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Economy

Government's fiscal policy will put emphasis on strong fiscal discipline, accountability and transparency for the restoration of macro-economic stability.

In Progress

Zimra surpasses set targets

https://www.herald.co.zw/zimra-surpasses-set-targets/     

Feb. 10, 2021

Zimbabwe Revenue Authority (Zimra),had its collections for the three months to December surpassed the revised set targets. Net collections for the period under review amounted to $91,51 billion resulting in a positive variance of 8,44 percent against the target. For the full year, Zimra collected net revenue of $182,59 billion against a target of $171,90 billion for the year ending  December 31, 2020 and this translated to 6,22 percent above target.

Previous Updates

Budgets for 52 local authorities approved

https://www.herald.co.zw/budgets-for-52-local-authorities-approved/     

Jan. 6, 2021

By the end of December 2020 Government had approved 52 out of 92 local authorities’ 2021 budgets; 24 budgets were received in the last two days and were still being analysed and should be finalised by January 8, 2021

Cabinet adopted the National Development Strategy (NDS) 1: 2021-2025 which will replace the Transitional Stabilisation Programme.

https://www.chronicle.co.zw/10-percent-risk-allowance-for-teachers-new-basic-salary-package-now-18-237/     

Nov. 11, 2020

 Cabinet adopted the National Development Strategy (NDS) 1: 2021-2025 which will replace the Transitional Stabilisation Programme. NDS 1 will be replaced by NDS 2 post 2025. NDS 1 and NDS 2 are a stepping stone towards achieving vision 2030 and would run under the theme: “Towards a Prosperous and Empowered Upper Middle-Income Society by 2030.”

Red flagging of suspicious accounting records by the Auditor General's Office.

Herald

    

Dec. 30, 2019

Auditor-general Mildred Chiri has raised  a red flag over the Zimbabwe Manpower Development Fund (ZIMDEF)’s non-compliance to International Accounting Standard 21 in respect of its 2018 financials.

IAS 21 outlines how to account for foreign currency trans­ac­tions and op­er­a­tions in financial state­ments, and also how to translate financial state­ments into a pre­sen­ta­tion currency.

 

Upward revision of National Budget by 30% to curb inflation

Herald

    

Nov. 5, 2019

Government has revised 2020 expenditure ceiling from $28 billion by over 30 percent in light of inflation and the need to grow the economy. This was said by Finance and Economic Development Minister Professor Mthuli Ncube in a report titled “2020 Pre-Budget Parliamentary Consultation Meetings; October 30 to November 4, 2019”.

The 2019 Budget will focus on addressing fiscal and current account deficits.

techzim.co.zw

    

Oct. 1, 2018

The economy is showing signs of recovery albeit with a number of challenges and risks. Indications are that, the economy will grow by 6.3% against the original Budget projection of 4.5% and 4.8% estimated for 2017. With this projected growth Zimbabwe will join the “6% club” of African countries growing at more than 6% per annum. However, the quality of the growth, which is primarily being driven by two sectors of agriculture and mining is obviously not inclusive.