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Zimbabwe doubles spending as it targets growth of 5.5 percent in 2022

Published

4 years ago

November 26, 2021

BY GODFREY MARAVANYIKA AND RAY NDLOVU

Zimbabwe aims to almost double spending next year to help shrug off the effects of the coronavirus pandemic and two consecutive years of economic contraction.

Expenditure is projected to increase to $927.3 billion from a revised $509 billion estimated in 2021, Finance minister Mthuli Ncube said in his budget speech in Harare, the capital, on Thursday.

Part of the money will be channeled to infrastructure and state-owned companies, including to recapitalise the national airline, he said.

The increased spending will help drive economic growth, with a 5.5 percent expansion in gross domestic product seen in 2022 compared with 7.8 percent this year, he said.

The economy shrank 5.3 percent in 2020, Finance Ministry data shows and contracted 6.1 percent the year before, according to International Monetary Fund data.

“This 2022 national budget seeks to buttress the growth trajectory established in 2021, and enable the economy to build resilience against shocks, including the Covid-19 pandemic,” Ncube said.

The government is targeting $850.8 billion in revenue next year, up from an estimated revised $495.1 billion in 2021.

Part of that will come from taxes, borrowing of $76.5 billion and an additional drawdown from reserves known as special drawing rights, the finance minister said.

SDRs of almost US$1 billion have been allocated to the southern African nation by the IMF.

The expenditure increase will widen the budget deficit to 1.5 percent of GDP, from 0.5 percent this year.

The gap will be partly funded by the issuance of dollar denominated government bonds of as much as $100 million to be listed on the Victoria Falls Securities Exchange during the first quarter of 2022, he said.

To halt a slide in a local currency that’s plunged 29 percent against the dollar this year, hurting the nation’s finances and fueling inflation, the government is reviewing the current foreign currency auction system, further tightening monetary policy and curbing “malpractices” in the financial sector, said Ncube.

Zimbabwe will use US$280 million of the SDR to support its beleaguered currency, the budget statement shows.

The instability in the foreign-exchange market is being driven by an unrelenting increase in money supply, increasing imports and long delays in settlement at the central bank’s weekly currency auction, the Confederation of Zimbabwe Industries, the country’s largest business lobby group said last month.

Estimates show annual inflation will probably end the year at 52 percent to 58 percent, up from the revised target of 25 percent to 35 percent and average 32.6 percent in 2022, the minister said.

Zimbabwe’s external public debt is estimated at US$13.2 billion, Ncube said.

Of that, us$5.45 billion is owed to bilateral creditors including the Paris Club and us$2.67 billion to multilateral lenders, such as the World Bank and African Development Bank, his budget statement showed.

The Treasury made payments to external creditors of US$44.2 million in the nine months through September.

The payments were made to active portfolios including Export–Import Bank of China and for token payments to international financial institutions and bilateral Paris Club creditors, Ncube said.

Payments to active portfolios are crucial for the country to access fresh credit lines for on-going projects, he said. – Bloomberg

National

Zimbabwe fast-tracks approval of long-acting HIV prevention drug Lenacapavir

Published

2 weeks ago

November 25, 2025

VicFallsLive

BY WANDILE TSHUMA

Zimbabwe has taken a major step in the fight against HIV following the rapid approval of Lenacapavir, a groundbreaking long-acting injectable for HIV pre-exposure prophylaxis (PrEP). The Medicines Control Authority of Zimbabwe (MCAZ) authorised the drug in just 23 days, marking one of the fastest regulatory approvals in the country’s history.

The application, submitted by pharmaceutical company Gilead Sciences in October, underwent an expedited review because of its public health importance. MCAZ says the fast-tracked process did not compromise scientific scrutiny, with the product subjected to a rigorous assessment of its safety, efficacy and quality.

Lenacapavir is designed for adults and adolescents weighing at least 35kg who are HIV-negative but at substantial risk of infection. Unlike traditional daily oral PrEP, the medicine is administered as a six-monthly injection, following an initiation phase that includes one injection and oral tablets on Days 1 and 2. Health authorities say this long-acting formulation could dramatically improve adherence and expand prevention options, particularly for communities where daily pill-taking is difficult.

MCAZ Director-General Richard T. Rukwata described the approval as a landmark moment in Zimbabwe’s HIV response.

“The rapid approval of Lenacapavir reflects MCAZ’s dedication to accelerating access to trusted, high-quality health products. This milestone brings new hope for HIV prevention and reinforces our commitment to safeguarding public health,” he said.

To fast-track the process, the Authority applied a regulatory reliance approach, drawing on scientific assessments from the World Health Organization’s Prequalification Programme (WHO PQ). This allowed evaluators to build on internationally recognised review processes while ensuring Zimbabwe’s own standards were met.

The introduction of Lenacapavir comes as Zimbabwe continues efforts to reduce new HIV infections, particularly among young people and key populations who face barriers to consistent PrEP use. Public health experts say the drug’s twice-yearly dosing could be a game changer in improving uptake and protection.

MCAZ says it remains committed to ensuring Zimbabweans have access to safe, effective and good-quality medical products, in line with its mandate under the Medicines and Allied Substances Control Act.

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ZimParks to host first-ever International Wildlife Conservation symposium

Published

2 months ago

October 17, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

The Zimbabwe Parks and Wildlife Management Authority (ZimParks) will hold its inaugural International Wildlife Conservation Symposium under the theme “Wildlife Conservation and Sustainable Development.”

The two-day event, scheduled for October 22 to 23, next week, will take place at the Management Training Bureau in Msasa, Harare. It will bring together conservationists, researchers, policymakers, and students to discuss key issues around wildlife protection and sustainable development.

The symposium will focus on eight sub-themes, namely Wildlife Conservation and Transboundary Management, Freshwater, Fisheries and Aquatic Management, Sustainable Tourism and Socio-Economic Development, Human-Wildlife Interactions, Environmental Health and Safety, Climate Change Adaptation and Mitigation, Community-Based Natural Resource Management, and Natural Resource Policy and Governance.

ZimParks says the symposium will provide a platform to exchange ideas and deepen understanding of the link between wildlife conservation and sustainable development. Members of the public, students, and professionals are encouraged to attend.

National

CCC legislators in road accident, Nkulumane MP dies

Published

2 months ago

October 10, 2025

VicFallsLive

BY STAFF REPORTER

One Citizens Coalition for Change (CCC) legislator has died while four others were seriously injured in a road accident that occurred early Friday morning near Shangani along Bulawayo-Harare highway.

CCC spokesperson Promise Mkhwananzi confirmed the accident, saying it happened between 2 a.m. and 3 a.m. when the vehicle carrying the members collided with an elephant.

“The vehicle hit an elephant along the Shangani area, and unfortunately Honourable Desire Moyo, the Member of Parliament for Ngulumane, died on the scene,” Nkwananzi said.

He added that the other occupants — Honourable Madalaboy Ndebele, Senator Rittah Ndlovu, Honourable Sethulo Ndebele, and Libion Sibanda — sustained serious injuries and were rushed to a hospital in Bulawayo.

Nkwananzi said he was deeply shocked by Moyo’s death, as he had met him just yesterday in Harare.

“I had seen Moyo yesterday and we spent about an hour chatting outside Jamieson Hotel about the party and our future plans for national development,” he said. “I’m gutted by his passing. It’s a huge loss for the party.”

He conveyed his condolences to the Moyo family and wished a speedy recovery and strength to the families of the other CCC members who remain in critical condition.

He said further details, including the name of the hospital where the injured are receiving treatment, would be released once confirmed.

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