Finance Minister Ncube Says 2024 Budget To Boost Economic Growth, Create Jobs, Increase Incomes

Zimbabwe’s Finance Minister, Professor Mthuli Ncube, plans to boost economic growth, create jobs, and increase incomes in the 2024 National Budget. Priority areas include value chains, infrastructure, devolution, and human capital development, The Herald reported.

He said that the budget will follow a strict monetary and fiscal framework. Ncube added that the goal is to achieve an upper-middle-class income economy by 2030, as outlined in the National Development Strategy. Speaking during a pre-budget consultation seminar held at the New Parliament Building in Mount Hampden, Ncube said:

Consistent with the objectives of NDS1 and the need to create a resilient and complex economy which can generate decent jobs and higher incomes, the forthcoming national budget will focus on the following priority areas: economic growth and macro-economic stability, supporting productive value chains, infrastructure, ICTs and digital economy, youth, sport, arts and culture, women, gender equity and SMEs, devolution and decentralisation, human capital development, among others.

Ncube added that the Treasury achieved budget compliance and cost-effective procurement in 2022, saving 30% through value-for-money practices. He said the government aims to strengthen procurement regulations and introduce an e-procurement system. He added that Zimbabwe’s economy is growing, with current account surpluses and declining inflation. Ncube also claimed that export receipts and government revenues have risen to around US$7 billion. He also reported that the “thriving economy” is evident from increased imports. Professor Ncube highlighted achievements like airport refurbishments, energy and water infrastructure improvements, and dam construction.

A week ago, Ncube stated that the total national budget would be ZWL$44 trillion in 2024 which is less than ZWL$110 trillion requested by various government ministries and departments. Economists are concerned that the deficit would affect government operations and the economy. 

More Pindula News