Mid-term budget review this Thursday

In an interview with The Herald, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said the Government expected to achieve single-digit year-on-year inflation in ZiG by the first quarter of this year, a milestone not seen in nearly three decades.

Online Reporter

FINANCE, Economic Development and Investment Promotion Minister Professor Mthuli Ncube will on Thursday present the Mid-Term Budget and Economic Review covering the first half of the year.

The review will highlight economic performance, budget implementation as well as the adjustments needed to meet the National Development Strategy 1 (NDS1) objectives.

The Parliament of Zimbabwe today released a list of items set to be presented in the national assembly this week.

Prof Ncube told The Sunday Mail Online that the budget review will focus on the economy’s performance since January.

“I will be presenting the Mid-Term Budget and Economic Review and it will highlight how the economy has performed over the past six months,” he said.

“There, however, will be no supplementary budget because we have enough funds for everything we need to do.”

A mid-term budget and economic review is an assessment conducted halfway through a country’s fiscal year.

It serves to review how the national budget is performing against initial projections.

This includes analysing revenue collection and expenditure on various programmes.

It also assesses the overall health of the economy, looking at factors like the growth of gross domestic product, inflation rates, unemployment levels and external factors like global commodity prices.

Based on the evaluation, the Government may adjust its budget by revising revenue or expenditure estimates to reflect changing economic realities.

In addition, the review can also help identify areas where economic policies may need tweaking, such as changes in tax rates, interest rates, or social spending programmes to address emerging economic challenges.