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Zimbabwe Unveils $4 Billion National Budget With Projected $400 Million Deficit

UMnumzana Patrick Chinamasa umpathintambo wezemali.

Finance Minister Patrick Chinamasa has unveiled a $4.1 billion budget for 2017 with a projected funding gap of at least $400 million and state wage bill set to gobble the bulk of the budget.

Presenting the budget in parliament today, Chinamasa said the country is expected to grow by 1,7% from 0.6% estimated this year.

He said agriculture and mining are expected to drive overall growth with sector growth of 12% and 0.9% respectively in 2017.

Inflation is projected at 1.1% from a negative 1.5% in 2016 while total revenues are projected at $3.7 billion with total expenditure estimated at $4.1 billion.

Zimbabwe will have a financing gap of $400 million with capital expenditure amounting to $520 million, which is 3.6% of Gross Domestic Product (GDP).

The country expects to have a trade deficit of $1.537 billion compared to 1.985 billion in 2016.