LIVE: 2022 National Budget Presentation

Source: LIVE: 2022 National Budget Presentation | Newsday (News)

Finance Minister Mthuli Ncube arrives for the 2022 National budget presentation at Parliament building in Harare

  • Growth projection for is estimated at 5.5% underpinned by high production in mining, agriculture and tourism

  • Preliminary estimates show current account balance slightly narrowed, from a surplus of US$688.2 million in the first nine months of 2020, to a surplus of US$684.4 million for the same period in 2021

Year on Year inflation currently stands at below 100%, a marked decline from 1000% in 2020.

Human Health and Social work activities to contribute 2.4 % of local GDP together with Arts, Entertainment and recreation.
At the very top we have Domestic Services contribute 3.5 %

  • Revenue collections during the first 9 months to Sept 2021 amounted to ZW$317.4 Bil against the projected ZW$291.5 Bil, giving a positive variance of ZW$25.8 Bil (8.9%), these are now expected to reach ZW$495.01 billion (16.6% of GDP) by December 31, 2021

  • Total public debt as at end Sept 2021 stands at US$13.7 billion, comprising of public external debt of US$13.2 billion, which now include blocked funds from RBZ, & domestic debt of US$532 million

  • From January to September 2021, Zim received development assistance amounting to US$647.6 million, of which US$401.7 million was from bilateral partners and US$245.9 million from multilateral partners

  • Expenditures in 2022 are projected at ZWL$927.3 billion (18.3% of GDP). Total recurrent spending will constitute 13.4% of GDP, while capital programmes will take up 5% of GDP. Employment costs will be contained at about 6.7% of GDP or 36.7% of revenues

  • Agricultural sector – $124 billion

  • Mining sector – $3 billion as gvt forges ahead with a $12 billion mining economy

  • Industry and Commerce – $3.9 billion

  • Tourism and Environment – ZWL$3.7 billion to the Ministry of Environment, Climate, Tourism and Hospitality Industry, which should also cater for implementation of climate change mitigation measures.

  • Youth, Sport, Arts and Recreation – ZWL$7.8 billion which targets rehabilitation and upgrading of sporting facilities as well as youth entrepreneurship initiatives such as “youth in mining” and “youth in agriculture”

  • 4.7 billion – Ministry of women affairs for interventions tailor made to empower their programmes

  • Infrastructure development – $156.4 billion

  • Transportation sector – $60.8 billion

  • Ministry of Energy & Power Development – $3.9 billion

  • Information & communications technology (ICT)development – $3.3 billion

  • Ministry of Primary & Secondary Education – $124 billion

  • Ministry of #Health & Child Care – 14.9 % of the National Budget, $117.7 billion

  • Ministry of Information, Publicity & Broadcasting Services – $2.7 billion

  • Agric sector – $124 billion

  • Duty free importation of capital goods is proposed subject to specific requirements
  • Proposed to extend duty suspension of milk powder imports

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