Vusumuzi Dube
Rutendo Nyeve, Sunday News Reporter
THE Minister of Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube is today (Thursday) set to present the Mid-Term Budget and Economic Review of the first six months of the year.
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 compared to 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 gross domestic product growth, inflation rates, unemployment levels and external factors like global commodity prices.
On Tuesday, the Minister of Information, Publicity and Broadcasting Services Dr Jenfan Muswere confirmed in a post cabinet briefing that the cabinet had received the 2024 Mid-Year Budget and Economic Review, as presented by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube.
He said full details of the review will be presented to parliament on Thursday (today) as per standing statutory requirements. The 2025 Budget Strategy Paper was also presented to Cabinet for noting.
Prof Ncube told our sister paper, The Sunday Mail recently that the budget review will focus on the economy’s performance since January.
“I will be presenting the Mid-Term Budget and Economic Review probably at the end of this month,” he said.
“This will highlight how the economy has performed over the past six months. There, however, will be no supplementary budget because we have enough funds for everything that we need to do.”
The review will highlight economic performance and budget implementation. It will also show the adjustments needed to meet this year’s budget and National Development Strategy 1 (NDS1) objectives.
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.
@nyeve14
Online Reporter