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ABAP Developer: Level 9 (Harare)

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Team Leader (Mutare)

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MDC MP and House of Assembly representative for Harare East Constituency, Tendai Biti said that Minister of Finance Mthuli Ncube failed to specify the currency in which the national budget is predicated upon.
Even though the government’s [osition is that the value of the US dollar vis a vis that of the bond note/RTGS is 1:1, the reality is that the currencies are not at par.
While contributing to the debate on the 2019 budget in Parliament, Biti said
<blockquote>There’s a challenge relating to the budget’s failure to identify the exchange rate in which it is predicated upon. This is the failure of the budget to identify the currency in which it is expressed. To maintain the fiction of a US$1:1 bond makes this budget fail even before it has started.
The reality out there is that we are existing in a period of serious structural exchange distortion. We are existing in a period of a multi-tier pricing system; there is a price in US dollars, bond notes, and RTGS. The growing exchange rate in the past two months has been a rate of US$1:3.50 bond. In other words, to purchase US$100 you require $350 of the local currency, whether it is bond notes or RTGS. So, we cannot run away from that reality.</blockquote>
In response, Ncube confessed that scraping the bond note would be costly. Ncube had this to say
<blockquote>If you consider those to be fundamentals of currency which they are, just by dealing with fiscal discipline and the current account deficit, we are making sure that we strengthen the fundamentals of our monetary sector.
It’s therefore not surprising that in the market in which some of the people operate, the so-called parallel market, those rates have stabilised. The premium has stabilised.
There were comments on that we should demonitise the bond note. I want to be clear that it costs money – US dollars – to demonitise the bond note. There’s a figure that we’re aware of in terms of what it will cost, so, that figure will have to be sourced from elsewhere to demonitise it.
… Even if you want to replace it with the rand, which is a suggestion that I heard, it will cost you US dollars to change the bond note into the rand.  I want to be very clear about that. It is a costly exercise and it would need to be budgeted for.</blockquote>
<h2>Related:</h2>
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<li class="entry-title">
<h3><a href="https://news.pindula.co.zw/2018/11/14/bond-note-no-longer-sustainable-govt-should-adopt-rand-cross-border-traders/">Bond Note No Longer Sustainable, Govt Should Adopt Rand- Cross Border Traders</a></h3>
</li>
<li class="entry-title">
<h3><a href="https://news.pindula.co.zw/2018/11/29/rbz-top-official-defends-11-bond-note-exchange-rate/">RBZ Top Official Defends 1:1 Bond Note Exchange Rate</a></h3>
</li>
</ul>
<h3>More: <a href="https://www.zimlive.com/2018/12/ncube-admits-bond-and-usd-not-equal-warns-scrapping-bond-a-costly-exercise/">ZimLive</a></h3>

Pindula News

Mthuli Ncube Against Scraping The Bond Note As His Eyes Open Up To Grim Economic Reality

