The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, delivered the 2024 Mid-Term Budget Review Statement under the theme “Consolidating Economic Transformation” on Thursday.
Minister Ncube rebased the initially approved expenditure for the 2024 Budget from ZW$58.2 trillion to ZW$87.9 billion.
He revealed that in the first six months of the year, total expenditure exceeded earnings by ZW$2.4 billion. This was after spending ZW$38.9 billion from total revenue collections amounting to ZW$36.5 billion. Said Ncube:
Revenue projections to year end stand at ZiG93.221 billion (22% of GDP), against expenditures of ZiG96.8 billion and a resultant deficit of ZiG5.6 billion
Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rates.
In this regard, the fiscal policy thrust is sustaining the prevailing stable environment necessary for inclusive economic growth to achieve the objectives of the NDS 1 and Vision 2030.
Ncube also announced measures to boost demand for the ZiG currency.
One of the key measures is that government departments will now accept payment for goods and services in the local ZiG currency to help “strengthen demand” for the ZiG.
Ncube said there are also plans to increase the circulation of ZiG notes without raising the overall money supply.
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