2023 budget: Infrastructure development to more th...

2023 budget: Infrastructure development to more than double to US$6.5 billion

Finance Minister Mthuli Ncube arrives for budget presentation at Parliament in Mt Hampden

Highlights

Z$21.8 trillion in revenue expected
Z$76 billion for 2023 general elections
Budget deficit to GDP forecast at 1.5%
Bond issuance on the Victoria Falls Stock Exchange to finance funding gap

Zimbabwe’s projects expenditure will jump up 121% to ZWL$ 4.2 trillion which is around US$6.5 billion in the 2023 budget to revive the economy.

This was said by Finance Minister Mthuli Ncube as he presented the budget to legislators at the new Parliament building in Mt Hampden.

Focus will be on social services and infrastructure projects with focus on the mining, energy and agricultural sectors to jolt economic growth, said Minister Ncube.

Gross domestic product growth is estimated to slow to 3.8% next year from 4% forecast for 2022, he said.

Economic growth globally is being crimped by tightening financial conditions as central bankers including Zimbabwe’s try to temper high inflation, adding to the damage from the war in Ukraine and China’s slowdown.

“GDP growth of the SADC region is projected to decelerate to 2.5% in 2022, from a recovery of 4.2% recorded in 2021. South Africa, a major economy in the region, is projected to grow by 1.9% in 2022 and by 1.4% in 2023, with electricity supply constraints

To year end, merchandise exports are projected to increase by 15.5%, from US$6.4 billion in 2021 to US$7.4 billion in 2022, underpinned by mineral export growth on account of higher production and elevated mineral commodity prices.