Zimbabwe budget statement: 2017

The 2017 Zimbabwe budget statement has been presented to the nation under the theme Pushing Production Frontiers Across all Sectors of the Economy by Finance and Economic Development minister Patrick Chinamasa.

The Honorable minister present the budget in front of millions of viewers today. However the budget was received with mixed emotions as is the norm.

Its thrust is Fiscal Adjustment, Structural Reforms, Stimulating Productivity Across Sectors , Poverty Eradication.

On economic performance it was as follows:

  • Growth is projected at 1.7%, from 0.6% estimated in 2016;
  • Agriculture and mining to drive overall growth with sector growth of 12% and 0.9% respectively in 2017;
  • Inflation projected at 1.1%, from a negative 1.5% in 2016.
  • Total revenues are projected at US$3.7 billion;
  • Total expenditures are projected at US$4.1 billion;
  • Financing gap of US$400 million.
  • Government wage bill takes US$3.0 billion in 2017;
  • Capital expenditure amounts US$520 million, which is 3.6% of GDP;
  • Trade deficit of US$1.537 billion, compared to US$1.985 billion in 2016;
  • Debt stock at US$11.2 billion as at 31 October 2016, which is 79% of GDP.

Chinamasa’s statement touched on incentives for the private sector, freezes of salaries in public sector, increases in fees such as water and electricity among others in 2017 among others.

 

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