AS IT HAPPENED: Zim finance minister presents 2017 budget

2016-12-08 16:00

Get the latest details as Zimbabwe’s finance minister Patrick Chinamasa presents his 2017 National Budget, which according to reports is unlikely to be above $4bn.

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Last Updated at 19:21
08 Dec 16:04

08 Dec 16:00
Chinamasa concludes his presentation

08 Dec 15:59
Temporary Import Permits for cars has been reduced from 12 months to 3 months

08 Dec 15:58
Chinamasa: Paraffin usage has escalated drastically and is being abused by some to blend it with diesel thereby damaging car engines and will increase excise duty on paraffin has been increased by 40cents per litre

08 Dec 15:58
Chinamasa: I'm reviewing downwards presumptive taxes from quarterly to monthly

08 Dec 15:44

08 Dec 15:43
Chinamasa: All economically active individuals must contribute to economic development and I therefore propose to introduce a 5 % levy on airtime/recharge cards

08 Dec 15:41

08 Dec 15:40
Chinamasa proposes penalties for businesses that do not install real time fiscal devices to allow the Zimbabwe Revenue Authority to collect revenue instantly

08 Dec 15:37
Duty free importation on sanitary ware has been proposed

08 Dec 15:36
Chinamasa: I propose to increase duty on textiles

08 Dec 15:35
Manufacturers must play their part to revive domestic industries

08 Dec 15:35
Chinamasa: We still owe the World Bank $1.16bn

08 Dec 15:33
Chinamasa: We are on course is servicing our foreign debt. So far we have paid $107.9m to the IMF

08 Dec 15:33
Chinamasa: We are proposing a freeze on remuneration from 1 January 2017

08 Dec 15:31
The broadening of currencies through the introduction of bond notes has improved cash supplies

08 Dec 15:31
More than 30 legislations have been identified for review to improve the ease of doing business in Zimbabwe

08 Dec 15:30
Zimdef funds will also be used to improve and rebuild vocational training centres

08 Dec 15:30
Government will introduce incentives for SMEs and will be applied in retrospect from 1 January 2016

08 Dec 15:29
Appropriate financing facilities will be availed to government employees to acquire residential stands

08 Dec 15:29
Government will continue to offer state land to local authorities to ensure that residential housing projects are successful

08 Dec 15:29
The ideas towards the resuscitation of the steel industry, particularly Ziscosteel, are being discussed and will be announced soon

08 Dec 15:29
Government is proposing to introduce incentive in all sectors of the economy

08 Dec 15:22
Chinamasa: Government will take steps to ensure value addition is achieved in order to improve the economy

08 Dec 15:20
Chinamasa: The ban on the import of some goods is temporary and local companies must take advantage during this window period

08 Dec 15:17
Chinamasa: Mines must be recapitalised through joint ventures

08 Dec 15:16
Zimbabwe Electoral Commision allocated $9.8m. Chinamasa says this money will be used to kickstart preparations for the 2018 elections

08 Dec 15:16
Disgruntled MPs boo the Chinamasa again

08 Dec 15:14
Chinamasa: Resources for the constituency development fund will be managed through parliament and each constituency will receive $50 000

08 Dec 15:13

08 Dec 15:12
Chinamasa: Focus is on the dualisation of the Beitbridge-Harare through a BOT model

08 Dec 15:11
Chinamasa: We need to enforce legislation to stop the cutting down of trees in line with climate change management methods

08 Dec 15:08
Rural electrification allocated $38m 

08 Dec 15:07
$32.7m set aside for the value addition cluster

08 Dec 15:07
$1.million set aside to complete construction of some universities

08 Dec 15:05
Legislators boo Chinamasa over parly allocation and the speaker calls for order

08 Dec 15:04
$244m allocated to agriculture

08 Dec 15:04
$30m allocated to parliament

08 Dec 15:03
Transport allocated $55m

08 Dec 15:03
President's office allocated $175m

08 Dec 15:00
Chinamasa: Employment costs are projected at $3bn in 2017

08 Dec 15:00
Chinamasa: Treasury bills should become a surrogate currency to meet expenditure

08 Dec 14:58

08 Dec 14:58

08 Dec 14:57
Chinamasa: Economy is expected to grow by 1.7% in 2017 due to increased commodity prices and improvement in the ease of doing business

08 Dec 14:55
Chinamasa: Agriculture was affected by the El Niño induced drought and we are facing high unemployment

08 Dec 14:54
Chinamasa: The fundamental challenge to our economy is underperformance in all sectors

08 Dec 14:53
Speaker of parliament Jacob Mudenda calls Chinamasa to present the budget 

08 Dec 14:51
President Robert Mugabe enters the parliament. He sits between his two deputies - Emmerson Mnangagwa and Phelekezela Mphoko. 

08 Dec 14:47

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