Zim records $500 million budget deficit
The latest development is in sharp contrast to Finance minister Mthuli Ncube, pictured ’s assertion that the country registered a budget surplus for the greater part of last year.
“The positive performance is mainly recorded on taxes on goods and services which contributed $2,086 billion against a budget of $1,380 billion, Taxes on income contributed $749,3 million against a budget of $500,3 million, intermediate money transfer tax contributed $451 million against a budget of $357,4 million,” Treasury said.
Meanwhile, Ncube has says government will ensure fiscal discipline to rein in an inflation rate that’s the highest in a decade and a yawning budget deficit.
“If you look at what has caused the crisis in first place, it has been budget deficits in the past and we are dealing with that, making sure that it moves from double digits to single digits by the end of this year. The government is making sure that we cut back on government waste, deal with the current account deficit,” he said.