via 2014 National Budget | The Herald December 19, 2013
1701: Minister Chinamasa has just ended his budget presentation.
1657: Government will progressively improve welfare of public service through provision of non-monetary incentives.
1656: Government is working towards minimum public servants remuneration be pegged at the Poverty Datum Line.
1640: Proposal for an increase of $0.02 per litre of diesel and petrol from January 1 2014 to finance the Plumtree-Mutare road loan.
1622: US$100million line of credit for small scale miners.
1618: The Financial services sector has to adopt to the new productive sector.
1617: 90 000 small-scale farmers are now growing tobacco.
President Mugabe arrives at Parliament building today
1611: New mining fees structure has worked because some people have been holding onto mineral rich claims for speculative purpose. I propose that such claims be held for only 3 years and then employ the “Use it or lose it” policy beginning January 1 2014.
1608: Government will decriminalise the activities of small scale miners in order to integrate them into the formal industry.
1603: Diamond industry information has been scant, to kill the legacy, President Mugabe has called for greater transparency. Institute measures that will monitor production of diamonds.
1554: Confusion on the law is being caused by different interpretation.
1553; The Indigenisation law will not change.
1547: Securitise minerals through geological surveys so we have an idea of what we own.
1546: There is great need to promote a long service culture.
1545: We might in fact add more currencies which are not in the current basket.
1543: The multi-currency is here to stay contrary to media reports
1540: The Finance Ministry will issue a debt instrument in the form of Treasury Bills with a five year tenure in order to support the financial sector and this will be done by the end of December.
1538: US$100m inter-bank programme for January 1 2014.
1537: The current situation is one of desperation as there is no formal inter-bank system and banks have to rely on themselves.
1535: Our biggest challenge is the present economic environment is characterised by policy inconsistency and policy confusion.
1531: Continued use of the multi-currency is important to the growth of the economy in 2014.
1528: Key economic challenges: High consumption, we are eating everything today forgetting tomorrow; Liquidity issues as people are not banking money; Food insecurity caused by climate change and lack of industry competitiveness due to obsolete machinery; Weak corporate governance in banks; Lack of accountability in minerals.
1522: Total imports at year end US$7.6b and US$8.3b in 2014.
1520: Exports stood at US$2,8 billion by October 2013 but we expect them to reach US$4.43 by the end of the year.
1519: Funding of the national programmes that included the census and harmonised elections crowded out other critical development programmes in 2013.
1517: Employment costs are gobbling 70% of revenue.
1511: 11,4% growth for Mining in 2014.
1510: Improved state of preparedness and support will sustain growth of agriculture in 2014.
1509: The economy in 2014 is projected to grow at 6,4% anchored on the Zim Asset policy.
1508: Mining, Construction and Tourism were the drivers of growth in 2013.
1506: Accelerated mineral beatification is being emphasised.
1505: Metal prices will decline with the exception of nickel.
1504; We should appreciate the global environment and the impact on our economy in 2014. Growth will be undermined due to suppressed commodity prices.
1503: He cites various contributors to the budget and he remains indebted to them.
1502: This budget is policy based, the policies to be spelt out are a pointer to the direction which this country is moving.
1500: Government and private sector should portray calmness in order to restore and build confidence.
1454: Minister Chinamasa has since entered the House of Assembly is about to begin his presentation. it comes in the wake of several challenges that include liquidity challenges and company closures especially in Bulawayo. A lot is expected of this budget.
1446: Minister Chinamasa is still to enter the House of Assembly for budget presentation but most ministers are already seated ahead of the 2014 income and expenditure plan.
Minister Chinamasa arrives to present the 2014 National Budget accompanied by his wife Monica
1440: Minister Chinamasa has arrived at Parliament and gave photographers a photo opportunity before his entrance
1438: President Mugabe has since arrived at Parliament.
1437: Scores of people are gathered at Africa Unity Square opposite Parliament to watch Finance and Economic Development Minister Patrick Chinamasa deliver the 2014 National Budget on the giant screens put up outside parliament building.
2014 National Budget
COMMENTS
CHINAmasa what do you know about the economy….this is the blind leading the blind into an economic blackhole through forces of corruption, greed, incompetence, ignorance and total lack of sympathy for the disenfranchised majority. Its Criminal.
It always amazes me how Zanu concocts these lofty works of fiction – and amazingly actually seem to pretend to believe them, until the wheels fall off, gravity reasserts itself and these pies in the sky all come crashing to the ground.
Zanu are mentally and emotionaly incapable of resurrecting the economy – they just do not possess the required mental machinery. It is very sad to watch a nation being driven over a cliff of no return by geriatrics who still believe in diesel from rocks and Communism.
I am beginning to believe that not only do have to be a crook in order to be allowed to join the Politburo (what a lovely old Communist name – Cde’s!) but you have to be certifyably insane as well.