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Pre-budget strategy paper - 2012 inclusive budgetary processes
Tendai Biti, Minister of Finance
September 25, 2012

http://www.zimtreasury.gov.zw/index.php?option=com_docman&task=doc_details&gid=201&Itemid=71

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Introduction

1. This Pre-Budget Strategy Paper seeks to facilitate informed debate on key fiscal and other macro-economic policy issues and assist develop the building of national consensus over some of the priorities that should be addressed through the Budget.

2. This will be within the context and thrust of our Medium Term Plan (2011-2015), whilst also taking cognisance of the lessons learnt from implementation of the 2012 Budget. Some of these have already been presented to stakeholders through the Mid-Year Fiscal Policy Review Statement.

3. A major highlight of the Pre-Budget Strategy Paper is the macroeconomic parameters for the period 2013-2015, including the resultant projections over the potential available resource envelope.

4. Accordingly, the Pre-Budget Strategy Paper is being unveiled as a prelude to the 2013 Budget consultative process.

Macro-Economic and budget performance

5. Underpinning overall economic as well as Budget performance into the last half of 2012 has been the continued sustenance of conditions of macro-economic stability.

6. However, this notwithstanding, various challenges have been encountered in the economy during the first eight months of the year.

7. These have served to constrain the capacity of economic agents to fully benefit from macro-economic stabilisation and take advantage of the liberalised business environment, prompting downward review in expectations over real economic growth.

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