In presenting the 2017 National Budget on 8 December 2016, I indicated the need to strengthen the outline of the Budget Statement presentation as an instrument of Budget accountability and fiscal transparency, in the process improving policy engagement and accessibility for a wider range of public and targeted audiences.
Accordingly, I presented a streamlined Budget Statement, and advised that extensive economic review material, which historically was presented as part of the National Budget Statement, would now be provided through a new publication called the Annual Budget Review.
I am, therefore, pleased to unveil and Table the first Annual Budget Review, beginning with Fiscal Year 2016. This reports on revenue and expenditure outturn for the full fiscal year, 2016.
Furthermore, the Annual Budget Review also allows opportunity for reporting on other recent macro-economic developments and the outlook for 2017.
As I indicated to Parliament in December 2016, the issuance of the Annual Budget Review, therefore, makes the issuance of the Mid-Term Fiscal Policy Review no longer necessary, save for exceptional circumstances requiring Supplementary Budget proposals.
Treasury will, however, continue to provide Quarterly Treasury Bulletins, capturing quarterly macro-economic and fiscal developments, in addition to the Consolidated Monthly Financial Statements published monthly in line with the Public Finance Management Act.
This should avail the public with necessary information on relevant economic developments, that way enhancing and supporting their decision making processes, activities and engagement with Government on overall economic policy issues.
Hon. P. A. Chinamasa, M.P.
Minister of Finance and Economic Development
20 July 2017