‘Zimbabwe’s economy has performed very well’ - Finance Minister Mthuli Ncube asserts

STAFF REPORTER

MT HAMPDEN - Minister of Finance and Investment Promotion, Professor Mthuli Ncube, has expressed optimism about the country’s economic performance during the ongoing 2024 National Budget consultations. The four-day Pre-Budget Seminar, taking place at the New Parliament Building in Mt Hampden, has brought together legislators to discuss the country’s fiscal future.

Professor Ncube, along with Reserve Bank of Zimbabwe Governor Dr. John Mangudya, outlined plans for bolstering Zimbabwe’s economic transformation.

“The economy has performed very well over the last course of the year whereby we have managed to achieve fiscal balance though the deficit was within our target of 1,5%. All sectors of the economy have been firing including the agriculture sector and mining sector. The economic trajectory in the sector is set to continue and we expect a growth rate of 3.5% percent of the GDP anchored by the growth in agriculture and mining as well,” said Professor Ncube.

Dr. Mangudya echoed these sentiments, stating that the Reserve Bank of Zimbabwe would continue its tight monetary policy framework to maintain disinflationary pressures.

He also affirmed the bank’s commitment to supporting the multi-currency regime in accordance with government policy.

The Speaker of the National Assembly, Advocate Jacob Mudenda, urged parliamentarians to foster a productive relationship between the executive and legislature to effectively contribute towards Vision 2030.

“The legislature should continue to exercise its oversight role and even intensify it to meet our economic growth trajectory and there is a need to create a confluence with the executive to sustain the growth that has been recorded in energy, mining, agriculture and mining sectors,” he said.

Legislators also called on the Treasury to mobilize resources to further strengthen the country’s economic transformation.

Supa Mandiwanzira, Chair of the Parliamentary Portfolio Committee on Local Government, urged for sufficient resource allocation to improve service delivery in line with President Emmerson Mnangagwa’s roadmap.

The 2024 National Budget, themed “Consolidating Economic Transformation,” sets a revenue target of 44 trillion Zimbabwe dollars against an expenditure of 47 trillion Zimbabwe dollars, translating to a budget deficit of 1.5 percent.