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Economy

Effective implementation of frugal public expenditure management policies. 

In Progress

Frugal Management of expenditure in 2019

Herald

    

Dec. 11, 2019

The state of Government finances remains healthy after revenue collections for the nine months to September 2019 surpassed the target at $11,316 billion against expenditure of $10,449 billion, which represented a positive variance of $867,4 million.
This means Government spent less than it collected for the period under review.

According to the latest consolidated statement of financial performance, the revenue for the nine months was driven by taxes on goods and services, which contributed $6,019 billion against a target of $5,071 billion.

Previous Updates

Local production of number plates as an import substitution strategy

Herald

    

Dec. 11, 2019

Following a presentation by the Minister of Transport and Infrastructural Development on the need to produce number plates locally as an import substitution strategy, Cabinet tasked local innovation hubs to come up with a patent for the local production of number plates with the requisite security features.
Cabinet is confident the move to produce number plates locally will ease the current shortages being experienced in the country due to the limited availability of foreign currency.
The local production of new number plates will also increase the utilisation of the country’s resources, including local scientists, and create employment for citizens.

Achievement of a fiscal surplus in June 2019 of $159,8 million against a target of $90 million

Herald

    

Sept. 14, 2019

Government surpassed revenue targets for June 2019 after collecting over $1,3 billion against a target of $903,5 million, mainly due to taxes on income and the 2 percent tax on electronic transactions.This saw the Budget achieving a fiscal surplus of $159,8 million against a target of $90 million, in line with Government efforts to consolidate its expenditure. The statistics are contained in the consolidated statement of financial performance of the Consolidated Revenue Fund for the period ended June 30, 2019.

Savings of $75,000,000 were made on bonuses in 2018

Traditionally bonus payment was computed as the sum of basic salary and other allowances such as transport and housing. However, starting December 2018, a new policy set bonus for civil servants based on the basic salary excluding the allowances. This gave savings of US$75 million in 2018. 

    

Feb. 27, 2019

Ministry of Finance Report: Government's Progress on Policy Reforms.

 The Government will not allocate foreign currency to senior Government officials who will  benefit from the vehicle loan scheme, but will provide the money through  Real Time Gross Settlement in orde

herald.com

    

Dec. 5, 2018

The Government will not allocate foreign currency to senior Government officials who will  benefit from the vehicle loan scheme, but will provide the money through  Real Time Gross Settlement in order to save scarce foreign currency

 

 

Various Cost-containment measures outlined by the Minister of Finance.

africanews.com

    

Oct. 6, 2018

Recently-appointed Mthuli Ncube said job cuts were among austerity measures needed to revive the moribund economy as the southern African country reels under a debt of $16.9 billion. “We are going to do that (job cuts),” Ncube told journalists at a news conference while presenting a two-year fiscal policy plan titled “transitional stabilisation programme”.