Business / Economy
Zimbabwe Budget 2014 Live Updates
19 Dec 2013 at 11:47hrs | Views
Minister Chinamasa arrives to present the 2014 National Budget accompanied by his wife Monica
1701: Minister Chinamasa has just ended his budget presentation.
View / download a Copy of the 2014 Zimbabwe Budget Statement being made in parliament right now HERE
1658: Government will progressively improve welfare of public service through provision of non-monetary incentives.
1657: The problems are behind us. We have an economy with great potential. Growth will come through value addition and beneficiation.
1656: Government is working towards minimum Public Servants remuneration be pegged at the Poverty Datum Line.
1649: Lifting the suspension and levy excise duty of US$0.05 per litre of ethanol, with effect from 1 January 2014.
1648: 15% withholding tax on gross fees paid to non-resident performing artists, with effect from 1 January 2014.
1646: Following goods to be removed from the list of zero-rated products with effect from 1 January, 2014: Yoghurt; Cream; Butter; and Plain buns
1638: 1640: Proposal for an increase of $0.2 per litre of diesel and petrol from January 1 2014 to finance the Plumtree-Mutare road loan.
View / download a Copy of the 2014 Zimbabwe Budget Statement being made in parliament right now HERE
1630: Zimbabwe suspends customs agreement preferences until South Africa reciprocates
1622: Zimbabwe bans export of unrefined gold. Fidelity Printers and Refineries will be the sole buyer and exporter of gold.
1618: $100m line of credit to alluvial miners to give them access to basic equipment through the banking system.
1616: The financial services sector has to adjust to the new productive sector.
1615: The old economy is dead. There is a new economy emerging.
1614: 90 000 small-scale farmers are now growing tobacco.
1613 Chinamasa asks for debt relief and more credit lines to be opened up
1611: New mining fees structure has worked because some people have been holding onto mineral rich claims for speculative purpose. I propose that such claims be held for only 3 years and then employ the "Use it or lose it" policy beginning January 1 2014.
16:06 Government to decriminalise the activities of small scale miners so as to bring them into the main economy
1603: Diamond industry information has been scant, to kill the legacy, President Mugabe has called for greater transparency. Institute measures that will monitor production of diamonds.
1554: Confusion on the law is being caused by different interpretation.
1553; The Indigenisation law will not change.
1554: Confusion on the law is being caused by different interpretation.
1553; The Indigenisation law will not change.
1547: Securitise minerals through geological surveys so we have an idea of what we own.
1546: There is great need to promote a long service culture.
1545: We might in fact add more currencies which are not in the current basket.
1543: The multi-currency is here to stay contrary to media reports
1540: The Finance Ministry will issue a debt instrument in the form of Treasury Bills with a five year tenure in order to support the financial sector and this will be done by the end of December.
1538: US$100m inter-bank programme for January 1 2014.
1537: The current situation is one of desperation as there is no formal inter-bank system and banks have to rely on themselves.
1535: Our biggest challenge is the present economic environment is characterised by policy inconsistency and policy confusion.
1531: Continued use of the multi-currencies is important to the growth of the economy in 2014.
1528: Key economic challenges: High consumption, we are eating everything today forgetting tomorrow; Liquidity issues as people are not banking money; Food insecurity caused by climate change and lack of industry competitiveness due to obsolete machinery; Weak corporate governance in banks; Lack of accountability in minerals.
1522: Total imports at year end $7.6b and $8.3b in 2014.
1520: Exports stood at $2,8 billion by October 2013 but we expect them to reach $4.43 by the end of the year.
1519: Funding of the national programmes that included the census and harmonised elections crowded out other critical development programmes in 2013.
1517: Employment costs are gobbling 70% of revenue.
1511: 11,4% growth for Mining in 2014.
1510: Improved state of preparedness and support will sustain growth of agriculture in 2014.
1509: The economy in 2014 is projected to grow at 6,4% anchored on the Zim Asset policy.
1508: Mining, Construction and Tourism were the drivers of growth in 2013.
1506: Accelerated mineral beatification is being emphasised.
1505: Metal prices will decline with the exception of nickel.
1504; We should appreciate the global environment and the impact on our economy in 2014. Growth will be undermined due to suppressed commodity prices.
1503: He cites various contributors to the budget and he remains indebted to them.
1502: This budget is policy based, the policies to be spelt out are a pointer to the direction which this country is moving.
1500: Government and private sector should portray calmness in order to restore and build confidence.
1454: Minister Chinamasa has since entered the House of Assembly is about to begin his presentation. it comes in the wake of several challenges that include liquidity challenges and company closures especially in Bulawayo. A lot is expected of this budget.
1446: Minister Chinamasa is still to enter the House of Assembly for budget presentation but most ministers are already seated ahead of the 2014 income and expenditure plan.
1440: Minister Chinamasa has arrived at Parliament and gave photographers a photo opportunity before his entrance
1438: President Mugabe has since arrived at Parliament.
