MPs hail Mid-Term Budget review

Minister Professor Mthuli Ncube

Farirai Machivenyika

Senior Reporter

THE country is on course to achieve an upper-middle income society by 2030 due to the economy’s growth projections, the National Assembly has heard.

In his presentation during debate on the Mid-Term Budget Review statement presented by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube last month, Masvingo South legislator Tanatsiwa Mukomberi said the growth projections of 6 percent and rebasing of the GDP to US$48,5 billion showed positivity in the economy.

“The 2025 Budget is based on an economic growth rate of six percent due to the performance of agriculture, while the increase in the contribution of the manufacturing sector to the GDP is welcome,” he told Parliament on Tuesday.

Mr Mukomberi said the upward re-basing of the GDP by the Zimbabwe National Statistics Agency meant the country’s GDP per capita now stood at US$3 000.

“This means achievement of an upper-middle-income society by 2030 is now possible,” he said.

Manicaland youth quota representative Stanley Sakupwanya, welcomed Government’s move to revise and streamline business levies, fees and other statutory obligations.

“The move to reduce and streamline levies and licences speaks to the Government’s commitment to the ease of doing business which will attract investment and create employment,” Mr Sakupwanya said.

In his contribution to the debate, Chipinge East representative Lincoln Dhliwayo said Government’s investment in infrastructure development was a positive move for the economy.

“The construction of roads and dams which is going on countrywide, especially in the face of sanctions and using domestic resources is a sign of the economy’s performance and resilience,” Mr Dhliwayo said.

The achievement of an upper middle-income society is underpinned by the National Development Strategy 1 (NDS1) which will be replaced by NDS2 later this year.