THE 2024 Mid-term Budget Review Policy presentation by Finance Minister Mthuli Ncube has been described as a “vicious cycle” by opposition legislators who say there are no positive changes for “suffering citizens”.
Speaking to NewZimbabwe.com after Ncube’s presentation at the new Parliament Building in Mt Hampden, Harare, opposition MPs said the review was not realistic.
The Treasury boss however believed it was well received.
Some of the measures proposed included presumptive taxes being paid in ZiG, government fees for services paid in ZiG and if approved, companies will pay 50% of the corporate tax in local currency.
Zanu PF MP and Budget and Finance Parly committee chair Clemence Chiduwa urged Ncube to speed up disbursements of the devolution funds.
“This is very critical because we have seen a lot of development in rural areas. I urge the minister to release devolution funds.
“There is concern on disbursement of BEAM Funds where an enhancement on that score is necessary,” Chiduwa said.
Citizen Coalition for Change Dzivaresekwa MP Edwin Mushoriwa complained the debate on the budget review did not take place.
“As members of the other side (opposition), we came prepared to debate but this did not happen.
“We came prepared to ask the minister on quite several issues affecting citizens of this country that require us to ask the minister rather than to wait for August 20th, 2024,” he said.
Mushoriwa added that it was so disturbing not to debate the budget as some of the announcements made by Ncube would come into effect and “affect business and consumers alike.”
He added that Ncube had missed out on an opportunity to sort out Zimbabwe’s fiscal policy considering that “most fiscal measures were reversed within 10 days after the Finance bill was passed last December.
“In January 2024, the minister reversed most of the fiscal measures that were contained in the Finance Bill.
“Ncube did not address that. He did not articulate the ballooning debt where figures are rising and were not contained in the initial 2024 national budget.
“The mid-term fiscal policy review does not talk to the current scenario”
Another CCC MP Lynnette Karenyi-Kore said, “When he emphasised the use of the local currency, he then twisted his statements which show the USD will remain in use against the local currency.
“Right now, people are complaining about loose money. Some shops are not accepting ZiG as we speak today. I do not see any positive change in trying to promote our local currency.
“We want to see changes on the ground and not on paper alone,” Karenyi-Kore said.
CCC Mbizo MP Corban Madzivanyika said the country’s ballooning debt of US$21 Billion will “add more salt to a wound” and Zimbabwe “cannot move forward with this kind of debt”.
“This means people are born in debt. Why should we continue to mortgage the future generations in terms of debt?” Madzivanyika quizzed. — NewZimbabwe
