HARARE Zimbabwe (Xinhua) --
Zimbabwean Finance Minister Patrick Chinamasa on Thursday reiterated that the
country’s stuttering economy will grow by 3.7 pct in 2017 from 0.6 percent last
year, underpinned by strong performance in agriculture, mining, electricity and
agriculture was expected to grow by a whopping 21.3 percent while mining will
expand by 5.21 percent and 2.5 percent for electricity and water.
record a bumper maize harvest of 2.1 million tonnes in 2017 due to good rains,
up from 512,000 tonnes in 2016 and more than the national requirement of 1.8
mining was expected to be spurred by the partial recovery in international
commodity prices expected this year, the minister said while presenting an
annual budget review statement in parliament.
Bank has forecast Zimbabwe’s economy to grow by 2.8 percent in 2017.
said the Zimbabwe government had earmarked 334 million U.S. dollars for command
agriculture support in the 2017/18 agriculture season.
Buoyed by the
success of its inaugural command maize production scheme this year, the
government has announced that it will expand the scheme to wheat, livestock,
fisheries and wildlife next year to boost food security in the country.
“This will be
complemented by the presidential input scheme costing 153.1 million dollars to
cater for about 1.8 million rural vulnerable households,” Chinamasa said.
following the bumper harvest government had banned maize imports and reached an
arrangement with millers for them to buy 800,000 tonnes of maize from state
grain procurer at an import parity price.
had already paid 30 million dollars to government for the maize purchased.
the minister decried high government wage bill, which accounted for 65.5 percent
and 91.7 percent of overall budget expenditure and revenue in 2016.
He called for
further measures to cut the civil service workforce to contain runway government
expenditure against declining revenue.
said Zimbabwe received 471.2 million dollars from development partners in 2016.
deficit for 2016 rose to 1.4 billion, higher than 1.18 initially announced in
December, Chinamasa said.
widened mainly due to government mobilization of funds to meet grain imports
following a severe drought which left a quarter of the rural population in need
of food aid.
also widened after government paid 134 million dollars as compensation to white
former commercial farmers, the minister said.
embarked on the land reform exercise beginning in 2000 under which it
repossessed land from white commercial farmers for redistribution to landless
Zimbabwe surpasses 2017 first half revenue
HARARE (Xinhua) -- Zimbabwe
surpassed its revenue target for the first half of 2017 by 9.74 percent after
net collections stood at 1.701 billion U.S. dollars against 1.550 billion
dollars collected during the same period last year.
collections for the period under review stood at 1.789 billion dollars, 8.05
percent above target, the Zimbabwe Revenue Authority (ZIMRA) said Thursday.
valued added tax on imports, mining royalties, dividends, fees, interest
remittances and other indirect taxes surpassed their set targets for the first
half of 2017,” ZIMRA said.
attributed the positive performance to revenue enhancement measures it is
implementing such as automation, audits and anti-corruption initiatives.
chairperson Willia Bonyongwe said the tax agency was upping its fight against
tax corruption, pointing out that during the period, the anti-corruption hotline
received 394 reports, out of which 218 were fully investigated while the
remaining cases were still under different stages of investigation.
investigations yielded about 120 million dollars in assessments,” Bonyongwe
for more measures to increase tax compliance, noting that “most traders in the
central business district and major shopping centers are yet to comply.”
said Zimbabwe could easily collect 6 billion dollars in revenue annually if
everyone was tax compliant.
She said tax
debt increased by 16.85 percent during the first half from 2.76 billion dollars
in January to 3.12 billion dollars as at June 30, as companies struggle to
survive in the difficult economic environment.
projected revenue target for 2017 is 3.4 billion dollars against an expenditure
of 3.7 billion dollars.