News / National
Mthuli Ncube commits to easing business costs
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Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, delivered the 2025 Mid Term Budget Review Statement on Thursday, affirming Zimbabwe's economic recovery while unveiling measures to ease the cost of doing business.
Reviewing the over ZiG$270 billion National Budget at Parliament, Professor Ncube highlighted positive economic developments in the first half of the year, expressing confidence that the government's 6% growth target for 2025 remains within reach.
"Given the positive economic developments during the period January to June, we are confident that the projected economic growth of six percent alluded in the 2025 National Budget is achievable. All sectors are expected to record positive growth in 2025 mainly on account of a favourable agriculture season, improved electricity generation, stable exchange rate and inflation rate, notwithstanding declining international mineral commodity prices and a subdued global economic climate," he said.
On efforts to improve the business environment, the Minister announced that the government has begun reviewing various fees and charges and will drastically reduce bureaucratic steps and compliance requirements.
"On the fiscal front, the Government will continue to review the existing tax system with a view to reducing reported and observed distortions, granting the necessary supportive regime for business growth and competitiveness," Professor Ncube added.
Emphasizing policy consistency as crucial for sustained growth, the Minister assured Parliament that both fiscal and monetary authorities will maintain economic stability.
"Mr Speaker sir, the country has enjoyed economic stability during the first half of the year and I want to assure the honourable members that both fiscal and monetary authorities are going to stay in that mode, so we cannot afford any policy slippages."
Key highlights from the Mid Term Budget Review include government spending of over ZiG$100 billion, revenues exceeding ZiG$118 billion, and 35% of the budget utilized in the first six months. Growth was recorded in agriculture, mining, and infrastructure sectors alongside stable inflation and exchange rates.
As Zimbabwe navigates a challenging global economic environment, Treasury's emphasis on easing business costs and maintaining stability aims to sustain momentum toward inclusive growth and development.
Reviewing the over ZiG$270 billion National Budget at Parliament, Professor Ncube highlighted positive economic developments in the first half of the year, expressing confidence that the government's 6% growth target for 2025 remains within reach.
"Given the positive economic developments during the period January to June, we are confident that the projected economic growth of six percent alluded in the 2025 National Budget is achievable. All sectors are expected to record positive growth in 2025 mainly on account of a favourable agriculture season, improved electricity generation, stable exchange rate and inflation rate, notwithstanding declining international mineral commodity prices and a subdued global economic climate," he said.
On efforts to improve the business environment, the Minister announced that the government has begun reviewing various fees and charges and will drastically reduce bureaucratic steps and compliance requirements.
"On the fiscal front, the Government will continue to review the existing tax system with a view to reducing reported and observed distortions, granting the necessary supportive regime for business growth and competitiveness," Professor Ncube added.
Emphasizing policy consistency as crucial for sustained growth, the Minister assured Parliament that both fiscal and monetary authorities will maintain economic stability.
"Mr Speaker sir, the country has enjoyed economic stability during the first half of the year and I want to assure the honourable members that both fiscal and monetary authorities are going to stay in that mode, so we cannot afford any policy slippages."
Key highlights from the Mid Term Budget Review include government spending of over ZiG$100 billion, revenues exceeding ZiG$118 billion, and 35% of the budget utilized in the first six months. Growth was recorded in agriculture, mining, and infrastructure sectors alongside stable inflation and exchange rates.
As Zimbabwe navigates a challenging global economic environment, Treasury's emphasis on easing business costs and maintaining stability aims to sustain momentum toward inclusive growth and development.
Source - ZBC
