Zimbabwe 2017 Budget highlights

Zimbabwe 2017 Budget highlights

Finance minister Patrick Chinamasa presented a US$4 billion budget yesterday and pledged to cut government expenditure further next year after a US$520 million overrun in 2016. Below are highlights:

  •  US$4,1 billion budget unveiled
  • Economy to grow by 1,7% in 2017
  •  Revenue of US$2,876 billion collected between January and October 2016 against a target of US$3,158 billion, a negative variance of 9,8%
  •  Cumulative expenditure for January to October 2016 amounts to US$3,84 billion against a target of 3,32 billion, representing US$520 million overspend.
  •  Employment costs to gobble 91% of revenue
  •  Exports decline by 6,9% to US$3,365 billion
  •  Import bill stands at US$5,35 billion against exports of US$3,365billion
  •  A total of US$17 million of bond notes injected into the banking system
  •  Freeze in prices and fees charged by public entities
  •  Five cents health levy for every dollar spent on airtime and data
  •  Resuscitation of Ziscosteel on the cards
  •  Agriculture, which experienced a 3,7% decline in 2016, expected to grow by 12% in 2017
  •  Mining sector seen growing by 0,9% in 2017
  •  Manufacturing sector seen growing by 0,3%
  •  15% platinum tax reprieve extended to 2017
  •  Growth rate of between 0,3 to 3% anticipated in other sectors in 2017
  •  Capital inflows of US$692,4 million expected in 2016 against US$1,2 billion in 2015
  •  Formal remittances fall to US$780 million in 2016 from US$935 million in 2015
  •  Stock market turnover between January and October 2016 slumps by 29% to US$144,46 million.
  •  Primary and secondary education ministry gets highest vote of US$800,3 million followed by Home Affairs allocated US$364 million
  •  Defence ministry allocated US$340,5 million while health and agriculture sectors receive US$208 million and US$244 million respectively.
  •  Wheat flour, luggage ware and school uniforms removed from the open import licence with effect from January 1 2017
  •  Special wine duty regime announced.


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