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Midyear
fiscal policy review
Ministry of Finance
July 14, 2010
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Introduction
1. Mr Speaker
Sir, in Article 3 of the Global
Political Agreement, the Parties to the same agreed to "give
priority to the restoration of economic stabilisation and growth
in Zimbabwe and committed to work together on a fully and comprehensive
economic programme aimed at addressing economic production, food
security, poverty and unemployment, and the challenges of inflation
and high exchange rates".
2. It is exactly
668 days and 5 hours since the Global Political Agreement (GPA)
was signed on 15 September 2010. The critical question that arises
is whether or not the Inclusive Government has implemented what
was agreed under Article 3:1 of the GPA.
3. The 2010 Mid-Year
Fiscal Policy Review seeks to update Honourable Members on the 2009
outturn as well as fiscal and economic developments to June 2010,
that way, Mr Speaker Sir, providing an assessment of economic performance
under the Inclusive Government over the past seventeen months.
4. The Review
also proposes the necessary policy interventions and other measures
for the remaining half of 2010, critical for the economy to remain
on course towards realising our set targets outlined in our Three
Year Macro-Economic Policy and Budget Framework for 2010-2012.
5. Honourable Speaker
Sir, I need to make it very clear that the current Mid Term Review
is only but a review and not a supplementary Budget.
6. I seek no
additional charges to the Consolidated Revenue Fund as defined by
Section 103 of the Constitution.
The 2010 Budget will remain the same, with revenue and expenditures
of US$2.25 billion.
7. However, adjustments
and re-alignments in certain Votes will have to be made, largely
as a result of the underperformance of the Vote of Credit.
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