The Minister of Finance and Investment Promotion, Professor Mthuli Ncube has presented the 2024 national budget, outlining key strategies to address economic challenges and drive sustainable growth in Zimbabwe.
Presenting the ZWL $58.2 trillion budget at the New Parliament Building, Professor Ncube said Zimbabwe’s economic growth is projected to reach 5.5% by the end of 2023, which is higher than the previously projected figure.
“I am pleased to announce that Zimbabwe’s economic growth is projected to reach 5.5% by the end of 2023, surpassing our previous forecasts,” stated Minister Ncube. He further acknowledged that the impact of drought is expected to result in a decline in the growth rate to 3.5% in 2024.
The budget statement announced that civil servants’ USD 300 covid-19 allowance would be pensionable beginning January next year while also increasing the tax-free portion of bonuses from ZWL 500 000 to ZWL $7 500 00 effective 1 November 2023.
In terms of exports, merchandise exports in Zimbabwe stood at US$5.2 billion during the first nine months of the year. It is projected that by the end of 2023, exports will increase by 4.3% to US$7.3 billion, driven by higher exports of tobacco, lithium, and diamonds.
Professor Ncube said that the government will continue to support the mining sector to ensure sustainable growth of the sector projected at 7.6% in 2024, driven by ongoing investment in PGMs, gold, coal and lithium, among others.
He proposed a 1 % levy on gross proceeds of lithium, black granite and other cut or uncut dimensional stone and quarry stone to help develop basic services in local communities such as water , health care and sanitation among others.