CZI calls for industry support in 2023 budget

Tapiwanashe Mangwiro

The Confederation of Zimbabwe Industry (CZI) has called for the Ministry of Finance and Economic Development to improve its support for industry in its upcoming 2023 budget.

CZI has said the previous budget made promises to industry that have not yet been fulfilled, and such sentiments have been voiced by the ministry of industry as well as tourism sector.

According to CZI, the policy environment should ensure that the ease of doing business is prioritised, which would see the removal of all policy constraints that threaten the smooth operations of business.

The lobby group said this in their pre-budget document, which they said would help in pushing production in the country.

CZI said the 2023 National Budget should generally be centred on removing constraints for business operations as a way of making business attractive for financing.

“In particular, the National Competitiveness Commission should finalise the Regulatory Impact Assessment tool that they are working on for implementation on January 1, 2023 to enable to tool to be used to streamline the Ease of Doing Business drive,” said the report.

In the 2022 National Budget highlighted that there was US$30 million that would be allocated towards the productive sector value chains while a retooling revolving fund for new equipment and replacement for value chains was to be created.

It has been reported that the funds have not been disbursed and not yet known when that will happen. CZI has urged Treasury to release the IMF Special Drawing Rights resources to facilitate value chain development by March 31, 2023 in order to get the desired growth targets.