Nqobile Bhebhe, Zimpapers Business Hub
A three-day Parliament of Zimbabwe’s Pre-Budget Seminar kicks off in Bulawayo today as the Government sets the tone for broader consultations on the 2026 National Budget, allowing lawmakers, policy makers, economic experts and key stakeholders to shape the country’s next fiscal roadmap.
The high-level engagement, which runs until weekend, is being held under the theme “Enhancing Drivers of Economic Growth and Transformation Towards Vision 2030.”
Bringing together parliamentarians, Cabinet ministers, Treasury and Reserve Bank of Zimbabwe (RBZ) officials, as well as key economic stakeholders, the seminar serves as a critical platform to deliberate on national priorities before the National Budget is formally tabled.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube and RBZ Governor Dr John Mushayavanhu are expected to lead discussions alongside other Government ministers and chairpersons of various parliamentary portfolio committees.
They are set to address key fiscal, economic and development issues cutting across various sectors of the economy.
Parliamentary portfolio committee chairpersons will present outcomes from stakeholder consultations, while ministers will provide responses and policy perspectives.
The annual Pre-Budget Seminar is a vital component of Zimbabwe’s fiscal planning architecture, ensuring that citizens’ voices are reflected in national priorities and resource allocation.
It reinforces principles of transparency, accountability and inclusivity in the management of public finances.
This year’s deliberations build upon issues raised during nationwide budget consultations. Stakeholders will have the opportunity to proffer practical solutions to current financial challenges while outlining insights into priorities for the 2026 fiscal year.
Held in accordance with Section 28(5) of the Public Finance Management Act, the seminar underscores the Government’s commitment to prudent and transparent financial governance.
It ensures that public resources are efficiently allocated to stimulate growth, support productive sectors, and advance Zimbabwe’s development agenda.
The Pre-Budget Seminar comes as Zimbabwe concludes the implementation of the National Development Strategy 1 (NDS1: 2021–2025) and prepares for the launch of the successor blueprint, NDS2 (2026–2030).
Cabinet has already approved the roadmap for crafting NDS2, which is designed to consolidate the gains achieved under NDS1, address existing gaps and accelerate progress toward Vision 2030.
According to the roadmap, the final draft of NDS2 is expected to be completed by the end of November, ahead of its official launch by President Mnangagwa.
Dissemination will follow, paving the way for full-scale implementation from January 2026 to December 2030.
In July, Prof Ncube presented the 2026 Budget Strategy Paper to Parliament titled “Enhancing Drivers of Economic Growth and Transformation Towards Vision 2030.”
He emphasised that the upcoming development strategy will be anchored on domestic, regional and continental priorities with a focus on industrialisation, diversification and integration.
“The country’s development trajectory is aligned with the SADC Regional Indicative Strategic Development Plan (RISDP 2020–2030), which seeks to deepen regional integration and industrial development. This is also aligned with the AU Agenda 2063, now in its second decade of implementation,” said Prof Ncube.
“The AU Agenda 2063 prioritises industrialisation, inclusive growth, sustainable development and economic diversification. The country’s 2026 strategy, therefore, is designed to actualise domestic, regional and continental priorities by fostering industrialisation, economic diversification, innovation and regional integration.”
The 2026 Budget Strategy Paper forecasts a real Gross Domestic Product (GDP) growth of five percent for the period from 2026 to 2029.
Economic growth in 2026 is expected to be driven by sustained improvements in the agriculture, mining, information and communication technology and electricity sectors.
Inflation is projected to moderate to 12,7 percent by year-end, averaging 17,1 percent over the fiscal year.
The 2026 fiscal policy framework is designed to sustain fiscal discipline through a targeted budget deficit of below three percent of GDP.
The projected deficit is based on total revenues of ZiG309,9 billion against planned expenditures of ZiG335,6 billion.
In US dollar terms, this translates to fiscal revenues of about US$8,7 billion versus projected expenditure of US$9,4 billion, resulting in a fiscal deficit of US$722,2 million — or 1,4 percent of GDP.
The Government has pledged to continue aligning expenditure with available resources to support macroeconomic stability and sustainable growth.
The revenue mobilisation strategy for 2026 is anchored on principles of equity, fairness, efficiency, and transparency. It will focus on enhancing tax administration, strengthening anti-smuggling efforts, streamlining tax expenditures, and promoting compliance among micro, small and medium enterprises, as well as the informal sector.
For expenditures, the 2026 outlays will prioritise agriculture and food security, infrastructure development, social protection, health, climate change adaptation and education and skills development.
These are expected to foster private sector-led growth and support the objectives of NDS2 and Vision 2030.
In its submissions to the Ministry of Finance ahead of the 2026 Budget presentation, the Zimbabwe National Chamber of Commerce (ZNCC) welcomed the Government’s accelerated review of regulatory fees starting with agriculture and urged that the initiative be extended to manufacturing, wholesale, retail, and services.
“Our proposals are designed to be constructive and actionable,” ZNCC said.
“They build on lessons from NDS1 while positioning the private sector as a central partner in implementing NDS2 priorities.”
The chamber noted that delayed payments to Government contractors and unsettled export balances were constraining business cash flows, urging continued collaboration between the public and private sectors to ensure the success of Vision 2030.
“If effectively implemented, the 2026 budget can anchor stability, industrialisation, and prosperity that benefits every Zimbabwean,” the ZNCC said.
On the banking front, the chamber called on the Zimbabwe Revenue Authority (Zimra) to reverse the dis-allowance of interest expenses as deductible costs for tax purposes. “Interest expenses constitute a legitimate and significant component of the cost of sales for financial institutions,” said ZNCC.
“Reinstating these deductions will strengthen intermediation and reinforce confidence among depositors and investors.”
The chamber also commended monetary authorities for stabilising the domestic currency and reducing exchange rate volatility, noting that improved fiscal-monetary coordination had enhanced predictability and business confidence.
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