Budget Theme “Building a Strong Foundation for Future Prosperity” Transitional Stabilisation Programme Implementation Progress • Fiscal and monetary policy successfully shifted to a disciplined and sustainable regime. • The ‘twin-deficit’ was successfully tackled, and 2019 has so far seen consistent fiscal surpluses and a substantial improvement in the current account balance. • The current account, for the first time since 2009, registered a surplus in the first quarter of 2019. • Monthly revenue collections for the first six months amounted to ZWL$5.0 billion, against expenditures of ZWL$4.2 billion. • A cumulative budget surplus of ZWL$803.6 million was therefore realised in the first half of 2019. • Domestic debt declined from ZWL$9.5 to ZWL$8.8 billion - a reduction of 7.4%. • Comprehensive currency reforms are being implemented to restore independent monetary policy and to create further scope for enhanced competitiveness of exports and import substitution. • Month-on-month inflation averaged 12.4% in the first half of 2019 against 6.4% recorded in the last half of 2018. • Given substantial headwinds including damages caused by a major drought and cyclone Idai, the initially projected GDP growth is likely unattainable. • In order to build a track record of sound economic policies, Government has signed off on a Staff Monitored Programme with the International Monetary Fund to run from March 2019 to March 2020.
2019_Mid_Term_National_Budget_Highlights.pdf