adminFulton continues to make strides
TRIATHLON Zimbabwe national coach, Pamela Fulton, has hailed the Women’s Sport Leadership Academy High Preformance Coaches course.
Argentinian minister fired over vaccination scandal
Buenos Aires. – Argentine President Alberto Fernandez fired his health minister in an attempt to defuse a scandal over government allies having received preferential access to Covid-19 vaccinations.
Duo’s 16 house-breaking spree ends
Police have arrested two suspects on allegations of breaking into 16 houses in and around Chitungwiza and Harare, targeting various electrical gadgets and property.
How Psychology can be Africanised
It’s well documented by many scholars that psychological warfare took place for a long time as part of the colonial conquest.
The two pains of life for every youth
Happy National Youth Day! What a time to be alive. The fact that you’re still alive and able to read this article means God is not yet finished with you.
Manchester City extended winning run to 18 games
London. — Manchester City extended their winning run to 18 games as they continued their impressive march towards the Premier League title with 1-0 victory at Arsenal.
Knives out for Madondo
Redwing Mine workers have lost confidence in the mine’s corporate rescue practitioner Dr Cecil Madondo, who is facing criminal charges, and want him immediately replaced.
Topsy stock markets spark more ‘bubble’ chatter
LONDON.- A strong start for world equities in 2021 after the fastest bear-to-bull market switch last year has prompted market experts to flag worries about pricey assets, with Bank of America calling it the “mother-of-all asset bubbles”.
SA’s rebound to trim budget deficit
South Africa’s consolidated fiscal deficit is expected to narrow this year because of an economic rebound, although the long-term trend of higher debt remains unchanged due to Covid-19 and pre-existing spending, a Reuters poll forecast last Friday.
In a poll taken this week, 2021 economic growth was expected to rebound to 3,5 percent after an estimated 7,4 percent contraction last year, probably bolstering revenue collections and narrowing deficits for the next financial year to 9,7 percent of gross domestic product, to 8,5 percent for 2022/23 and 7,5 percent in 2023/24.
As in other countries, Covid-19 spending doubled the South African budget last year. The 2020/21 deficit was estimated at 13,95 percent of GDP in the poll with only about six weeks left.
In October, the National Treasury’s consolidated budget estimated a 15,7 percent deficit of GDP in the year ending March, 10,1 percent for next year, and 8,6 percent and 7,3 percent for the following years respectively.
Nedbank economists wrote that the 2020/21 budget was expected to be much better than presented in the medium-term budget statement in October from the National Treasury.
“Revenue collections have been better than estimated on the back of a stronger-than-expected economic rebound, while expenditure will be slightly lower than estimated, resulting in a narrower budget deficit,” wrote Isaac Matshego at Nedbank.
“The budget deficit, however, will be relatively sticky (in the medium term) as actual expenditure cuts are unlikely to be achieved over the period.”
A similar poll in October suggested South Africa’s consolidated fiscal deficit would widen further than projected, three months before in an emergency Covid-19 budget, as a third-quarter rebound would not generate enough tax revenues.
Still, economists have noted speculation the National Treasury could raise taxes more aggressively this year in various ways, including a wealth tax or temporary “solidarity” tax to fund things like Covid-19 vaccine procurement, alongside the usual nudges to sin and personal taxes.
However, the “treasury recognises the country’s perceived onerous tax burden, not to mention the sharp knock to company profits that has continued to eat into corporate tax receipts in recent years,” said Jeffrey Schultz at BNP Paribas.
Consumer inflation was expected to average 3,9 percent this year and 4,3 percent next year, still below the midpoint of the Reserve Bank’s 3 percent to 6 percent comfort level.
“As a result, the main tax measures announced will be in the form of the usual above-CPI increases for excise duties and fuel levies, rather than anything that could risk damaging an already fragile and concentrated tax base,” Schultz added.
Gross national debt was projected by the government to stabilise at 95,3 percent of GDP by 2025/26, more or less in line with the poll’s median which expected it at 92,7 percent in 2023/24.— Reuters.
ICT masterplan to guide industrialisation
Zimbabwe’s implementation of the Fourth Industrial Revolution (4IR) will be guided by the Smart Zimbabwe 2030 masterplan initiated last year, Information Communication Technology, Postal and Courier Services Minister Jenfan Muswere has said.