16 December 2017
   
Free education for the poor, declares Zuma
Oppah new Zanu PF chair; but no VPs yet
Tsvangirai sought ED talks: Mugabe priest
G40’s Sekeramayi axed from politburo
Man strips for sex with donkey; nabbed
Sperm harvesters hit SA; man raped
Mnangagwa vows new path for Zanu PF
Congress seals Bob’s fall from grace
MORE NEWS
Indigenisation: IMF welcomes changes
Vic Falls Bridge toll fees introduced
MORE BUSINESS
Divisive South African film eyes Oscars
Zimbabwe totes obsessed with Zodwa
MORE SHOWBIZ
Jose Mourinho faces Ibrahimovic dilemma
FIFA threatens Spain with W-Cup ban
MORE SPORTS
Change must follow Mugabe’s fall
Coup: why the China role theory is hollow
MORE OPINION
 
Chivayo and the groupie effect
Nelson Chamisa on Washington trip
MORE COLUMNISTS
 
 

Chinamasa proposes budget aimed at reviving bleak economy


New era? ... Patrich Chinamasa and wife ahead of Thursday's budget presentation

08/12/2017 00:00:00
by Associated Press
 
2018 national budget ... Patrick Chinamasa
 
RELATED STORIES
Jobs cut, 1st class travel banned in $5b budget

HARARE: The country's new government plans to reduce diplomatic missions and ban first-class travel for everyone but the president as it tries to revive a devastated economy after longtime leader Robert Mugabe resigned last month.

Finance Minister Patrick Chinamasa on Thursday presented the first national budget proposal since President Emmerson Mnangagwa was sworn in after the military’s intervention, saying it is aimed at “getting the economy speedily back on track".

Zimbabweans and others are watching closely to see whether Mnangagwa, a longtime Mugabe ally whose firing as vice president last month led the military and ruling party to turn against the president, will be able to step out of his mentor’s shadow.

In one of the most dramatic budget proposals, the once-prosperous southern African nation now plans to amend an indigenisation law limiting foreign ownership of businesses to no more than 49 percent of shares.

The finance minister said the policy will apply only to diamond and platinum mining, emphasising Zimbabwe’s desperation to re-engage foreign investors.

Mugabe had said the law was meant to transfer economic control to local blacks, but instead it dried up investment in the resource-rich country.

The $5.1 billion proposed budget, to be funded mainly from taxes, needs Parliament’s approval.

Lawmakers cheered at a proposal to fire more than 3,400 youth officers deployed across the country who had been accused of fronting a terror campaign against Mugabe’s opponents.

But the lawmakers roared in disapproval when the finance minister allocated $420 million to the defence ministry and just $408 million to an ailing health sector.

The finance minister also set aside $132 million for elections expected for the second half of 2018. Mnangagwa has said they will be “democratic.”



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker