LIVE BLOG: 2017 NATIONAL BUDGET PRESENTATION

Source: LIVE BLOG: 2017 NATIONAL BUDGET PRESENTATION | The Herald December 8, 2016

Updates by Costa Mano

1554: Minister Chinamasa has finished his presentation and we also conclude our updates. Thank you for joining us.

1552: With each new day in Africa a gazelle wakes up knowing that it should outrun the fastest lion to survive while a lion wakes up, stretches and knows it has to outrun the slowest gazelle in order to eat. As a country we should be able to outrun others in order for our economy to improve. such is the situation the country finds itself in.

1549: Paraffin usage was 12,7 million in 2009 but now stands at 75,8 million litres in 2016 which goes to show that it is being used by unscrupulous businesses that are blending it with diesel.

1545: Reviewing downwards presumptive taxes and the payments period from quarterly to monthly.

Click here to download the National Budget Statement

Click here to download the Budget Highlights

1541: Health Fund levy of  $0.05 for every dollar of airtime and mobile data.

1538: Six out  10 companies are supplying fiscalised machines so there’s need to licence more . Penalty for failure to connect to the ZIMRA fiscalised system should be imposed.

1536: Propose to ring fence importation of milk powder as requested by industry, propose to remove school uniforms from open general import licence,  duty free importation of sanitary ware raw materials.

1532: Government is intent on turning them around  public entities and some of the remedies will be freeze on remuneration, freeze on increase in prices, fees and charges by all public entities and if there should be need to increase they will need to be justified on a case by case basis.

1529: Ease of doing business is being improved across all sectors of the economy. Cost of credit, 15% lending rates coupled by short repayment periods remains unwarranted.

1526: Framework to accommodate the increasing number of graduates should be formulated.

1520: 5% export incentive to support exporters of manufactured products. Disposal of IDC’s loss making units and ensure it reverts to its core business of venture capitalisation.

1518: SI 64 of 2016 has been positive as reported average capacity utilisation has improved to 47%.

1517: 2017 budget gives prominence to the productive sectors of the economy. Mining is projected to grow, platinum export tax extended by another year to December 2017, diamond marketing will evaluate the proposal received from Parliament. Recapitalise mines through joint ventures, finalise pending viable joint venture deals.

1513: The Constituency Development Fund will be allocated under Parliament following the promulgation of the legislation to govern the fund. $50 000 will go to each constituency.

1507: $25,8 million for the completion of all dam construction works currently ongoing.

1505: The 2017 budget will prioritise resources towards social protection mechanisms with $600 million going towards empowerment and poverty programmes.

1504: Construction of 12 primary and 5 secondary schools are expected to commence next year.

1501: Some of the allocations include Health $208 million, Office of President and Cabinet $175 million, Local Government $49,7 million, Parliament $30,7 million among others.

1459: 2017 total budget is $4.1 billion.

1457: Expenditure in 2016 was 4.6 billion because of drought, bonus payments, salary arrears, debt servicing, employment costs accounted 91.4% of revenues. State of public finances characterised by finance gap $1.1 billion.

1455: Recovery depends on building confidence underpinned by policy consistency, international re-engagement, good rains, liquidity. Revenue targets continually revised down.

1454: The fundamental challenge remains under production across all sectors. Economy dominated by high unemployment. Agriculture affected by the El Nino drought.

1451: The 2017 National Budget is fourth budget of implementing the Zim Asset programme.

1450: Minister Chinamasa has started his presentation.

1448: President Mugabe has arrived in the August House.

1438: Minister Chinamasa preparing to start the presentation anytime from now.

1417: We will be giving you live updates of Finance and Economic Development Minister Patrick Chinamasa’s presentation of the 2017 National Budget scheduled for this afternoon.