In a statement yesterday, spokesperson of the Nelson Chamisa led MDC Jacob Mafume said the 2019 National Budget presented by Finance Minister Mthuli Ncube lacked substance as it fails to deal with the real issues.
We publish the full statement below:
<blockquote>After the events of November 2017, then Finance Minister Patrick Chinamasa announced a budget filled with sound bites in what he termed the “New Economic Order”.
The gullible gave him a standing ovation but alas even by Zanu PF standards, this so-called budget was the worst in more than two decades.
Yesterday, Mthuli Ncube presented another hollow fiscal statement, which fails to deal with real issues and shies away from confronting the doors of raw State power. In any case, the so-called budget statement is utterly deficient in addressing the fundamentals and the substance.
The budget fails dismally to deal with the question of the currency for use in the country and in fact it adds more distortions than clarity on the issue. The lack of clarity on currency issue is at the centre of the multi pricing system and a decisive Minister ought to bite the bullet and make a decision on the matter.
Yet Mthuli, in his budget, ignores the distortions being caused by the bond note, he proves beyond reasonable doubt that he is scared of the raw State power which is in the hands of Zanu PF hardliners and securocratic oligarchs who need to maintain a printing press of sorts for purposes of patronage.
It is therefore clear that his claim of arresting run-away expenditure is just but pub talk, as long as the printing press is alive the state will continue to finance Zanu PF activities and fund the lifestyles of the elites.
The Minister should have proposed the demonetizing of the bond note, reverting to a proper multi-currency regime and outlining a path towards joining the rand monetary union. It is clear that there is a foreign currency crisis owing to the unproductive environment arresting Zimbabwean industry as well as exchange and price controls that have resulted in chronic shortages of basics.
A budget with a wrong diagnosis will not be able to proffer accurate solutions. Just like the old Zanu PF character, Mthuli also joins the bandwagon of denial, and he does not take responsibility.
He fails to take responsibility for fueling speculative behavior in the second generation problems after his reckless announcement of separating NOSTRO and RTGS accounts as well as the ruthless taxes he imposed.
These also form part of the package resulting in price hikes.
Mthuli however in his presentation admits part of the problem is lack of confidence but mumbles without telling us what he will do about it.
The source of confidence is not reflected in his narrative yet we in the MDC have always advised that the only way to deal with confidence issues is to deal with legitimacy issues. Those who steal elections cannot inspire confidence.
This is directly linked to the issue of reform which Mthuli mentions in his statement, he speaks of democracy as a panacea to international acceptance yet on the same day barbaric and shameful fascists assault MDC MPs in Parliament—an environment of privilege.
The MDC is of the view that his claims of reform are a foundation built on quick sand.
The reform agenda and international engagement is the only viable route to debt clearance which the budget as well fails to deal with.
It is still not clear which route the Minister is taking.
The infrastructure thrust he spoke about is easier done through access of multilateral reconstruction funds. The failure to reform, coupled with confusion around middle income status, complicates the whole process.
A lipstick commitment to alignment of laws was made but the allocation made in respect of Independent Commissions is an insult to their independence, their capacity to do their work and the ability to hire professional and competent staff.
The MDC also notes with concern the failure to confront the land question in the budget.
We are of the view that the budget should have addressed the following with the view to improve agriculture viability.
1. Bringing finality to the land question. Presently people are still fighting over land invasions. We restate that there must be a land audit to ascertain ownership and productive capacity as well as issuing title to current occupants.
2. Deal with security of tenure. Newly resettled farmers must be given title deeds to the land so as to ensure they have not only land use value but exchange value so that farmers may be able to borrow.
3. Financing agricultural infrastructure: In order to fully empower the newly resettled farmers there is need for seasonal, capital and loans which can be provided by commercial banks as well as the Rural Development Fund.
4. Agricultural markets: It is crucial that markets for agricultural produce are restored. The current situation in the tobacco industry is unfortunate and must be curbed. Marketing for cereal produce such as maize and wheat must be given a priority.
5. Investment in equipment: A functional and organized farm must have access to farming mechanization for tillage, harvesting, transportation and storage as this is vital for driving agriculture.
6. Harnessing water resources for agriculture: More than 80% of our arable land relies on rain-fed farming but have no access to proper irrigation facilities.
With all due respect, this budget is a continuation of the old order of economic lethargy, economic destruction, corruption and patronage. It does not even address the issue of the usurious 2c a dollar this government is fleecing from innocent Zimbabweans. The token reduction of five percent from the salaries of the well-heeled is so measly it will not make any positive impact.
This so-called budget statement lacks clarity, shies away from the national questions and must be rejected as It reflects a vampire state intending to suck from its citizens, a robber state which takes from the poor to maintain those who fly in chartered Swiss jets.</blockquote>

Full Text: 2019 National Budget Reflects A Vampire State Intending To Suck From Its Citizens- MDC

