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Zimbabwe more than doubled its spending plans for 2023 as it seeks to revive an economy that exited a recession last year.   
Expenditure will increase by 121% to 4.2 trillion Zimbabwe dollars ($6.5 billion) budget, according to Finance and Economic Development Minister Mthuli Ncube.
He made the projections this Thursday while presenting the 2023 Budget at the newly built multi-million dollar Parliament building in Mt Hampden located 23 kilometres (14 miles) north of Harare.
In his presentation aired on national television, Ncube said the bulk of the funds will be spent on social services and infrastructure projects with a key focus on the mining, energy and agricultural sectors to induce economic growth.
Ncube also estimated gross domestic product (GDP) growth to slow to 3.8% next year from the 4% forecast for 2022. 
More from the Budget presentation:
<blockquote>
a). The Minister expects ZW$21.8 trillion in revenue
b). About ZW$76 billion was allocated toward next year’s general elections in which President Emmerson Mnangagwa is seeking re-election.
c). Budget deficit to GDP is forecast at 1.5%.
d). The government plans a bond issuance on the <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange</a> to fill the funding gap.
e). Youth, Sport, Recreation, Arts and Culture was allocated ZW$25.136 billion.
f). Health and Childcare was allocated ZW$473.7582 billion 
g). Lands, Agriculture, Water, Climate and Rural Resettlement was allocated ZW$362,5206 billion 
h). Defence was allocated ZW$331.1431 billion
</blockquote>
Ncube also highlighted that local economic growth is being affected by economic growth globally which is stunted due to tightening financial conditions as central bankers, including The Reserve Bank of Zimbabwe (RBZ), try to curb high inflation.
These measures have worsened an already dire situation following the war in Ukraine and China’s slowdown. Zimbabwe’s benchmark interest rate is at 200%, while annual inflation is at 269%. 
The IMF last month cut its forecast for global growth next year to 2.7%, from 2.9% and sees Zimbabwe’s economy expanding at 2.8%.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Zimbabwe's Spending To More Than Double In 2023 - Finance Minister

Thieves broke into Finance and Economic Development Minister, Professor Mthuli Ncube’s Toyota Land Cruiser V8 on Tuesday and stole two iPhones belonging to the Minister.
According to a Police memo seen by The Mirror, the unknown suspects committed the crime after the Minister’s driver and aide Life Jejeje (43) and Emmanuel Samanga (43) respectively parked at Culture Resort Centre in Hillside, Harare to buy some foods.
Jejeje locked the car and the two went away for 15 minutes. They returned to find the rear passenger door glass broken. They discovered that a black bag belonging to the Minister and containing two iPhones, US$1 000, international credit cards and various documents had been stolen.
CCTV footage showed that the suspects used a white Toyota Mark X whose number plates could be hardly seen. A dark and slim man disembarked from the car and broke into the Land Cruiser. Although his face could not clearly show his fingerprints were picked by the Police.
Investigations are continuing.
More: <a href="https://masvingomirror.com/thieves-steal-mthuli-ncube-iphones/">Masvingo Mirror</a>

Thieves Break Into Mthuli Ncube's Car, Steal Cash, Documents

Finance Minister Mthuli Ncube has explained why he has decided on his allocations to <a href="https://news.pindula.co.zw/2020/10/15/ncube-2021-budget-to-fund-anti-corruption-units/">security forces and bodies that fight corruption in the government in his 2021 National budget</a>, the Daily News reports.
Ncube said peace is important for growth and where there is no peace investors will not come, Ncube was launching  the 2021 pre-national budget strategy in Harare when he said:
<blockquote>
If you don’t have peace in the country you can’t invest, you can’t move around easily or feel safe. It is terrible for doing business. So, peace is very important.
Capacitation of our law enforcement agencies is, therefore, critical —whether it’s the police, the army, whoever it’s … We want to make sure that they are well-resourced.
Ideally, what we need is cantonment. You don’t want your military to be living among civilians as if it’s the norm … So, we will continue doing what we have been doing to make sure peace and cantonment are achieved.
In some cases, when you have a small issue in your house then you … have to offer police transport as the victim. That ought to be a thing of the past.
We want to capacitate our police and deal with corruption and ensure that the agencies tasked to deal with corruption are adequately capacitated, be it the Zimbabwe Anti-Corruption Commission (Zacc) or the police. That is a critical element for ease of doing business,
</blockquote>
Ncube also made claims that the government aims to maintain a 5% growth until 2030 and said:
<blockquote>We will want to maintain a growth rate average of five percent until the year 2030. If we do that, we will reach upper middle income for sure … there is nothing stopping us from doing this,</blockquote>
Ncube who since he became the Finance Minister <a href="https://news.pindula.co.zw/2020/07/18/list-8-times-mthuli-ncube-proclaimed-a-budget-surplus-since-he-became-the-treasury-boss/">has declared surpluses 8 times</a> is yet to do any meaningful reforms that will take Zimbabwe out of an economic pit.
More: <a href="https://dailynews.co.zw/ncube-says-peace-key-to-zim-growth/?_ga=2.240734912.2113304458.1602994906-758380253.1602847777">Daily News </a>

Peace Is Important When It Comes To Growth - Mthuli Ncube Defends His Budget Proposal

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