If all goes according to plan, Finance Minister Patrick Chinamasa’s 2018 budget will be remembered chiefly for its promised repeal of the Indigenisation Act, except for the diamond and platinum industries.
Mineral export receipts are projected to grow 8.7 percent to $2.5 billion next year from $2.3 billion in 2017 driven by the anticipated output growth and modest recovery in international mineral prices.
Finance Minister Patrick Chinamasa yesterday presented the first budget under the presidency of Emmerson Mnangagwa, seen as key to Zimbabwe’s economic recovery by restricting thresholds of the controversial Indigenisation Act to platinum and diamonds while re-engaging foreign debtors on the 2015 Lima debt clearance plan Here are five takeaways: The Indigenisation albatross Chinamasa took a hammer to the Indigenisation and Economic Empowerment Act, passed in 2008 by Robert Mugabe and has been key to his reelection in the 2008 and 2013 elections.
Finance Minister Patrick Chinamasa today said the government will next year regularise life style audits of all public office holders to ensure that their lifestyle is commensurate with their level of income. “Where it is palpably manifest that their asset base is inconsistent with their level of income, it must be incumbent upon that officer to give an account of their sources of income justifying their wealth,” Chinamasa said in his budget presentation.
Finance minister Patrick Chinamasa today presented the country’s 2018 budget which focused on cutting government spending.
Former Finance Minister Ignatius Chombo was today granted $5 000 bail while former Zimbabwe African National Union-Patriotic Front youth leader Kudzanai Chipanga got $500 bail.
Zimbabwe’s economy will grow by 3.7 percent this year, rising to 4.5 next year, Finance Minister Patrick Chinamasa said today as he presented the 2018 national budget with a $5.8 billion envelope.