By A Correspondent

The Minister of Finance and Investment Promotion, Mthuli Ncube, is set to present Zimbabwe’s 2025 National Budget to Parliament next week.

According to Ncube, the total funding requests for the 2025 budget have surpassed ZiG$700 billion, well above the ZiG$140 billion ceiling outlined in the second budget call circular. This represents a fivefold increase and exceeds 18% of the country’s GDP.

During the budget consultation process, Ncube revealed that a review of these bids would be conducted, taking into account the current economic conditions ahead of the budget presentation later this month.

“The total bids for the 2025 National Budget are over ZiG$700 billion, far exceeding the budget ceiling of ZiG$140 billion set in the second budget call circular. This is five times the ceiling, which was pegged at 18% of GDP,” Ncube said.

He explained that the second budget call circular was issued prior to the depreciation of the domestic currency, and as such, the fiscal framework will be updated to reflect the new economic realities, allowing for an upward revision of the budget ceiling.

Ncube also emphasized that the 2025 budget aims to strengthen the economy in the face of both domestic and international challenges.

Despite a downward revision in Zimbabwe’s 2024 economic growth forecast—now expected to be 2% instead of the earlier projection of 3.5% due to severe drought—the Treasury is forecasting a robust recovery in 2025, with GDP growth projected at 6%, largely driven by improvements in the agricultural sector.