2015 National Budget

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The budget presented by Finance Minister Patrick Chinamasa
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  1 ZIMBABWE THE 2015 NATIONAL BUDGET STATEMENT   “  Towards an Empowered Society and Inclusive Economic Growth”    Presented to the Parliament of Zimbabweon 27 November, 2014 by Hon. P. A. Chinamasa, MP   Minister of Finance and Economic Development 1  2  3 Contents I. MOTION ...................................................................................................................................7II. INTRODUCTION ......................................................................................................................7III. GLOBAL ECONOMIC OUTLOOK ........................................................................................15Growth .........................................................................................................................................15 Ination .........................................................................................................................................17Downside Risks ............................................................................................................................18IV. ECONOMIC DEVELOPMENTS & OUTLOOK ......................................................................19Prices .........................................................................................................................................19Growth .........................................................................................................................................21 Agriculture ............................................................................................................................ 23 Mining .................................................................................................................................... 27 Manufacturing ...................................................................................................................... 32 Tourism ................................................................................................................................. 34 Transport & Communication ............................................................................................... 36 Information & Communication Technology ....................................................................... 36 Construction ......................................................................................................................... 37 External Trade Developments ............................................................................................. 38 External Debt Overhang ...................................................................................................... 41Foreign Investment .............................................................................................................. 44 Diaspora Remittances ......................................................................................................... 44 Banking & Financial Markets .............................................................................................. 45 Loans and Advances ........................................................................................................... 47 Banking Sector Reforms ..................................................................................................... 48 Capitalisation ........................................................................................................................ 48 Non-Performing Loans ........................................................................................................ 50 Central Credit Registry System .......................................................................................... 51Interbank Trading ................................................................................................................. 52 Anti-Money Laundering & Combating Financing of Terrorism ........................................ 52 AML/CFT National Risk Assessment .................................................................................. 53 Externalisation ..................................................................................................................... 53 Importation of Coins ............................................................................................................ 54 Export Credit Guarantee Corporation (ECGC) .................................................................. 55 Supervision of SMEDCO & IDBZ ........................................................................................ 55 Reserve Bank Capitalisation ............................................................................................... 56 Facilities in Support of SMEs .............................................................................................. 57 Securities Market ................................................................................................................. 59  V. FISCAL YEAR 2014 BUDGET DEVELOPMENTS ................................................................65REVENUE ......................................................................................................................................65  4 Expenditures ........................................................................................................................ 67  Current Expenditures ...................................................................................................................68CAPITAL BUDGET DEVELOPMENTS .........................................................................................72 Loan Funded Infrastructure Projects ................................................................................. 77  DEVELOPMENT PARTNER SUPPORT ........................................................................................81 ZIM FUND Funded Projects ................................................................................................. 83 Water, Sanitation and Hygiene ............................................................................................ 90 Conservation and Bio-Diversity .......................................................................................... 92  VI. RECAP OF THE 2014 NATIONAL BUDGET ........................................................................98VII. FISCAL YEAR 2015 BUDGET FRAMEWORK ...................................................................104 Macro-Economic Framework ............................................................................................ 104  VIII. BUDGET INTERVENTIONS FOR 2015 ...............................................................................106THE 2015 BUDGET .....................................................................................................................107Constitutional & Statutory Requirements .................................................................................110FOOD SECURITY & NUTRITION CLUSTER ...............................................................................112Preparations for the 2014/15 Farming Season .........................................................................112 Presidential Inputs Scheme ...............................................................................................112 Cloud Seeding .....................................................................................................................114 Other Financing Arrangements .........................................................................................114 Restoration of a Stop Order System .................................................................................116 Inducing Productivity in Agriculture through Joint Ventures .........................................117 99-Year Leases ....................................................................................................................118 Land Compensation Fund ..................................................................................................118 Mechanisation .....................................................................................................................119 Extension Services ............................................................................................................ 121Animal Health Welfare ....................................................................................................... 122 Crop and Post-Harvest Handling ...................................................................................... 123 Climate Resilient National Water Resources & Irrigation Master Plan ......................... 125  VALUE ADDITION CLUSTER .....................................................................................................127 Mining .................................................................................................................................. 128  Tourism .......................................................................................................................................139Special Economic Zones ...........................................................................................................140Small & Medium Enterprises .....................................................................................................142Women Empowerment ...............................................................................................................145 Gender Mainstreaming ...................................................................................................... 145 Establishment of the Women`s Bank ............................................................................... 147  INFRASTRUCTURE & UTILITIES CLUSTER ............................................................................148 ZIM ASSET Infrastructure 2015 Financing ....................................................................... 148  Breakdown of Infrastructure Financing ...................................................................................150 Energy ................................................................................................................................. 153 Transport & Communication ............................................................................................. 160 
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