LIVE BLOG: 2025 National Budget Presentation

This afternoon, His Excellency President Emmerson Mnangagwa will attend the 2025 National Budget Statement presentation at the New Parliament Building in Mt Hampden, Harare.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube will present the 2025 National Budget Statement this afternoon, amid high expectations that Treasury’s expenditure plan will reignite the strong growth momentum of the recent past, build resilience in the economy to withstand future natural and human-induced shocks as well as engender durable macro-economic stability.
While cautious not to pre-empt the exact details of the 2025 fiscal plan, Minister Ncube revealed at a pre-Budget seminar earlier this month in Bulawayo, some key insights into the Government’s priority areas, which will seek to match the limited resources with the country’s developmental goals.
In line with the expectations of many economists, Minister Ncube indicated that agriculture remained the cornerstone of the economy and would seek to ensure the sector anchors recovery efforts following the impact of El Nino-induced drought, which weighed on the sector’s traditionally strong contribution to growth.
He underscored the importance of building resilience in the sector through irrigation rehabilitation and development in light of the impact of adverse weather on agricultural performance.

“As we thrive to engender economic resilience, the objective is to promote home grown solutions, through supporting research and development to anchor innovation in order to drive economic transformation towards the attainment of an Upper Middle-Income Society by 2030.”

“Cognisant of the need to promote use of eco-friendly vehicles, which will result in reduced carbon emissions, I propose to reduce Customs Duty on Electric Motor Vehicles from 40% to 25%, with effect from 1 January 2025.”“Customs Duty on Electric Motor Vehicles Mr Speaker Sir, Electric Motor Vehicles attract Customs Duty of 40%, whilst electric tractors, attract Duty at 0%.”

“In order to create a level playing field between Ready-to Drink and cordials, I propose to review the Special Surtax on Beverages’ Sugar Content on cordials from US$0.001/g to US$0.0005/g, with effect from 1 January 2025.”Beverages Sugar Content Tax “Government, in February 2024, introduced a Special Surtax of US$0.001/g on added sugar contained in specified beverages. The tax is applied uniformly on both ready to drink and cordials or concentrated beverages.”

“Sports Betting Punters, however, receive income from winnings, which is currently not taxable under Personal Income Tax. To include Punters in the tax base, I propose to introduce a 10% Withholding Tax on gross winnings of Sports Betting Punters, with effect from 1 January.”
“Revenue Enhancing Measures Withholding Tax on Betting Honourable Members would be aware that betting is popular in nature, as indicated by the proliferation of Sports Betting Houses countrywide.”
“In view of the substantial benefits that have accrued to approved importers, and the need to redirect resources towards value addition, I propose to terminate the suspension of duty Facility on imported buses, with effect from 1 January 2025.”REVENUE MEASURES‘Suspension of Duty on Imported Public Service Buses Government, in 2022, temporarily suspended customs duty on public service buses imported by approved transport operators. To date, 827 buses have already been imported against a target of 500.”
“This is more than double the ceiling of revenue collection capacity of 19.6% of GDP. The available resource envelope was allocated to MDAs as follows:”
“MDAs submitted total bids of over ZiG$700 billion, against the available budget envelope of ZiG276.4 billion.”
Professor Ncube is now presenting budget allocations for various Ministries.
“In terms of the performance during the first nine months of the year, total revenue collections amounted to ZiG62.4 billion, against expenditures of ZiG66.5 billion.”
“The Ministry of Finance, Economic Development and Investment Promotion, in collaboration with the Reserve Bank of Zimbabwe has developed a Composite Indicator of Economic Activity (CIEA), to enhance economic monitoring using high frequency data.”
“The domestic economy is still projected to record a GDP growth rate of 2% in 2024 on account of the impact of the El Nino induced drought. However, the agriculture sector, which was initially projected to contract by -21%, is, now expected to contract by-15% on account of better than anticipated output on wheat and dairy.”
“Despite an anticipated modest decrease in overall commodity prices in 2024 and 2025, commodity prices are projected to stay above pre-pandemic levels, but experiencing a dip in 2025. This reflects enduring supply constraints and demand patterns that have shifted.
“Global economic growth is projected to hold steady at 3.2% in 2024 and 2025, respectively, according to the October 2024 IMF World Economic Outlook projections. This is due to a slowdown in economic activity across advanced economies and emerging markets.
“The Sub-Saharan Africa region, will grow by 3.6% in 2024 and is projected to further grow by 4.2% in 2025, reflecting a bullish outlook for the region.”
“The real GDP growth in the Southern African Development Community (SADC), is projected at 2.5% and 3.3% in 2024 and 2025, respectively.”
2:35
Professor Ncube says 2024 has been an extra-ordinary year characterised by a number of challenges; however, the economy has been resilient to the internal and external shocks which have negative implications to the attainment of the Vision 2030 of Zimbabwe becoming an upper middle-income society underpinned by the National Development Strategy 1 (NDS 1).
NDS 1, the five-year economic development blueprint comes to an end in 2025.
He thanks President Mnangagwa, Vice Presidents Dr Chiwenga and Colonel (retired) Kembo Mohadi for their guidance in crafting the budget.
Professor Ncube said the theme “Building resilience for sustained economic transformation.”
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has taken to the podium and is presenting the 2025 National Budget.
2:30PM
President Mnangagwa and the house have taken their seats while waiting for 2025 National Budget by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube.
2:25PM
Speaker of the National Assembly Advocate Jacob Mudenda informs the House that Professor Mthuli Ncube will present the budget at 2:30PM and suspends business of the House till then.
2:20PM
President Mnangagwa has arrived at the New Parliament Building for the 2025 National Budget Presentation in Mount Hampden in Harare.
2:15PM
Vice President Dr Constantino Chiwenga has arrived at New Parliament Building in Harare, for the 2025 National Budget presentation.
2:11PM
Legislators taking their seats in the National Assembly chamber ahead of the presentation of the 2025 National Budget by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube this afternoon.
2:PM
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has arrived at the New Parliament Building as he is set to present the 2025 National Budget.
1:40PM
More Ministers are arriving for the 2025 National Budget Presentation.
Various Parliamentarians and Minister have started to arrive at the New Parliament Building in Mount Hampden, Harare for the 2025 National Budget presentation by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube.
1:30PM
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