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LIVE: Mthuli Ncube 2019 National budget presentation

by Staff reporter
22 November 2018 | 3542 Views
Finance and Economic Development Minister Professor Mthuli Ncube will be presenting the 2019 National Budget this afternoon at Parliament Building in Harare.
We bring you live updates from parliament.

Mthuli Ncube Budget Presentation
Bulawayo24 Live Updates
1729: "In conclusion, this budget will lead us to prosperity…"" said the Finance Minister. Quoting Immanuel Kant, he said: "We are not rich by what we possess, but by what we can do without."

1728: Govt committed to clearing all debts with ABD, World Bank and other financiers. Re-engagement with international financial institutions will be key in economic development

1712: Suspended duty on items used by the disabled….body creams, hearing aids, braille computers, wheel chairs, among others

1711: Prof Ncube proposed to suspended customs duty on sanitary ware for 12 months with effect from 1 December 2018. Imports of sanitary ware have also been suspended from paying VAT

1707: Turning to tax relief measures - Tax free threshold reviewed from $300 to $350

1705: Increased excise duty on fuel - 7cents per litre for diesel & paraffin and 6.5 cents on petrol with effect from 1 December 2018

1702: Imported vehicles will be levied duty in foreign currency in accepted currency with effect from 23 November 2018

1701: Turning to revenue enhancing measures - Excise duty on cigarettes reviewed to 25 dollars per 100 sticks with effect from 1 December 2018

1654: 100 public passenger buses (60 seater) to be imported next year – ring-fenced suspension of duty

1650: All MPs to access loans for vehicle financing

Industry and Commerce allocated $46 million.

1637: $15.4 million to Mines and Mining Development ministry

1636: Govt to embark exploration of minerals as precious stones in Zimbabwe have not been fully exploited, beneficiation, govt to deal with mining claims that are held for speculative purposes. Govt to resuscitate closed mines

1632: $81.2 million for Public Service ministry

1628: $694.5 million for Health and Child Care

1627: $1.132 billion for Primary and Secondary Education; $380.8 million for higher and tertiary education

1626: 2019 Budget $179.9 million for Local Govt ministry, over and above the over $300 million for devolution

1621: 2019 budget seeks to operationalise devolution through supporting provincial councils in 2019 - bill already approved for this

1620: $399 million for transport ministry; $17.9 for ICT ministry

1616: Agriculture measures - roll out of the revised 99 year lease to facilitate private sector financing to farmers, addressing land utilisation, finalizing the setting up of commodity exchange, robust land recovery system

1611: Public enterprise reforms - parastatals reforms, long awaited, will now be implemented through; Partial privatisation Full privatisation Liquidation

1609: $53.5 million for Youth, Sports, Arts and Recreation Ministry

1608: $381 million for Women's ministry

1606: Retooling fund to be established

1604: Tax for jobs - govt targeting a tax regime which encourages job creation

1603: Investment for jobs and inclusive growth a priority

1600: Multi-currency system remains in place

1554: To manage govt vehicle feet, the minister proposes that after work each vehicle must be parked at the nearest govt institution such as police station over night

1553: Ghost workers issue - to weed them out he proposes a biometric registration for civil servants with effect from 1 January 2019 - to properly account for every worker paid by govt

1547: Bonus payment - 13th cheque to be honoured before year end….this excludes transport and housing allowances

1545: 5 percent salary cuts effective 1 January 2019 for all senior positions from principal directors up to deputy ministers and ministers, including executive directors in state institutions

1543: Overdraft with RBZ - all central bank quasi-fiscal activities are being discontinued as they were an unnecessary burden on the fiscus

1540: Govt targets to reduce budget deficit to single digit level

1536: 2019 budget drivers - objective is to stabilise the economy in the shortest possible time - the drivers include microeconomic stabilisation, infrastructure development, privatization of parastatals

1534: Growth rate for 2019 has been put at 3.1 percent

1531: Fiscal imbalances cause an upsurge in inflation. Zimstat says year on year inflation has reached 15.46 percentages points. He says monthly inflation will fall from now on-wards following govt interventions including the suspension of SI 122

1529: Our overdraft window stands at $1.1 billion…….to close year at $2.5 billion which is well above the stipulated percentage

1524: Speaks of a marked improvement in employment levels. Also $15 billion worth of investment deals are being negotiated…..the economy is now 40 percent bigger…..Zimbabwe is now a lower middle income economy

1522: Austerity for prosperity is the key message for 2019 budget statement

1521: Measures on reducing expenditures to be implemented…to build a prosperous economy in line with Vision 2030

1520: Primary objective of the 2019 budget is to stabilise the economy.

1518: Speaks of creating a private-sector led economy

1517: Speaks of international re-engagement, clearing of debts, promotion of good governance, fighting corruption, turning Zimbabwe into an attractive investment destination - these issues are the core of a progressive economy

1514: Professor Mthuli Ncube now presenting the budget statement. Starts by mentioning the TSP, which he says will bring about stabilization of the economy in the next 2 years

1512: The Speaker of Parliament says President Mnangagwa is the President of Zimbabwe and no one should be allowed to undermine that, including honourable members, adding that appropriate action will be taken.

1457: Commotion in the house…..ZRP has been called in to assist to eject the MDC members of parliament. The MPs are refusing to leave the house.

1448: After some heckling in the house, Speaker of the National Assembly orders MPs to his left (MDC MPs) to leave the house for refusing to stand-up in acknowledgement as President Mnangagwa walked into the house.

1440: Speaker suspends business of the day to pave way for budget presentation at 1445 hours.

1435: A female legislator Honourable Lynette Karenyi complaints of sexual harassment of female members of parliament by their male counterparts.

Source: zbc


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