Luxury vehicle importers at Beitbridge Border Post yesterday were refusing to pay import duty in foreign currency in line with the new Government regulations as proposed by Finance Minister Professor Mthuli Ncube in the 2019 national budget announcement.
In his 2019 national budget presentation on Thursday, Ncube proposed that with effect from yesterday importers should pay duty in foreign currency for vehicles and specified goods. The measure will however not apply on commercial motor vehicles and vehicles for use by the physically challenged.
When The Chronicle’s news crew visited Manica Transit Shed yesterday, car importers especially those who had their vehicles delivered and purchased before the announcement of the budget statement said they were waiting on Zimra to clarify their case. They said although Value for Duty Purposes (VDP) and duty percentages of 96 percent had not changed, it was unfair for Government to charge duty in foreign currency. Zimra officials at Beitbridge Border Post were not accepting payments of duty on vehicle imports pending further clarification from their Commissioner General Ms Faith Mazani.
More: <a href="https://www.chronicle.co.zw/chaos-erupts-at-beitbridge-over-forex-duty/">Chronicle</a>

Car Importers Refuse To Pay Import Duty In Forex

Speaking on his official Twitter account, President Emmerson Mnangagwa congratulated Finance Minister Mthuli Ncube on presenting a responsible and disciplined budget.
Mnangagwa said the budget’s core message of austerity for prosperity is central to Government’s restructuring strategy. Said Mnangagwa:
<blockquote>I wish to congratulate @MthuliNcube on a historic, responsible and disciplined budget, which both cuts costs and contains crucial confidence building measures to stimulate economic growth. The core message – ‘austerity for prosperity’ – is a central component of our strategy to restructure, reform and rebuild, and I am confident that in years to come, this will be seen as a pivotal moment in Zimbabwe’s economic recovery.</blockquote>

Mnangagwa Speaks On 2019 National Budget

The 2019 national budget was delivered yesterday by the Minister of Finance and Economic Development, Mthuli Ncube. Below are the major highlights from the budget
<ul>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/customs-duty-on-motor-vehicles-to-be-levied-in-foreign-currency/">Private vehicles import duty to be paid in forex</a>.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/govt-to-pay-2018-bonuses-before-year-end/">Civil servants’ 13th cheque to be paid before year-end</a>.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/govt-paid-us229-million-to-fired-green-bombers-remaining-officers-to-be-retired-by-year-end/">2 917 youth officers to be retired by year-end</a>.
Further exemptions to be announced regarding the 2 per cent IMT.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/salary-cuts-for-mnangagwa-ministers-and-top-govt-officials/">5 per cent salary cut for Government senior officers right up to the Presidium</a>.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/mthuli-ncube-announces-biometric-registration-for-civil-servants/">Biometric registration for all civil servants from January 1 to flush out ghost workers</a>.</blockquote>
</li>
<li>
<blockquote>Resuscitation of ZISCO and CSC.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/companies-that-charge-us-dollars-should-pay-tax-in-us-dollars-ncube/">Companies collecting VAT in forex to remit the same in forex</a>.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/govt-increases-tax-on-fuel/">An increase of 7 cents excise duty on petrol and 6.5 cents on diesel and paraffin</a>.</blockquote>
</li>
<li>
<blockquote>Directors and shareholders to be jointly and severally liable for the tax debts of voluntary wound up companies.</blockquote>
</li>
<li>
<blockquote>Parastatal reforms- partial and full privatisation.</blockquote>
</li>
<li>
<blockquote>No further acquisitions of NPLs by ZAMCO.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/23/zimbabwe-to-close-embassies/">Reduction of foreign missions/embassies</a>.</blockquote>
</li>
<li>
<blockquote><a href="https://news.pindula.co.zw/2018/11/22/multi-currency-regime-to-remain-in-place-finance-minister/">Multi-currency basket remains with USD as the reference currency</a>.</blockquote>
</li>
</ul>
<hr/>
<h4>Also Read:</h4>
<ul>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/11/22/2019-national-budget-allocations/" rel="bookmark">2019 National Budget Allocations</a></h3>
</li>
<li>
<h3><a class="bump-view" data-bump-view="tp" href="https://news.pindula.co.zw/2018/11/22/download-mthuli-ncubes-2019-national-budget-speech-pdf/">Download: Mthuli Ncube’s 2019 National Budget Speech PDF</a></h3>
</li>
</ul>

