via All set for mid-term fiscal policy review | The Herald July 29, 2015
FINANCE Minister Patrick Chinamasa will tomorrow present the 2015 Mid-Term Fiscal Policy Review Statement, which should contain measures to breathe life into the economy and grow State revenue. “Finance Minister Patrick Chinamasa will present to the House of Assembly and Senate the 2015 Mid-Year Fiscal Policy Review Statement on Thursday 30 July 2015,” the Ministry of Finance said in a statement.
Minister Chinamasa has his hands full of issues affecting the economy, some which have been long standing and others that emerged over the last few years to add to existing challenges.
Top of his priorities will be addressing slowing economic growth, with the World Bank revising growth downwards from 2,74 percent to 1 percent due to a poor agricultural season and falling global mineral prices.
Other issues include persistent liquidity crisis, low industrial productivity, uncompetitiveness, high taxes, falling revenue inflows, rising imports, stagnant export growth and an unsustainable State wage bill.
In the wake of the growing problem of vending in the country, especially in the central business districts of major towns and cities, the policy must also pronounce measures to create new formal jobs.
This will require bolder initiatives to attract foreign direct investment, which has recently included the setting up of Special Economic Zones and enhancing the ease of doing business conditions among others efforts.