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Eyes on Budget to protect earnings, improve buying power – The Herald

The Herald

Mukudzei Chingwere Herald Reporter

Ordinary people hope today’s budget will confront sustainable measures that help insulate the local currency from erosion, improve buying power by protecting earnings from inflation, ensure stability on the macroeconomic front and greater support for those who rely on the informal economy.

Finance and Economic Development Minister Professor Mthuli Ncube is expected to present the 2022 National Budget this afternoon and, as always, everyone from the ordinary person all the way to top business people want to see improved livelihoods, sustainable economic growth, and fair spreading of that growth, with businesses wanting larger markets and the people wanting to be able to afford what the businesses are selling.

It is expected he will give adequate budgets to continue pressing ahead with the dramatic expansions seen in agriculture, expansions that not only stabilise consumer prices but have started making significant inroads into the poverty that so marked rural Zimbabwe as smallscale farmers are converted into money earning business people, a move that will also help everyone else by creating markets for what they make and sell.

And everyone wants predictable and preferably stable exchange rates, and stable prices, both requiring as well as generating low inflation.

“We expect that Minister Ncube should ensure there is disposable income for ordinary people, it has been a difficult year,” said Amai Nyasha from Chitungwiza. “So at least if they put 100 percent tax free band for those who earn less than $30 000, at least people can look forward to Christmas. In addition to that I think the Intermediated Money Transfer Tax of 2 percent should be removed.” 

While there is general expectation of resetting tax bands to take into account inflation and so preserve the percentage the taxman takes at original levels instead of the higher percentage when bands remain fixed, dropping a tax is less likely although Minister Ncube has in the past reset the level when the tax comes into play so that small personal payments are exempt.

Mrs Violet Tokora said the macroeconomic reforms have tight control of liquidity, which means there are no longer enough Zimbabwe dollars in circulation to affect exchange rates on the formal market. 

That tight control was built on monthly budget surpluses, which controls total money supply, and on measures taken to prevent vast anonymous transfers of money already in circulation.

Mrs Violet Topora

However, she argues the measures have been hugely successful on the formal market and but failed to control the black market to the same degree.

“Government has done well to control and manage money circulation, the surplus we had was used to buy Covid-19 vaccines and as a country we are doing well on that front.

“The biggest challenge for now is the availability of foreign currency on the formal market for ordinary people.

“Yes, Government said we should be accessing money on the formal market but we are not. Maybe it’s in short supply or people manning those offices are corrupt which makes the rest of us fail to access the money.

“This increases demand and people end up resorting to the black market for foreign currency which is very expensive and unsustainable,” said Mrs Tokora.

Mr Pritchard Tunha said people should easily access their money in banks without the hassle of going through very long queues.

Mr Pritchard Tunha

He argues that those at the Treasury should strive for prices to remain stable so that there is no rush for people to withdraw their salaries and spend before they are eroded.

Another Harare resident Mrs

Pamela Midzi

said the Government should consider increasing salaries as a way of ensuring people have more spending power. 

“Salaries we are getting are not commensurate with the prices of basic commodities and it is not enough to pay utility bills. I think the Government should consider returning to US dollar salaries since most of our expenses like rentals are not paid in local currency,” said Mrs Midzi.

However, the Government has indicated that it would be unable to pay in US dollars given that it has reintroduced the local currency.

Mr Ronald Mufandaedza wants a bit more than just stable prices. He would like to see falling prices of basic commodities. 

Mr Ronald Mufandaedza

“We want a situation where prices, especially of basic commodities, go down so that everyone can easily access them.

“We also want to see the Government investing more in the public transport system,” said Mr Mufandaedza raising a common complaint that while a lot of progress has been made in the Zupco sphere, most people using public transport want to see more buses.

Ms Angela Gora commented on the ban of importing vehicles older than 10 years.

“Banning old cars is a good idea but I think they should maybe say 15 years or more, 10 years is too stringent especially considering that we are buying second hand cars,” she said.

Some said the Covid-19 pandemic worsened standards of living. While few lost formal jobs, many in the informal sectors saw both falls in income. Many informal businesses are reviving, and the Government has now started a process of quite large budgets for programmes that will see proper and healthy premises built for small businesses by central Government on council land, but there are many who would like their workshops and market stalls sooner.

Health budgets shot up with Covid-19, but there is a desire to see more of the social payments for those who need them because of Covid-19.

