All set for 2025 Budget Presentation All is set for the presentation of the 2025 National Budget at the New Parliament Building in Mt Hampden.
Cabinet Ministers and parliamentarians have started arriving.
Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube has already arrived and is expected to present the fiscal policy statement shortly.
Vice President Constantino Chiwenga has arrived into the National Assembly at the New Parliament Building in Mt Hampden for the 2025 National Budget presentation by Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube
President Mnangagwa has arrived at the New Parliament Building in Mt Hampden for the 2025 National Budget presentation by Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube
Speaker of the National Assembly Advocate Jacob Mudenda informs the House that Professor Mthuli Ncube will present the budget at 14.30 hrs and suspends business of the House till then
Professor Ncube begins his budget presentation
He says 2024 presented both challenges and opportunities
Prof Ncube says 2024 has been an extra-ordinary year characterised by a number of challenges, howver the economy has been resilient to the internal and external shocks which have negative implicatiions to the attainment of the Vision 2030 of Zimbabwe becoming an upper middle income society underpinned by the National Development Strategy 1.
(NDS 1).
NDS 1, the five-year economic development blueprint comes to an end in 2025.
Says the economy is expected to grow by 2 percent due to the effects of the El-Nino induced drought.
“Inflation: prices of goods have relatively been stable following the introduction of the ZiG.”.
Professor Ncube says the 2025 national Budget will focus on macro-economic stability and growth.
ZiG 22,9 billion has been set aside for the agricultural sector to enhance production.
The mining sector is expected to grow by 2,3 percent which is lower than expected due to lower global prices in PGM. The sector is however expected to grow by 5,3 percent in 2025
The tourism sector is also expected to grow due to the positive impact of various policies adopted.
ZiG5,4 billion allocated to Min of Transport for infrastructure development under its purview
The Ministry of Energy and Power Development has been allocated ZiG259,8 billion to boost power generation in the country
Gender equity, SME ZiG1,02billion to support empowerment projects in women-led enterprises and SMEs.
ZiG1,3 billion was allocated to the Ministry of Women’s Affairs to fund empowerment institutions like the Women’s Microfinance Bank and SMEDCO
Ministry of Public and Social ZiG10,7 billion set aside for social protection programmes to cushion vulnerable groups and reform
Customs duty on electric vehicles reduced from 40pc to 25pc with effect from Jan 1, 2025
Prof Ncube concludes the presentation
