By Nevison Mpofu..
Zimbabwe is working flat out to come up with a star strike budget to hit the grounds come 2023 in a zooming bang. In order to achieve this mandate and help in the realization of Vision 2030 , the Ministry is implementing various strategies as guided by the National Development Strategy NDS1 , 2021 -2025 under the pillar on ”Moving the Economy up the value chains and structural transformation”.
The Minister of Finance and Economic Development speaking in Harare recently at a Parliament conference held in Harare Professor Muthuli Ncube pointed out that in coming up with the national budget thrust for 2023 the ministry is guided by the National Development Strategy 1 targets under both the National Sector Development Results Framework.
” We remain guided by the National Development Strategy 1 which we move with in all what we do. We as a country are geared to achieve this mandate and realise the 2030 vision. In order to achieve we work hard as a nation towards a vision for future generations.
”Priority is on the development and strengthening of already existing value chains and decentralisation of industrialisation initiatives in line with the policy thrust of Devolution and Decentralisation, ” he said .
”In 2023, creation of conducive environment for the development of the commercial sector enterprises , implementation of consumer protection programmes through awareness campaigns and enforcement of consumer rights through the Consumer Protection Commission will top of the agenda.”
Zimbabwe will better be prepared for the African Continental Free Trade Area . The country will push for the country position and work with industry so as to produce quality goods and services to enable them to compete both regional and nationally.
” To realise our 2030 vision, the African Continental Free Trade Area ,[ AfCfta] stands important in our plans . The Ministry will push for the country’s position and work with industry to produce quality goods and services. This enables us to compete regionally and internationally”.
”The Ministry will continue with strengthening and development of value chains that include fertiliser , leather , soya beans , , cotton , sugar , dairy , pharmaceutical , plastic , , iron and steel , general engineering , bus and truck.
”Funding will be required for Industrial Development Corporation of Zimbabwe , IDCZ , which is the industrialisation arm of the Government that plays a strategic role as a Development Finance Institution . This includes availing of the revolving fund for working capital , industrial up-grading , modernisation and innovation for companies in the manufacturing sector.”
National Development Strategy 1 , Outcomes ..
The national strategy has a pillar on moving the economy up the value chain and structural transformation . These outcomes are …
Improved value addition
Improved contribution of manufacturing to Gross Domestic Product
Improved contribution of value added exports to total exports
Improved earnings from beneficiated minerals
Improved earnings from trade in goods and services
Improved competitiveness
Improved domestic trade through ,, Promotion of Buy-Zimbabwe campaign, improve both the global competitiveness and ease of doing business rankings to below 100 , implement the National quality Infrastructure project.
Ministry outcomes is derived through improved industrial performance, broad based economic empowerment, improved investments , improved manufactured exports and consumer protection ..
MINISTRY BUDGET PERFORMANCE FOR 2022 ..
The Ministry of Industry and Commerce was initially allocated ZW$3,9 billion which was revised to ZW$5,54 billion after the supplementary budget. Of the initial budget, ZW$2,3billion was for IDCZ [Industrial Development Corporation Zimbabwe] on lending purposes. As at September , expenditure was at ZW$2,3 billion. IDCZ received a disbursement of ZW$750 million.
Expenditure ceilings and Ministry bid …
In the 2023 budget estimates, treasury allocated the Ministry of Industry and Commerce an expenditure ceiling of ZW$8,1 billion for the programmes against the Ministry’s Budget bid of ZW$21,74 billion. This gives a variance of ZW13,68 billion. The ceiling is not adequate to meet the Ministry’s requirements for 2023 Financial Year .