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Covid LIVE: Indias third confirmed Omicron case is from Gujarat – Business Standard

Amid growing concerns over the new Omicron variant of SARS-CoV-2, a parliamentary committee has recommended that the efficacy of (Covid-19) vaccines must be evaluated and concerns with regards to the new strain developing immunoescape mechanism critically addressed.
Prime Minister is to kickstart the poll campaign for the upcoming by addressing a rally in Dehradun on Saturday. The Prime Minister will reach Dehradun’s Parade Ground, the rally venue at 12.30 pm, Pradesh BJP general secretary Kuldip Kumar said. Soon after his arrival, he will inaugurate seven developmental projects and lay foundation stones of 11 others, all totalling worth over Rs 18,000 crore after which he will start his address around 1 pm.
A crucial meeting of the Samyukta Kisan Morcha (SKM) will be held at the Singhu border on Saturday to decide on the future course of the agitation. Farmer leaders said any decision on whether to send five names to the Centre for a panel on will be taken in the meeting as they have not yet received any formal communication from the government.

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Breaking news: India’s 3rd Omicron case is Gujarat man who recently returned from Zimbabwe, reports ANI – Hindustan Times


Breaking news: India’s 3rd Omicron case is Gujarat man who recently returned from Zimbabwe, reports ANI

  • Breaking news updates December 4, 2021: Get latest news, breaking news, latest updates, live news, top headlines, breaking business news and top news of the hour.

Get latest news, breaking news, latest updates, live news, top headlines, breaking business news and top news of the hour.
Get latest news, breaking news, latest updates, live news, top headlines, breaking business news and top news of the hour.
Updated on Dec 04, 2021 03:52 PM IST

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Welcome to live updates platform where you can find breaking news from India and across the world. Find fast updates about the latest news as it breaks.

Missed an important news update? Worried about what is happening in the world of finance and how it will impact you? Want to know about the latest update on Covid-19? Don’t worry, we have you covered.

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  • Dec 04, 2021 03:52 PM IST

    West Bengal evacuates thousands of people in South 24 Parganas and Purba Medinipur districts, reports PTI

    The West Bengal government on Saturday evacuated thousands of people in South 24 Parganas and Purba Medinipur districts, reported news agency PTI. The state government further urged tourists in popular sea resorts to stay away from beaches as in wake of the warning for Cyclone Jawad. 

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    Centre has approved over 1 lakh crores for development of Uttarakhand: PM Modi

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    PM Modi arrives in Dehradun to inaugurate multiple projects

    PM Modi has arrived in Dehradun to inaugurate and lay foundation stone for multiple projects worth 18,000 crore.

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    ‘Weakening north-northeastwards change in movement of Cyclone Jawad after evening today’: IMD

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    Mumbai awaiting genome sequencing results of 288 samples from foreign returnees, says Mayor

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    WATCH | People evacuate Puri beach as cyclone Jawad approaches

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  • Dec 04, 2021 09:08 AM IST

    Delhi’s air quality remains in ‘very poor’ category

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    Tikait says talks between Haryana CM and farmers remained inconclusive

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    Biden says he’s been aware of Russia’s actions for a while

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  • Dec 04, 2021 06:10 AM IST

    New Jersey confirms its first case of Omicron variant

    New Jersey governor Phil Murphy has confirmed the state’s first case of the coronavirus Omicron variant late on Friday.


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Kadoma Housing Saga: Court Declares Couple's Company 'Non-Existent' – New

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By James Muonwa, Mashonaland West Correspondent

THE Supreme Court has upheld the High Court’s decision declaring Balwearie Holdings registered under company number 45/77 as non-existent following its dissolution.

The dissolved entity’s directors Zane Patrick Heyns and Elizabeth Heyns were holding onto the name, thereby disturbing the legitimate business operations of bona-fide Balwearie Holdings, who are the directors of Sabonabona housing development project in Kadoma.

The Heyns forged CR14 documents misrepresenting they were directors of Balwearie Holdings in a bid to have locus standi, but the documents were discovered to be fraudulent.

The led to the arrest on fraud charges of Phillip Danga of Philjoy Secretarial Services who drafted them.

Danga’s matter is still pending at the magistrates’ court.

Based on the misrepresentation, the Heyns attempted to evict scores of property owners from the 97 hectare Kadoma property, a move which, however, hit a snag.

The Supreme Court bench comprising of Justice Chinembiri Bhunu, Justice Hlekani Mwayera, and Justice George Chiweshe has upheld two decisions of the High Court, firstly confirming the order issued by Justice Edith Mushore on July 8 last year declaring Balwearie Holdings registered under company number 1898/20 as the legitimate entity, while declaring that Balwearie Holdings under company number 45/77 was dissolved.

The Supreme Court also upheld the High Court judgment by Justice Emilia Muchawa which ruled that Balwearie Holdings company number 45/77 can not sue or be sued as it is a dissolved entity.

In summary, the bench has recognised Balwearie Holdings (1898/20) as the only legitimate Balwearie Holdings in existence.

On the other hand, the Chief Registrar of companies Martha Chakanyuka confirmed through an affidavit that their index reflects that Balwearie Holdings (45/77) is dissolved.

The Supreme Court’s decision puts to rest doubts members of the public had around the legitimacy of Balwearie Holdings (1898/20) who are the genuine property managers of Sabonabona housing project.

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