterans Ministry.
– 408,9 million to Health and Child Care Ministry.
– 57 million to Parliament.

Administrator December 7, 20174:00 pm

2018 Elections will be held as usual, Budget will provide for the conducting of credible elections.

Administrator December 7, 20173:59 pm

Commitments were made to pay the 2017 budget bonus to civil servants in 2018 in a staggered form.

Administrator December 7, 20173:59 pm

Resources will be made available for the research on the master plan for idle water bodies improvement.

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Government will put in place an array of measures to ensure ease of doing business which is competitive to the regional practices.

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Extractive Sector: 51 percent and 49 percent threshold will not apply to the rest of the extractive sectors of the economy except the diamond and gold sectors. Continue to have a reserved sector for Zimbabweans only exception if the business creates opportunity for employment and transfer skills among other things. Foreign nationals already in the reserved sector sector will continue upon fulfilling stringent measures among them registration and banking of their proceeds with local banks.

Administrator December 7, 20173:51 pm

Government will attract both domestic and international investment by coming up with investor friendly policies.

Administrator December 7, 20173:49 pm

Government will double efforts for re-engagement with IMF, ADB and many others.

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Zimbabwe desires to get back to the global economy. Zimbabwe will engage USA, EU, UK at highest levels to reopen doors for re-entry into the global economy.

Administrator December 7, 20173:47 pm

Corruption, His Excellency’s call to decisively deal with corruption. Government will capacitate police and anti-corruption commission and strengthen Judiciary Services to deal with corruption. Establishment of toll free lines to report corrupt activities to the Office of the President and Cabinet.

Administrator December 7, 20173:44 pm

Local authorities , Government will enforece 70 percent service delivery and 30 percent for employment costs.

Administrator December 7, 20173:43 pm

Non-strategic parastatals are going to to be closed, commercialise non-strategic parastatals as well as go into joint ventures.

Administrator December 7, 20173:42 pm

Day to day running of commissions should revert to secretaries, commissioners should be non-executive and part timers.

Administrator December 7, 20173:41 pm

Costs of democracy: The funding of Provincial and Metropolitan Councils is not sustainable. Political parties in Parliament should discuss and come up with ways to address this issue.

Administrator December 7, 20173:37 pm

Support for early childhood development programmes. The management of ECDs is beyond government’s capabilities. It is proposed that the pending request to recruit 6000 teachers at ECD level should be shelved and alternatively the parents and communities should carry the burden.

Administrator December 7, 20173:36 pm

Reduction of the countries foreign diplomatic missions in line with our current economic position.

Administrator December 7, 20173:35 pm

Removal of first class travel for everyone except for the Presiduim.

Administrator December 7, 20173:35 pm

Where there is diplomatic presence, government should take advantage of such missions.

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Reduction of foreign business trips and reduction of outgoing delegations.

Administrator December 7, 20173:33 pm

Government will fuel reduction of senior government officials. Government will review personal vehicle issue to one vehicle to Permanent Secretaries, Commissioners, PDs, Directors instead they will be given loans to buy vehicles.

Administrator December 7, 20173:31 pm

Government will uphold the Cabinet decision to abolish over 300 youth officers posts.

Administrator December 7, 20173:30 pm

Government will maintain the freeze on non critical staff across the board.

Administrator December 7, 20173:30 pm

Those civil servants who are being engaged well beyond their retirement ages, from January 2018 retire staff above 65 years.

Administrator December 7, 20173:28 pm

Removal of duplication of services, everything must fall into line.

Administrator December 7, 20173:27 pm

Expenditure measures are being proposed: he assured MPs that their welfare matters will be addressed.

Administrator December 7, 20173:26 pm

Agreed cabinet policy agreements should not be arbitrary reversed.

Administrator December 7, 20173:25 pm

There is need to reduce the share of employment costs to 70 percent from the current 84 percent.

Administrator December 7, 20173:24 pm

Need to manage budget deficit at less than 4,5 percent of GDP. Government borrowing to be at 20 percent of previous year’s borrowing.

Administrator December 7, 20173:23 pm

Horticulture and tourism need to be grown, plug leakages on export receipts. We need to enforce the amnesty on externalised funds, amnesty on cash hoarded at home so that it can be deposited into banks.

Administrator December 7, 20173:21 pm

There is need to promote domestic savings, improve interest rates on savings and reduce charges on bank uses.

Administrator December 7, 20173:19 pm

Short to medium solutions are needed, government need to extend electronic payments systems to the rural areas, import cash and reduce tax on plastic financial use.

Administrator December 7, 20173:16 pm

Government is cognisant of the hardships the Zimbabwean people are facing due to shortages of cash.

Administrator December 7, 20173:13 pm

Highlighted the need for conducting credible elections in 2018.

Administrator December 7, 20173:12 pm

Banking sector: It remains stable, due to satisfactory control of the sector, among other things banks have reduced their lending and interest rates.

Administrator December 7, 20173:09 pm

Inflation outlook prices have now reversed. Government will ensure that appropriate measures are put in place to contain inflation.

Administrator December 7, 20173:08 pm

The 2018 projected growth is 4,5 percent.

Administrator December 7, 20173:07 pm

He acknowledged the presence of His Excellency Cde. E.D. Mnangagwa. He pointed out that the 2018 Budget formulated mindful of challenges facing Zimbabwe such as low business and inability to generate foreign currency. High levels of unemployment, cash and foreign currency shortages.

Administrator December 7, 20173:03 pm

The Minister of Finance and Economic Development has moved for the presentation of the Budget speech which comprises of the full budget statement and the Estimates of Expenditure.

Administrator December 7, 20173:01 pm

The Minister of Finance and Economic Development, Hon. P. A. Chinamasa has arrived at Parliament Building accompanied by his wife.

Administrator December 7, 20173:00 pm

His Excellency, the President and Commander in Chief of the Defence Forces, Cde. E.D. Mnangagwa has arrived at the Parliament Building.