HomeBusiness DigestZim’s fiscal performance remains poor

Zim’s fiscal performance remains poor

ZIMBABWE’S fiscal performance for the eight months to August 31 2012 has remained poor despite the budget remaining balanced, latest reports from the Comptroller and Auditor-General reveal.

Report by Clive Mphambela

In the latest available consolidated financial performance report from the accountant-general, which is counter-signed by both the secretary for finance and the Auditor-General, government’s total recurrent expenditure topped US$1,958 billion against total income of US$2,161 billion, representing over 90% of the 2012 budget for the year to August.

Of this, US$1,082 billion was spent on employment costs, which the Ministry of Finance had projected at US$1,062 billion for the period.

To accommodate the higher salary bill, government purchases of goods and services accounted for US$229,1 million, against planned expenditure of US$315 million — a saving of US$86,3 million — while current transfers at US$631,3 million overran the budget of US$615 million by US$16,3 million.

A negative variance of US$6,5 million was also recorded after interest on debt chomped US$416 568 million against a planned expenditure of US$10,050 million for the eight months.

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