Budget Review in two weeks

 

Audrey Galawu

Assistant Editor 

Finance Minister Mthuli Ncube is set to present the Mid-Term Budget Review on July 25.

This comes after International Monetary Fund set Zimbabwe’s 2024 economic growth projections to 2%, a sharp decline from 2023 5.3%.

The IMF cited the El Nino-induced drought and a ballooning import bill as key factors in the stunted growth and predicted that 2025 will be a better year with 6% growth outlook.

To regain the positive momentum, the budget review will need to focus on priorities like social support for the food insecure millions of people.

Government has just announced a ZWG 154 million cash transfer initiative to cushion the urban poor. World Food Programme and other multi-national organisations a are also pitching in with food aid.

Agriculture is key focus area that the Finance Minister will probably address. Zimbabwe has completed several dams over the past few years and adequate irrigation infrastructure development would help the country ease off reliance on rain fed production.

Mining, Energy, Devolution, and Infrastructure Development are the other sectors that the review will likely impact on.