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The
2012 National budget: How do we see it panning out
Southern African Parliamentary Support Trust
November 08, 2011
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Introduction
and Background
The Minister
of Finance, Hon T. Biti (MP), presented the 2012
Budget Strategy Paper (BSP) to Parliament
of Zimbabwe on 5 October 2011, to guide budgeting for the forthcoming
year (2012), whilst providing indicative fiscal priorities for 2013
and 2014. This novel fiscal planning tool will give fiscal planning
a medium-term perspective, and hence lock in credibility in Public
Finance Management. The Public Finance Management Act [Chapter 28;
5] obligates the Minister of Finance and the Budget, Finance and
Investment to hold Public hearings to offer the public and other
stakeholders the opportunity to express their views and expectations
and solicit for inputs on the 2012 National Budget. The Treasury
embarked on extensive countrywide consultations in respect of the
preparations for the 2012 Budget. The consultations covered the
length and breadth of the country, embracing a wide spectrum of
stakeholders across all the Provinces and the people spoke. The
next budget will be tabled in Parliament on the 17th November, 2011,
and will guide business planning for the next 12 months.
The
fundamental question that we ask is “What next?
The national
budget is a tool at the disposal of government to distribute public
resources, whilst embracing policies that seek to expand the horizon
of economic growth. The national budget is tabled annually, with
policies meant to influence economic activities in that period,
though laying the foundation for subsequent periods. Thus, the impact
of a budget may not be felt immediately, depending on the economic
challenges to be addressed, but in the following year, or even later,
what we call the long run, any period in excess of 12 months.
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