Budget speech

Zimbabwe's 2025 National Budget: Building Resilience for Sustained Economic Transformation

Harare, November 28, 2024– The Minister of Finance, Economic Development, and Investment Promotion, Hon. Prof. Mthuli Ncube, presented the 2025 National Budget to the Parliament of Zimbabwe. The budget, themed "Building Resilience for Sustained Economic Transformation," aims to bolster the nation's economic stability and growth.

Economic Developments and Projections

The global economic slowdown in 2024 has impacted Zimbabwe's economy, but the country has shown remarkable resilience. The domestic economy is projected to grow by 6% in 2025, driven by normal to above-normal rainfall, stable exchange rates, and tight fiscal and monetary policies.

Key Allocations and Priorities

The budget prioritizes several sectors to ensure sustainable development:

1. Agriculture: Allocated ZiG22.9 billion for dam construction, irrigation development, and rural development.

2. Mining: ZiG664.8 million to support mineral exploration and beneficiation.

3. Manufacturing: ZiG550.9 million to stimulate agro-processing industries.

4. Tourism: ZiG294.6 million to enhance visa facilitation and tourism infrastructure.

5. Health: ZiG28.3 billion for operational support, renovation, and procurement of medical supplies.

6. Education: ZiG46.6 billion for primary and secondary education, and ZiG10.3 billion for higher education.

Fiscal Measures

The budget also introduces several fiscal measures to support industry and climate-friendly innovations, including the suspension of duty on inputs for motor vehicle production and reduced customs duty on electric vehicles.

Conclusion

The 2025 National Budget aims to create a conducive environment for economic transformation, focusing on resilience, stability, and sustainable growth. The government is committed to supporting home-grown solutions and driving innovation to achieve Vision 2030.