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Sunday, December 4, 2022
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2023 budget expected to consolidate gains

By Stanley James, Business Editor

THE Minister of Finance and Economic Development, Professor Mthuli Ncube will this Thursday deliver the 2023 National Budget which is expected to set the tone for Zimbabwe’s socio-economic growth agenda.

The 2023 national budget will be presented against a background of geopolitical and climate change shocks as well as fluctuating international commodity prices, among other challenges.

The government and the central bank have therefore forged ahead with tight monetary policies to tame inflation and ensure exchange rate stability.

Key on the agenda is how the treasury will announce the overall expenditures for next year and how the government intends to raise revenue.

Against a backdrop of a rise in capital projects, the treasury is also expected to outline a roadmap for the continuation of the projects.

Ordinary citizens are also looking forward to policies that increase disposable incomes and boost spending by widening income and annual bonus tax-free thresholds.

For industry and commerce, it is all about tax relief packages to stimulate production and enhance viability.

With multilateral financiers such as the World Bank and the International Monetary Fund forecasting an average growth rate of around three percent for Zimbabwe, the treasury is also expected to provide its own growth projection for next year.

Allocations to key government ministries such as education, health and agriculture are also a key thrust for the budget.

Incentives to boost investor confidence and improve the ease of doing business are some of the measures expected to be announced by the treasury chief.

How Professor Mthuli Ncube intends to facilitate further economic growth is an element that will only be answered or fulfilled after the 2023 budget presentation.

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