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Statement on the 2009 Budget
Ministry of Finance
March 17, 2009

http://www.mofed.gov.zw/docs/2009_Budget_Revision_Statement.pdf (Direct link to 48 page pdf file)

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Introduction

1.1.1. Mr Speaker Sir, Honourable Members will recall that on 29 January 2009, the Honourable Acting Minister of Finance presented the 2009 Budget in this August House.

1.1.2. Debate on the Budget forms part of this Session and I have the honour to open this debate.

1.1.3. In order to facilitate this debate, I have synchronised the 2009 Budget to recent political and economic developments, which culminated in the formation of the Inclusive Government which in turn initiated the formulation of the Short Term Emergency Recovery Programme (STERP).

1.1.4. Mr Speaker Sir, at the epicentre of these socio-economic challenges, have been unprecedented levels of hyper-inflation and declining productive capacity and hence massive de-industrialisation, food shortages, loss in value of the local currency, corruption, deteriorating public service delivery particularly education, health, sanitation as well as public utilities and infrastructure.

1.1.5. The impact of all the above have been sustained negative effects on Gross Domestic Product (GDP), resulting in cumulative fall of GDP by over 40% for the past 8 years, giving rise to unprecedented increase in poverty levels and general despondency.

1.1.6. Given the aforementioned, the task of turning around the economy, therefore, becomes the toughest job of the Inclusive Government.

1.1.7. Notwithstanding this challenging obligation, the new Inclusive Government is committing itself to putting Zimbabwe people and the country first by addressing the above challenges, geared towards turning around the economy and, hence, afford the people of Zimbabwe better living standards.

1.1.8. Mr Speaker Sir, as I move this debate in this August House, I propose to revise the 2009 Budget taking account of the above and inclusive of the following:-

• Alignment of tax and other economic measures to the Short Term Emergency Recovery Programme (STERP), including any new initiatives and revisions where appropriate.
• Downward revision of the overall 2009 Budget Framework in line with actual developments in January, February and early March 2009.
• Reconfiguration of the Estimates of Expenditure (Blue Book) to incorporate additional Ministries in line with the formation of the Inclusive Government.

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