Zimbabwean Finance Minister Mthuli Ncube is due to present the 2022 supplementary budget on Thursday, following skyrocketing inflation that has since eroded this year’s national budget.
The minister is also expected to present the traditional 2022 mid-term fiscal policy statement.
“The supplementary budget is sure to require a supplementary or additional Appropriation Bill and likely a Finance Bill,” parliamentary watchdog Veritas Zimbabwe, said.
Meanwhile, Zimbabwe has witnessed a sharp rise in inflation which has led to the depreciation of the Zimbabwean dollar. Zimbabwe’s inflation has increased from 60.7% in December 2021 to 191% in June 2022.
In the past few weeks, the government has introduced various measures including hiking the bank policy rate from 80 per cent to 200 per cent per annum as well as introducing gold coins to tame rising inflation.
Amid a bleak economic outlook, Ncube has since hinted that he will revise downwards Zimbabwe’s growth forecast for 2022 when he presents the fiscal policy statement Thursday, from the initial 5.5%.
Experts have also called on Finance Minister Mthuli Ncube to address currency and inflation challenges bedevilling the economy when he presents the Mid-Term Budget Review and a Supplementary Budget this week.