Minister of Finance Mthuli Ncube presented the 2024 Mid-Term Budget and Economic Review to Parliament on Thursday, stating that the government will maintain its current macroeconomic policies for the remainder of the fiscal year. During his address, Ncube outlined the administration’s focus on sustaining economic growth, attracting investment, and reinforcing social protection programs.
According to the minister’s presentation, the government’s policies have been central to achieving recent economic stability. Ncube identified sustaining this stability as a primary objective for the coming months.
The review highlighted key economic indicators, including foreign investment figures. Ncube reported that Foreign Direct Investment (FDI) inflows reached US$965 million for the reporting period. The government’s strategy, as outlined in the presentation, will continue to prioritize creating an environment conducive to both domestic and foreign investment.
In his address, Ncube detailed the three core pillars of the government’s economic plan for the rest of the year. The first is a continued focus on economic growth through existing policy frameworks. The second pillar is the active pursuit of investment to fuel development. The third is the strengthening of social safety nets aimed at protecting vulnerable populations.
The minister did not announce major deviations from the economic course set at the beginning of the year. The mid-term review served to reaffirm the government’s commitment to its established strategy. The presentation provided a fiscal and economic performance update for the first half of the year and set the operational context for the remaining months of 2024. The full budget review document provides further detail on revenue, expenditure, and projections.
