The budget presentation was in compliance with Section 305 of the Constitution of Zimbabwe and Section 28(1) of the Public Finance Management Act [Chapter 22:19]. The Budget adheres to the PFMA, the Reserve Bank Act [Chapter 22:14] as well as the Public Debt Management Act [Chapter 22:21] with regard to fiscal targets on level of budget deficit, Central Bank lending to Government and public debt. Moreover, an allocation of US$30m to Provincial and Local tiers of Government is in compliance with Chapter 14 and Section 301(3) of the Constitution which provides for allocation of “not less than give cent of the national revenues raised in any financial year to the provinces and local authorities as their share in that year”.
The Budget, Finance and Economic Development Committee sought and received stakeholder reactions on the 2019 Budget from the Bankers Association of Zimbabwe (BAZ), Zimbabwe National Chamber of Commerce (ZNCC), Chamber of Mines (COM). Confederation of Zimbabwe Industries (CZI), Ministry of Finance and Economic Development, Zimbabwe Council of Churches and the Insurance and Pensions Commission (IPEC). The consultations were done against a backdrop of budget input obtained from public bearings done in compliance with Section 28(5) of the PFMA [Chapter 22:19].
Extent to which Committee Recommendation were Incorporated into the Budget
The Budget, Finance and Economic Development Committee commends the Minister for incorporating some of the Committee recommendations into the 2019 Budget. These include;
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