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Breaking NewsZimbabwe

Austerity finally coming to an end

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The much awaited 2020 budget speech will be presented to the public by Minister of Finance, Mthuli Ncube on Thursday this week. Minister Mthuli Ncube has already hinted that the main focus of the budget speech will be on reducing the austerity measures government put in place. The Zimbabwe government introduced painful measures in a bid to reduce budget deficit. Some of the measures introduced include a 2% tax on all electronic transactions, exercise duty on fuel, an end to fuel and electricity subsidies. While budget deficit reduced, the general public suffered an increase in prices and a significant reduction in disposable income. A civil servant earns on average US$40. Economist Mr Gwanyanya pointed out that the budget will focus on increasing disposable income, removing certain taxes and subsidies for water and power.


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