2012 Budget deferred

“loose ends” to the fiscal policy.
The 2012 budget presentation was scheduled for today.
The absence of President Mugabe, who travelled to Asia on official business, had also been overlooked, a finance ministry official said.

The budget has to be approved by Cabinet before its presentation.
“The 2012 National Budget Statement has been deferred until Tuesday next week. The ministry is still finalising a few budgetary issues. After all, the absence of the President had not been considered,” said the official.

Clerk of Parliament Mr Austin Zvoma yesterday confirmed the budget will be presented next Tuesday.
The President is on an official visit to China and passed through Hong Kong for the graduation of his daughter Bona who graduated with a Bachelor of Business Administration (Honours) Degree in Accountancy from City University.

Analysts said the postponement will not affect business and individual planning as the budget was expected next week.
Economist Mr Eric Bloch said it had actually come as a surprise that Minister Biti intended to announce the revenue and expenditure plan this week.

Traditionally, the Minister of Finance announces the fiscal policy statement either in the last week of November or the first week of December.
Minister Biti had initially provided for a US$3,4 billion budget for 2012 and was expected to perform a delicate balancing act on national priorities.

But he is likely to make slight adjustments to his national budget after the Kimberly Process Certification Scheme gave Zimbabwe the green light to export diamonds from Marange.
Anjin Diamonds, one of the companies extracting diamonds in Marange, is expected to start exporting its huge stockpile that could earn the country several millions of dollars.

Critical issues competing for budgetary resources include funding for civil servants, health and education, key infrastructure and social services.
The minister will also walk a tight rope as he has to make provisions for a Constitutional referendum and harmonised elections expected next year.

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