The Speaker of the National Assembly, Hon. Adv. J. F. Mudenda has suspended the Business of the House until 14:45 hrs when the Minister of Finance and Economic Development Hon. Prof. M. Ncube will deliver the 2019 National Budget.
Thank you for following us until we meet again next time. Good evening and good bye.
The Minister has now laid the 2019 National Budget Statement and Expenditure Estimates on the table marking the official ending of the Budget Presentation.
Withholding tax on contracts
Export tax on Raw Hides
Tax Relief Measures
Excise Duty on Fuel
Excise Duty on Cigarettes will go up to $25 per 1000 sticks with effect from 1 December 2018.
In order to ensure availability of critical drugs, Government will continue to prioritise allocation of foreign currency for purchase of raw materials.
Voice and accountability
Natural Resource Management
The following resources will be allocated to the following ministries
This will help our farmers under Government schemes and contract farming as well as support to vulnerable households.
Agriculture is the mainstay of the country and to a large extent depended on our capacity and ability to produce and attain food security. The 2019 Budget prioritises Agricultural support through facilitation of partnership with financial institutions.
Government is going ahead with the implementation of the long delayed Parastatal reforms. As these institutions ought to play a key role in transforming the economy.
Ease of Doing Business
Government will speed up the full implementation of the ease of doing business strategy.
A foreign currency allocation committee will be established to promote efficient management of our foreign currency inflows.
The Multi-currency System remains in place with the US$ being the currency of reference, out of the currency basket.
Monetary Policy Supportive Measures,
Treasury will, however, ring-fence such revenues in line with current approved retention levels. Disbursements,will be through the Public Funds Management Systems.
In light of the resolve to ensure that expenditure commitment do not worsen challenges associated with deficit financing that have placed us in the prevailing difficult situation that we find ourselves in, the 13th cheque is, henceforth, computed on basic salary only.
Traditionally payment of the 13th cheque is computed as the sum of basic salary, housing and transport allowances. Previously the budget incurred expenditure of around US$174.6 million in bonus payment.
Accordingly, Government has taken the position that bonus be payable for 2018 with commitment that these payments be processed before year end.
Broadly, key objectives and priorities from consultations revolve around among other things, decisively dealing fiscal indiscipline, removal of pricing and policy distortion, improve foreign currency generation and establishing efficiency and optimal mechanisms for its allocation, job creation, empowerment of provinces and districts, gender equity promotion, promotion fighting corruption and turn Zimbabwe into the gateway for investment into Africa.
The Transitional Stabilisation Programme’s (TSPs) immediate objective is macro and fiscal stabilisation.
The Minister informs the House that he feel honoured to present his maiden Budget Statement to the August House.
The Minister of Finance and Economic Development Hon. Prof. M. Ncube is presenting the 2019 National Budget.
The current commotion playing out in the National Assembly has inadvertently caused the delay of the presentation of the National Budget.
Among the ejected Members of Parliament is the MDC Alliance Chief Whip Hon. Prosper Chapfiwa Mutseyami, the MP for Dangamvura- Chikanga.
The Members from MDC-Alliance who did not stand up as the President was entering the Chamber have all been ordered out of the House by the Speaker of the National Assembly Hon. Adv. J. F. Mudenda. As a result commotion has now broken in the Chamber with the Members resisting to be ejected.
Today’s live blog is brought to you by Ms T. L. Manyemba, Mr A. Nyamuramba with photographs being captured by Mr R. Dube.
His Excellency, The President, Cde E.D. Mnangagwa has now taken his seat in the National Assembly in readiness for the National Budget Presentation.