Monday, June 5, 2023
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Finance

Zimbabwe cuts growth forecast to 4.6 pct in 2022

by SAT Reporter
July 29, 2022
in Finance
0
Zimbabwe cuts growth forecast to 4.6 pct in 2022
0
VIEWS

Zimbabwe on Thursday revised down its growth forecast for 2022 from the initial 5.5 percent to 4.6 percent, reflecting the impact of the global environment as well as the domestic circumstances.

“The revision is necessary to allow spending agencies to meet increasing costs of undertaking originally budgeted programs and projects that will ensure the 2022 objectives are met,” said Zimbabwean Finance Minister Mthuli Ncube.

Prominent negative factors include rising commodity prices, supply chain disruptions, depreciation of the local currency and reduced output from the 2021/22 agriculture season, said the minister.

Inflationary pressures were driven partly by external factors that negatively affected import prices of raw materials, food and liquid fuels, Ncube said.

Imported inflation, he added, contributed significantly to domestic inflation through cost-push factors, whilst domestically, adverse inflationary pressures and exchange rate volatility were the main drivers of inflation.

Revenue collections to year-end are now projected at 1.7 trillion ZWL (4.69 billion U.S. dollars) while expenditures are now estimated at 1.9 trillion ZWL (5.25 billion dollars), against the approved budget of 968.3 billion ZWL (2.67 billion dollars), entailing an additional spending of 929 billion ZWL (2.56 billion dollars), he noted.

The 2022 national budget had aimed to raise 850.8 billion ZWL (2.35 billion dollars) in revenue against the expenditure of 968.3 billion ZWL (2.67 billion dollars), for a target budget deficit of 76.5 billion ZWL (211 million dollars).

According to the official, the Zimbabwean government has introduced measures to instill confidence, strengthen demand for local currency and foster market discipline to contain inflation.

He proposed a supplementary budget of 929 billion ZWL (2.23 billion dollars) to cater for rising costs due to rising inflation.

Ncube said the bulk of the supplementary budget is going towards employment costs to cushion public servants against the increasing costs of living.

He said development partners complemented fiscal resources with an amount of 190 million dollars, with bilateral partners contributing 164 million dollars while the remainder comes from multilateral partners.

To raise additional funds, Ncube also announced an increase of the royalty rate on mineral products, including platinum and lithium, from 2.5 percent to 5 percent, effective from Jan. 1, 2023.

The economy is projected to continue on the growth trajectory, with an expected growth rate of 5 percent in 2023, Ncube said.

Previous Post

In energy-starved South Africa, whites-only town basks in solar power

Next Post

Zimbabwe to host high-level forum on debt resolution

SAT Reporter

Related Posts

Top 5 economies in Sub-Saharan Africa to watch out for in 2023 – IMF
Finance

Top 5 economies in Sub-Saharan Africa to watch out for in 2023 – IMF

by SAT Reporter
June 5, 2023
Kenya Secures $500 Million Commercial Loan Amidst World Bank Support
Finance

Kenya Secures $500 Million Commercial Loan Amidst World Bank Support

by SAT Reporter
June 5, 2023
Zimbabwe Implements Measures to Stabilise Local Currency and Prevent Externalisation
Finance

Zimbabwe Implements Measures to Stabilise Local Currency and Prevent Externalisation

by SAT Reporter
May 30, 2023
Namibia’s Central Bank to Raise Repurchase Rate in Line with South Africa
Finance

Namibia’s Central Bank to Raise Repurchase Rate in Line with South Africa

by SAT Reporter
May 28, 2023
WTO Chief Urges Global Supply Chain Diversification
Finance

WTO Chief Urges Global Supply Chain Diversification

by SAT Reporter
May 23, 2023
Next Post
Zimbabwe to host high-level forum on debt resolution

Zimbabwe to host high-level forum on debt resolution

Browse by Category

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • BRICS
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Energy
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • North-Eastern Africa
  • Opinion
  • Politics
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Sustainablity
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer African investments African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Health Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?