Chinamasa to present the Budget Review Statement

Chinamasa to present the Budget Review Statement
Published: 19 July 2017
FINANCE and Economic Development Minister Patrick Chinamasa will present Zimbabwe's Annual Budget Review Statement and the 2017 Economic Outlook in the National Assembly tomorrow as a way to appraise the performance of the Zimbabwean economy up to date, the Assistant Clerk of Parliament said in a statement.

According to information released by treasury, the review and outlook of the budget will also provide data on tax issues, budgetary allocations, revision of growth targets, compliance to specific aims among other factors.

The Annual Budget Review will replace the traditional Mid-Term Fiscal Policy review that Treasury used to present in July or August each year.
 
"The presentation is pursuant to section 7(2) (a) of the Public Finance Management Act which prescribes that: 'For the purposes of the full discharge of the duties set out in subsection, the Minister shall ensure that - full and transparent accounts are from time to time and not less than annually made to Parliament indicating the current and projected state of the economy, the public resources of Zimbabwe and the fiscal policy of the Government'," Assistant Clerk of Parliament, Johane Gandiwa, said in a statement.

The review also comes at a time when Minister Chinamasa told investors on Tuesday evening that Zimbabwe has registered a positive foreign currency net position of $225,9 million in the first half of this year compared to $74,5 million in the same period last year on account of increased gold receipts and reduced food imports.

"We need to understand the dynamics of the situation so that the economy can unlock more growth potential in the future," said Chinamasa.

Meanwhile, the Reserve Bank's Monetary Policy Review is expected to be announced this month, as a number of developments have unfolded in the financial sector since the announcement of the 2017 Monetary Policy in early February. Already the central bank has hinted on enhancing the bond notes facility beyond $200 million to ease the cash shortages in the economy.

- Businessdaily
Tags: Chinamasa,

Comments

Latest News

Latest Published Reports

Latest jobs