2018 Parliamentary pre-budget seminar starts in Vic Falls

Senior Business Reporter
THE 2018 Parliamentary pre-budget seminar is set to begin in Victoria Falls tomorrow with legislators and ministers expected to deliberate on critical economic issues and laying the roadmap to guide the upcoming fiscal policy.

Parliament senior public relations officer Mr Addmore Nyamuramba said:

“The 2018 Pre-Budget Seminar will be held from November 8-12 at a hotel in the resort town”.

Speaking by telephone from Harare yesterday, the chairperson of the Parliamentary Portfolio Committee on Budget and Finance, David Chapfika, said deliberations at the upcoming seminar would focus on issues raised during the public consultations.

“Tomorrow the 8th of November legislators and several Government Ministers will be travelling to Victoria Falls for the 2018 pre-budget workshop. Deliberations will be centred on issues raised during the public consultations; such matters include the need to fund existing capital projects, funding agriculture and manufacturing,” he said.

Chapfika said Finance and Economic Development Minister Dr Ignatius Chombo was expected to present the 2018 fiscal policy statement on November 23.

Last year, the 2017 Parliamentary pre-budget seminar was held in Bulawayo under the theme “Enhancing transformative economic development through domestic resource mobilisation and utilisation”.

During the event, the Public Accounts Portfolio Committee interrogated revenue targets, collection and performance of the 2016 national budget and the key budget assumptions for this year.

Chapfika could not be drawn into commenting on the speakers that have been lined up for the upcoming business event as he did not have the details off hand.

Considering the issues raised during the 2018 national budget public consultations across the country, indications are that Treasury needs to work hard to satisfy the nation’s expectations.

During the public consultations, participants called for increased social spending but this may be difficult due to the huge budget deficit which presently stands at about 8.4 percent of Zimbabwe’s Gross Domestic Product.

In the 2018 national budget, Dr Chombo is also expected to address matters relating to the need for equitable job creation and improvement in living standards.

Some of the proposals made during the public consultations included availing loans to industry at accessible rates, increased beneficiation in the mining sector, issuance of bonds at competitive rates, upward review of civil servants salaries and increasing the tax-free threshold.

The Government has also been urged to ensure there is adequate funding for research and development, an area considered critical in boosting economic growth.