Supplementary Budget due today

BULAWAYO - Minister of Finance and Economic Development, Samuel Mumbengegwi, was set to present the much-awaited, mid-term fiscal policy review statement and supplementary Budget today.
In a statement, the ministry of finance said the policy review, which had been postponed ind

efinitely last month, would be presented.
“The secretary for finance advises that the minister of finance, Dr Samuel Mumbengegwi will present to parliament the 2007 Mid Term Fiscal Policy Review Statement and the 2007 supplementary Budget on Thursday, September 6,” the ministry said.
Apparently, only two months remains before Mumbengegwi presents the 2008 national Budget in November.
Parliament is currently on recess, and the legislators were to reconvene on Tuesday, two days before the presentation. The Senate will reseat on September 11.
The announcement could result in the Reserve Bank of Zimbabwe governor, Gideon Gono, presenting his mid-year monetary policy before the end of September.
Gono postponed his mid-year monetary policy review in July, saying he would make the statement soon after the supplementary budget in order to recalibrate monetary policy in line with the additional budget.
Mumbengegwi faces a daunting task to come up with a policy and supplementary budget that would revive the country’s economy, characterised by rising expenditure pressures emanating mainly from escalating inflation, currently at 7 6634,8% for July.
Expenditure targets for 2007 are set at $4,6 trillion, of which $1,5 trillion had been allocated to capital expenditure, at 24,4% of total expenditure for the year.
The remainder $3,1 trillion or 75,6% of total government expenditure for the year has been allocated to recurrent expenditure consisting largely of salaries and wages.
The $6,2 trillion is said to have included provisions for over-spending government agencies.


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