Expectations Ahead Of The 2019 National Budget Statement

This afternoon the Minister of Finance is going to announce Zimbabwe’s 2019 Budget Statement.  this will be his first budget as Finance Minister.  Here are some of the expectations from  some  Zimbabweans

Will they be disappointed? The Nation Awaits ……

1)The legitimacy of today s budget hinges on5 issues.Firstly it must define its currency of use.If it is the US$ then it must define the underlying exchange rate. It can not maintain the fiction of the normative one bond note equal to the US$.Anything short of this a farce.A joke

— TENDAI BITI (@BitiTendai) November 22, 2018

2) Second the budget must define a path to financial & monetary stability .The financial situation is a mess . The budget must demonetize the bond note,ring fence bank balances and liberise the exchange rate ,whilst preparing the country to join the Rand Monetary Union.

— TENDAI BITI (@BitiTendai) November 22, 2018

3) Third ,will there be deep structural reforms particularly targeted at fiscal consolidation.Big issues are ghost workers who keep ZANU in power.Command Agriculture &Parastatals which are vehicles of patronage . Lip stick reforms yes BUT ZANU will not reform itself out of power.

— TENDAI BITI (@BitiTendai) November 22, 2018

4) Four , the budget must scrap the 2% transfer tax.The tax is terrible economicsOne does not raise taxes in a recession. It is cowardly & opportunistic.Why target revenue when real challenge is run away expenditureThird it’s cruel.People can’t use cash because gvt stole our cash

— TENDAI BITI (@BitiTendai) November 22, 2018

5) Fifth, will the budget provide an anchor for the massive political reforms required as a precondition to any arrears clearance &debt strategy? Not enough to tinker with POSA &AIPPA.Deep legitimacy ,legal &electoral reforms required.Violence & attacks on opposition must stop.

— TENDAI BITI (@BitiTendai) November 22, 2018

The budget must define the path to financial n monetary stability

— Walter Mushuta (@wmushuta) November 22, 2018

He must sort out the currency issue.

— Don || Spion Kopite (@ddzmatara) November 22, 2018

He must phase out the bond note with immediate effect and fire himself also

— FrustanFX (@frustan_) November 22, 2018

How we will reduce government expenditure is what I’m interested in. Perhaps also some quick wins we can expect soon.

— CHIHERA (@pame268) November 22, 2018

How about a roadmap to the elimination of treasury bills by paying them back with money, and then a roadmap for the discontinuation of bond notes, and a migration to either the US$ or the Rand?

— Greg Mackinlay (@GregMackinlay) November 22, 2018

So far as I can see, that’s the only way to get us into a stable financial position. Once things are stable, then we can look at building reserves of minerals and precious metals, as the foundation of launching a new economy.

— Greg Mackinlay (@GregMackinlay) November 22, 2018

“NATIONAL BUDGET TOMORROW”

The make or break question for the 2019 budget statement for @MthuliNcube tomorrow is simple in construction & complex in implication: what currency will he use for his Estimates of Revenues & Expenditures? USD? Bondnote? RTGS?https://t.co/MWayVeTDVc pic.twitter.com/mIlIA9hG2B

— Prof Jonathan Moyo (@ProfJNMoyo) November 21, 2018

1. Finance Minister Mthuli Ncube presents his first national budget this week. A central issue is the budget deficit – our government spends far more than it receives. So far, Ncube has been heavy on raising revenue but light on cutting expenditure. Let’s see how he deals with it

— Alex T Magaisa (@Wamagaisa) November 20, 2018

1. Shortages of currency-even that of the paper money, the bond note.
2. Disengaging the fiscus from the political machinery. Monetary policy should not be crafted according to the will of political parties nor individuals but should address the nation’s needs.

— Nyasha Esmond Masawi (@EsmondNyasha) November 22, 2018

I can bet my last bond note that the bond note is staying for ggod and not only that, but that the infamous gedye-gedye theory is also here to stay.

— DaveC001 (@MamboDavita) November 22, 2018

The post Expectations Ahead Of The 2019 National Budget Statement appeared first on Techzim.