2019 National Budget: Major Highlights

2019 National Budget Allocations

Presenting the 2019 National Budget on Thursday afternoon in Parliament, Finance Minister Mthuli Ncube said companies that charge prices in United States dollars should also remit taxes in the currency of trade.
Ncube’s proposal is in agreement with the Zimbabwe Revenue Authority (Zimra)’s statement ordering businesses that are trading in multi-currencies to remit taxes in the same currency in which the goods have been sold. Said Ncube:
<blockquote>Mr. Speaker Sir, notwithstanding that companies are appointed as agents that collect revenue on behalf of Government, some companies are not remitting VAT in the currency of trade, taking advantage of the arbitrage opportunities on the informal market. In order to contain such practices, I propose to compel companies that collect VAT in United States dollars or any other currency to remit VAT using the same mode of payment. This measure will apply on all other taxes.</blockquote>
<hr/>
<h4>Also Read:</h4>
<ul>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/11/19/zimra-orders-businesses-charging-foreign-currency-to-pay-tax-in-foreign-currency/" rel="bookmark">Zimra Orders Businesses Charging Foreign Currency To Pay Tax In Foreign Currency</a></h3>
</li>
</ul>

Companies That Charge US Dollars Should Pay Tax In US Dollars- Ncube

Finance Minister Mthuli Ncube presented the 2019 national budget on Thursday 22 November 2018.
You can download his 2019 national budget speech by <a href="https://news.pindula.co.zw/wp-content/uploads/2018/11/2019-National-Budget-Speech.pdf">clicking here</a>

Download: Mthuli Ncube's 2019 National Budget Speech PDF

Finance Minister Mthuli Ncube is set to present his maiden national budget today. In an interview with The Sunday Mail, Ncube said the 2019 National Budget will be a balanced budget.
Below is a livestream:
<iframe allowfullscreen="true" allowtransparency="true" frameborder="0" height="315" loading="lazy" scrolling="no" src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2Fzimbolivetv%2Fvideos%2F375501183193613%2F&amp;show_text=0&amp;width=560" style="border:none;overflow:hidden" width="560"></iframe>
<hr/>
<h4>Also Read:</h4>
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<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/11/18/mthuli-ncube-speaks-on-what-to-expect-in-2019-budget/" rel="bookmark">Mthuli Ncube Speaks On What To Expect In 2019 Budget</a></h3>
</li>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/11/14/imf-waits-for-2019-national-budget/" rel="bookmark">IMF Waits For 2019 National Budget</a></h3>
</li>
</ul>

Live Video: Mthuli Ncube Presents 2019 National Budget

In an interview with The Sunday Mail, Finance Minister Mthuli Ncube said the 2019 National Budget will be a balanced budget.
Ncube will present his maiden budget on Thursday this week. He said the budget will communicate the message of discipline. Said Ncube:
<blockquote>It will be a balanced budget with enough carrot and also decent stick; but hopefully more carrot than stick because we want to recreate that environment of confidence, to build confidence going forward. We want to make sure that there are enough incentives for industry and also that there is job creation. We want to regulate certain behaviours. We hope that the Budget will communicate the message of discipline. The idea is to cajole the economy as we move to the next level, as we go ahead with the mantra that we are open for business. We are desirous to move the economy to upper middle-income status so the Budget will be an instrument of enactment towards attainment of that vision, and will carry on the following year and will keep building the way up. The idea is to balance the incentives to the market discipline, that’s what will come out to make sure that there are enough incentives and also enough regulatory character so that we stay within the straight and narrow.</blockquote>
More: <a href="http://www.sundaymail.co.zw/expect-a-balanced-2019-budget/">Sunday Mail</a>

