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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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