In a week of rising expectations, national attention is turning to the Ministry of Finance, where the much-anticipated 2025 Mid-Term Budget Review is set to be presented this Thursday by Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube. As the country navigates a delicate balance between growth targets and structural reforms, the budget statement is widely seen as a pivotal moment for recalibrating Zimbabwe’s economic direction midway through the year.
Unlike previous budget reviews that were dominated by crisis management, this year’s mid-term fiscal update arrives against the backdrop of cautious optimism. Zimbabwe’s economy has recorded modest but consistent improvements in the past months, particularly in mining, agriculture, and the manufacturing sectors. The domestic currency, Zimbabwe Gold (ZiG), has also shown relative stability since its introduction, restoring some degree of pricing predictability and market confidence.
What makes this review more than a procedural checkpoint is the need to consolidate early gains while laying the groundwork for accelerated growth in the second half of the year. With the government targeting a six percent annual growth rate in 2025, this review becomes an important tool for evaluating how far the country has progressed under the National Development Strategy 1 (NDS1), and what adjustments are necessary to stay on course toward Vision 2030.
Insiders within the fiscal and policy space suggest that Treasury is likely to focus on practical adjustments, fine-tuning revenue collection mechanisms, tightening public spending, and introducing incentives to boost domestic production. Equally important will be tax policy shifts that support job creation and industrial productivity without dampening consumer demand. In a climate where investor confidence remains sensitive, balancing fiscal discipline with targeted stimulus is expected to be a central theme.
Economists and development analysts view the review as a signal post, not only for local economic actors but also for international institutions that continue to monitor Zimbabwe’s macroeconomic environment. Development economist Dr Shadreck Matindike notes that the mid-term budget review functions as a guide to future policy thinking, especially in times when governments must be responsive to both global turbulence and local development needs. “It’s not just a financial exercise. It tells us what the government is prioritising and where the opportunities or risks lie. That insight helps businesses and communities plan better,” he said in a recent interview.
Among the sectors looking to the budget with keen interest is industry, where calls have been growing for more robust support for production and trade. Honourable Clemence Chiduwa, who chairs the Parliamentary Portfolio Committee on Industry and Commerce, has previously emphasized the importance of fiscal tools that unlock industrial potential. Measures that stimulate value chains, protect emerging businesses, and encourage capital investment are expected to feature prominently.
In addition to tax incentives and support for productive sectors, there is speculation that Treasury will use the opportunity to reinforce the use and credibility of the ZiG. Since its rollout, the currency has been a cornerstone of efforts to stabilise domestic pricing and reduce reliance on the US dollar. Enhancing digital payment systems and strengthening monetary discipline are likely to be linked closely to the fiscal strategy for the remaining half of the year.
International partners, including the International Monetary Fund, the African Development Bank, and the World Bank, have shown interest in Zimbabwe’s macroeconomic path, with many forecasting a growth rebound if reforms remain on track. The upcoming mid-term review, therefore, serves not only as a domestic fiscal checkpoint but also as a performance update for external observers tracking Zimbabwe’s progress toward debt resolution, investor readiness, and economic re-engagement.
Crucially, the budget will also be an opportunity to demonstrate the Second Republic’s commitment to inclusive development, where budgetary decisions translate into improved livelihoods. Whether through infrastructure development, SME support, health and education investments, or agricultural productivity, the choices made on Thursday will speak volumes about the government’s priorities in the face of global volatility and climate uncertainties.
In the end, this review is not just a document, but a mirror reflecting the nation’s economic journey so far, and a compass pointing to where it is headed. As stakeholders from all sectors await the pronouncements, one thing is clear, Zimbabwe’s economic future will be shaped not just by vision, but by the precision and practicality of choices made in this mid-year moment.
