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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

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ZimParks to host first-ever International Wildlife Conservation symposium

Published

1 week 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 weeks 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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National

Doctors slam delays in using sugar tax funds for cancer treatment equipment

Published

3 weeks ago

October 8, 2025

VicFallsLive

BY WANDILE TSHUMA

The Zimbabwe Association of Doctors for Human Rights (ZADHR) has expressed concern over the government’s continued delays in disbursing funds from the Sugar Tax meant for the procurement of cancer treatment equipment.

In a statement released yesterday , ZADHR said it was deeply worried by the slow pace of progress, two years after the introduction of the levy that was expected to finance the purchase of essential medical equipment for cancer patients across the country.

According to the association, by November last year, the Ministry of Finance and Economic Development had confirmed collecting US$30.8 million through the sugar tax — a surcharge imposed on sugary drinks and beverages. However, no disbursement had yet been made to the Ministry of Health and Child Care for the intended purpose.

“This delay undermines the purpose of the Sugar Tax, which was intended to improve public health outcomes through targeted investment in non-communicable disease management, including cancer prevention and treatment,” ZADHR said.

Zimbabwe currently bears one of the highest cancer burdens in Southern Africa, with an age-standardised incidence rate of 208 per 100,000 people and a mortality rate of 144 per 100,000, according to Globocan 2022 data. These figures surpass those of neighbouring countries such as South Africa, Namibia, Zambia, and Botswana.

The association warned that the government’s inaction continues to worsen the plight of thousands of patients who face long waiting lists and limited access to treatment.

“The country records over 17,700 new cases and nearly 12,000 deaths annually, largely due to late diagnosis and inadequate treatment capacity,” read the statement. “This growing burden strains Zimbabwe’s fragile health system, escalates household health expenditures, and undermines productivity.”

ZADHR called on the Ministry of Finance to urgently release the collected funds and for the Health Ministry to ensure transparent procurement and installation processes once funds are received.

The association also urged the Ministry of Health to build technical capacity among staff to maintain and effectively utilise the new equipment once installed.

“Equitable access must be at the centre of this rollout. Beyond the main Central Hospitals, provincial and district centres should also benefit to ensure no patient is left behind,” ZADHR added.