Cabinet approves pre-Budget strategy

Cabinet has approved the 2019 Pre-Budget Strategy Paper drawn from the Transitional Stabilisation Programme recently presented by Finance and Economic Development Minister Professor Mthuli Ncube.

This was said by Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa during a weekly media briefing on Tuesday.

“Cabinet also considered and approved the 2019 Pre-Budget Strategy Paper which is drawn from the Transitional Stabilisation Programme.

“The paper highlights the following priority areas for the 2019 National Budget; fiscal consolidation, agriculture, mining, manufacturing, service sectors, SMEs, public enterprises and local authorities service delivery enhancement, empowerment of provinces, addressing rent-seeking and corrupt behaviours, re-engagement and competitiveness of the local export sector,” Minister Mutsvangwa said.

Parliament has already begun consultations on next year’s Budget set to be presented by Minister Ncube at the end of next month.

The TSP, which the Pre-Budget Strategy Paper is drawn from, is expected to run until December 2020 and acknowledges policy reform initiatives of the new dispensation to stimulate domestic production, exports, rebuilding and transforming the economy to an upper middle-income status by 2030.

The reform initiatives have been outlined in various policy pronouncements by President Mnangagwa, including in his inauguration address on November 24, 2017.

According to the policy document, the Transitional Stabilisation Programme will focus on the following factors: stabilising the macro-economy and the financial sector, introducing policy and institutional reforms to translate to a private sector-led economy, addressing infrastructure gaps and launching quick-wins to stimulate growth.