PARLIAMENT has approved the 2022 supplementary budget presented by Finance minister Mthuli Ncube two months ago.
In July, Ncube announced a $929 billion supplementary budget, with 53% ($492,8 billion) to be taken up by employment costs.
Ncube doubled the national budget to $1,9 trillion as a result of rising inflation and a weakening local currency.
The Bill sailed through the National Assembly despite a lot of resistance from opposition legislators.
“To accommodate the additional requirements, I have revised the 2022 budget of $968,3 billion, taking into account the additional expenditures of $929,3 billion to bring the total budget to $1 897 billion.
“I am, therefore, presenting to this august House, the supplementary estimates for 2022 and the accompanying Appropriation (Supplementary Bill) (2022) for consideration and approval,” Ncube said then.
“The supplementary expenditures being proposed are, however, designed in a way that they are in line with increased revenues and will be implemented without compromising fiscal discipline and upsetting set fiscal targets.
“I seek approval for a supplementary budget of $851,4 billion to cater for additional provisions and reforms mainly related to stimulation of production targeting agriculture, industry and other productive sectors, social services delivery and social protection, constitutional requirements including transfers to provincial councils and local authorities and support for governance institutions.”
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Contributing to debate on the Bill, Norton legislator Temba Mliswa (Independent) said: “Zimbabwe must just dollarise rather than to have a supplementary budget which is close to the initial budget. For the minister to have more revenue, there is a need to capacitate the industry which is ailing.”
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