1437: Scores of people are gathered at Africa Unity Square opposite Parliament to watch Finance and Economic Development Minister Patrick Chinamasa deliver the 2014 National Budget on the giant screens put up outside parliament building.
2014 National Budget
View / download a Copy of the 2014 Zimbabwe Budget Statement being made in parliament right now HERE
1658: Government will progressively improve welfare of public service through provision of non-monetary incentives.
1657: The problems are behind us. We have an economy with great potential. Growth will come through value addition and beneficiation.
1656: Government is working towards minimum Public Servants remuneration be pegged at the Poverty Datum Line.
1649: Lifting the suspension and levy excise duty of US$0.05 per litre of ethanol, with effect from 1 January 2014.
1648: 15% withholding tax on gross fees paid to non-resident performing artists, with effect from 1 January 2014.
1646: Following goods to be removed from the list of zero-rated products with effect from 1 January, 2014: Yoghurt; Cream; Butter; and Plain buns
1638: 1640: Proposal for an increase of $0.2 per litre of diesel and petrol from January 1 2014 to finance the Plumtree-Mutare road loan.
View / download a Copy of the 2014 Zimbabwe Budget Statement being made in parliament right now HERE
1630: Zimbabwe suspends customs agreement preferences until South Africa reciprocates
1622: Zimbabwe bans export of unrefined gold. Fidelity Printers and Refineries will be the sole buyer and exporter of gold.
1618: $100m line of credit to alluvial miners to give them access to basic equipment through the banking system.
1616: The financial services sector has to adjust to the new productive sector.
1615: The old economy is dead. There is a new economy emerging.
1614: 90 000 small-scale farmers are now growing tobacco.
1613 Chinamasa asks for debt relief and more credit lines to be opened up
1611: New mining fees structure has worked because some people have been holding onto mineral rich claims for speculative purpose. I propose that such claims be held for only 3 years and then employ the "Use it or lose it" policy beginning January 1 2014.
16:06 Government to decriminalise the activities of small scale miners so as to bring them into the main economy
1603: Diamond industry information has been scant, to kill the legacy, President Mugabe has called for greater transparency. Institute measures that will monitor production of diamonds.
1554: Confusion on the law is being caused by different interpretation.
1553; The Indigenisation law will not change.
1554: Confusion on the law is being caused by different interpretation.
1553; The Indigenisation law will not change.
1547: Securitise minerals through geological surveys so we have an idea of what we own.
1546: There is great need to promote a long service culture.
1545: We might in fact add more currencies which are not in the current basket.
1540: The Finance Ministry will issue a debt instrument in the form of Treasury Bills with a five year tenure in order to support the financial sector and this will be done by the end of December.
1538: US$100m inter-bank programme for January 1 2014.
1537: The current situation is one of desperation as there is no formal inter-bank system and banks have to rely on themselves.
1535: Our biggest challenge is the present economic environment is characterised by policy inconsistency and policy confusion.
1531: Continued use of the multi-currencies is important to the growth of the economy in 2014.
1528: Key economic challenges: High consumption, we are eating everything today forgetting tomorrow; Liquidity issues as people are not banking money; Food insecurity caused by climate change and lack of industry competitiveness due to obsolete machinery; Weak corporate governance in banks; Lack of accountability in minerals.
1522: Total imports at year end $7.6b and $8.3b in 2014.
1520: Exports stood at $2,8 billion by October 2013 but we expect them to reach $4.43 by the end of the year.
1519: Funding of the national programmes that included the census and harmonised elections crowded out other critical development programmes in 2013.
1517: Employment costs are gobbling 70% of revenue.
1511: 11,4% growth for Mining in 2014.
1510: Improved state of preparedness and support will sustain growth of agriculture in 2014.
1509: The economy in 2014 is projected to grow at 6,4% anchored on the Zim Asset policy.
1508: Mining, Construction and Tourism were the drivers of growth in 2013.
1506: Accelerated mineral beatification is being emphasised.
1505: Metal prices will decline with the exception of nickel.
1504; We should appreciate the global environment and the impact on our economy in 2014. Growth will be undermined due to suppressed commodity prices.
1503: He cites various contributors to the budget and he remains indebted to them.
1502: This budget is policy based, the policies to be spelt out are a pointer to the direction which this country is moving.
1500: Government and private sector should portray calmness in order to restore and build confidence.
1454: Minister Chinamasa has since entered the House of Assembly is about to begin his presentation. it comes in the wake of several challenges that include liquidity challenges and company closures especially in Bulawayo. A lot is expected of this budget.
1446: Minister Chinamasa is still to enter the House of Assembly for budget presentation but most ministers are already seated ahead of the 2014 income and expenditure plan.
1440: Minister Chinamasa has arrived at Parliament and gave photographers a photo opportunity before his entrance
1438: President Mugabe has since arrived at Parliament.
1437: Scores of people are gathered at Africa Unity Square opposite Parliament to watch Finance and Economic Development Minister Patrick Chinamasa deliver the 2014 National Budget on the giant screens put up outside parliament building.
2014 National Budget
Source - herald