Mthuli Ncube Speaks On What To Expect In 2019 Budget

In an interview with The Herald, International Monetary Fund (IMF) mission chief to Zimbabwe Mr Gene Leon said they are waiting for the 2019 National Budget presentation to so that they can get a broader picture of the economic reforms.
Finance Minister Mthuli Ncube is set to present the 2019 National Budget on 22 November. The IMF delegation is in the country, holding meetings with both public and private sector stakeholders for its annual Article IV Consultations. Said Leon:
<blockquote>When we are going to look at reforms, it’s not only the reforms that have been announced but also broader reforms they are expected to announce; how the (2019) Budget will fit into that entire space, and on that basis we will make an assessment. It’s not ideal to single out one piece of reform to say is it good, bad or indifferent. It’s always a package and it is that package that we will be able to say, on average, how it looks in terms of meeting where the country is now, and where you want to take the country.</blockquote>
More: <a href="https://www.herald.co.zw/imf-waits-on-2019-budget/">Herald</a>

IMF Waits For 2019 National Budget

Cabinet Ministers and House of Assembly members are in Bulawayo attending a 3 day 2019 pre-budget seminar.
Finance and Economic Development Minister, Mthuli Ncube and Reserve Bank of Zimbabwe Governor, John Mangudya, are expected to share critical insights on the fiscal and monetary policy measures being implemented to stabilise the economy. Economic experts, Government ministers and Parliamentary committee heads will table their inputs as well as make recommendations.
Chairperson of the Parliamentary Portfolio Committee on Budget, Finance and Economic Development, Felix Mhona, who is also the legislator for Chikomba Central Constituency told The Chronicle official proceedings begin today and will end on Saturday. He said those in attendance would want to find out how Ncube is going to address the issue of currency. Mhona also said his committee will make recommendations on the 2% per dollar tax. The pre-budget conference is running under the theme, “Enhancing efforts towards stabilising the micro-economic environment for inclusive socio-economic development”.
More: <a href="https://www.chronicle.co.zw/ministers-mps-jet-in-for-pre-budget-conference/">Chronicle</a>

Ministers, MPs In Bulawayo For in Bulawayo 2019 Pre-Budget Seminar

Several Parliament portfolio committees yesterday held meetings with Government officials on what they expect from Treasury in the 2019 National Budget. Finance and Economic Development Minister Mthuli Ncube is expected to present his budget at the end of next month.
Home Affairs and Cultural Heritage; Public Service, Labour and Social Welfare; Mines and Mining Development; Environment and Tourism ministries and the Public Service Commission (PSC) have already presented their expectations. Budget, Finance and Economic Development and Health and Child Care portfolio committees are conducting public hearings to gather views on the budget.
Secretary for Public Service, Labour and Social Welfare Dr Judith Katerera said the ministry required $253 million if they were to fulfil their mandate. Secretary for Home Affairs and Cultural Heritage Melusi Matshiya said they were underfunded.
More: <a href="https://www.herald.co.zw/2019-nat-budget-preparations-begin/">Herald</a>

2019 National Budget Consultations Begin

State broadcaster, ZBC reports Minister of Finance and Economic Development Professor Mthuli Ncube will present the 2019 national budget end of next month.
Responding to concerns over the present economic challenges from the emerging business people at a Young Entrepreneurs Forum in the capital this Thursday, Ncube assured them it is just a passing phase as Government is doing its best to calm the market. Said Ncube:
<blockquote>We shall do our best to calm the market. I know there are several issues or concerns but people must not worry themselves it is a phase.</blockquote>
More: <a href="http://www.zbc.co.zw/2019-budget-presentation-set-for-next-month/">ZBC</a>

Mthuli Ncube To Present 2019 National Budget End Of November

2019 National Budget Latest News

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