The 2016 Mid-Term Budget Review Live

The 2016 Mid-Term Budget Review Live

HARARE, September 8 (The Source) – Live updates of the Mid-Term Fiscal Policy Review

• Mid-term review primarily premised on #ZimAsset and 10-point plan, says Chinamasa
• GDP seen at 1,2%
• Exports down nine percent at
• Diaspora remittances to June $389,9 mln
• Revenue seen at $3,755 bln, down 2,5pct
• Budget deficit seen at $623 million from budget of $150mln
• Govt to maintain multicurrency system until economic fundamentals are strong enough to support a local currency
• Tobacco above target at 201mln kg as at September 5
• Maize output seen at 511 tonnes in 2015/16 season. Farmers all paid.
• Zim has 8 months supply of maize
• A national desiltation programme for national dams to improve capacity for irrigation
• Brazil facility gave Zim equipment worth $38,4mln for 155 irrigation schemes
• Expediting evaluation $42,7 mln paid out to 43 farmers who lost land under land grab
• Presidential scheme to benefit 800k households with farming inputs
• Govt to support 300k smallholder cotton farmers to put 350k ha under cotton
• GMB buying maize at $390 vs $250 by private buyers. Govt to move GMB buying price towards import price parity
• Angwa, Mazowe, Save, Gache Gache Rivers targeted for riverbed #gold mining
• Govt to set up a mining industry loan fund for small-scale miners
• Govt plans to leverage on resources
• Diamond output at 972 carats against target of 6 million carats
• Hwange Colliery employs 3,200 workers, business can support 800
• Hwange Colliery to shed non-core asset, with housing to the Local govt ministry. Cue boos from MPs who smell corruption
• Diamond production at 972,765 carats against target of 16mln carat
• Trade support in the form of controversial SIs not permanent, Chinamasa warns industry
• SEDCO to be refinanced with $10mln fund to support SMEs. $5mln for a Women’s Bank
• A national tourism policy to be out by December. Visa policy to be reviewed to make entry easy Chinese and Turkish visa requirements to be relaxed
• Adopt a Rand-based pricing system to counter strong dollar, tour operators told
• The Tokwe-Mukorsi dam to be completed by December this year
• Expedite Special Economic Zones implementation, Chinamasa urges fellow minister Obert Mpofu
• Automation in govt payment systems promoting transparency
• Wage bill at 96,8pct of revenue in six months to June. Revenue likely to fall short of meeting employment costs
• Parastatals being tightly monitored by Treasury teams to address corporate governance concerns
• 159 statutes aligned to new constitution
• External debt at $7,5bln, 80pct being arrears. Public debt at $9,6bln
• Rebates on POS machines to facilitate transition to plastic money
• To put in place revenue measures to support cement, fertilizer, metals production industries