Harare’s New Economic Plan

Zimbabwe introduced a new levy on lithium and a wealth tax to fund an almost 14-fold increase in spending aimed at bolstering economic growth that’s expected to slow next year. An annual budget presented by Finance Minister Mthuli Ncube projects expenditure will rise to 58.2 trillion Zimbabwe dollars ($10 billion) in 2024, from Z$4.3 trillion this year. It will mostly be funded by tax revenue that’s forecast to more than double to Z$51.2 trillion. To boost income, the southern African nation will impose a 1% levy on the gross proceeds of lithium, black granite and other stones used in construction.

BLOOMBERG