Budget speech set for November 25

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By Business Reporter

HARARE – The 2022 National Budget giving the revenue and expenditure plans for next year will be tabled in Parliament on November 25 and is expected to steer Government programmes under the National Development Strategy 1.

Finance and Economic Development Minister Mthuli Ncube said in Harare last night during the annual Indian Technical and Economic Cooperation (ITEC) celebrations that following the 2022 budget strategy paper in July under the theme; “Reinforcing sustainable economic recovery and resilience”, the final budget was now being prepared.

“This will be the second budget in the implementation of our blueprint, the NDS1,” said Minister Ncube.

He thanked the Indian government for the strong cooperation existing between the two nations which had been strengthened since independence.

“I would like to take this opportunity to acknowledge the support the Government of Zimbabwe has received, estimated at over US$500 million in the form of lines of credit, grants, technical assistance and humanitarian support,” said Prof Ncube.

“The support went towards various sectors of the economy that include energy, agriculture, water and sanitation, health, humanitarian and human capital development.”

Zimbabwe’s energy sector had benefited from a US$110 million upgrading of Bulawayo Thermal Power Station to its installed capacity of 100MW from the average 30MW.

“Loan commitment of US$300 million is still to be concluded, which will go towards Hwange Thermal Power Station life extension,” said Prof Ncube.

Other funds including US$48,1m was also injected for the Deka pumping station and river water intake system and US$49,92 million facility targeted for purchase of motor vehicles and spares from Ashok Leyland by the Ministry of Environment, Climate, Tourism and Hospitality Industry.

Indian Ambassador to Zimbabwe Mr Vijay Khanduja said the ITEC celebrations resumed after two years as they were disrupted by the Covid-19 pandemic.

“We celebrate the day with the aim of bringing together ITEC scholars to interact and learn about their experiences,” he said.

Ambassador Khanduja said ITEC was instituted in 1964 and now spreads over 160 countries across the globe.

Top officials from both Zimbabwe and the Indian government attended the celebrations.

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