Biti’s miracle as Zimbabwe has budget surplus

In what Finance Minster Tendai Biti yesterday described as a miracle Zimbabwe recorded a budget surplus for the first time in many years.


Biti was speaking at a media briefing on the state of the economy and economic projections for the year 2012.

“It is actually a miracle but we have achieved it, the country had a budget surplus of 30 million on last year’s budget and we used this for salaries and pensions in January.

“If we stick to our principles this is always achievable, we should eat what we kill and we did that last year we killed 2.9 billion and ate just over 2.8 billion,” Biti said.

The Finance Minister spoke on a variety of issues but emphasized the need to keep the policy of cash budgeting and that the government has maintained inflation figure within manageable levels.

“I am pleased to announce that I will be providing a monthly Budget Dashboard that will outline monthly budgetary developments, tracking in the particular budget performance in the key areas of public sector investment and social service delivery.

“Over and above this treasury will produce quarterly economic developments, quarterly budget implementation updates and of course the Mid-Term Fiscal Policy Review,” Biti said

He said the final accounts for the country relating to the 2011 budget are being finalized and will be out by February.

Zimbabwe has been operating on a budget deficit for many years and this turnaround is largely due to prudence by the Inclusive Government formed when foes Premier Morgan Tsvangirai and President Robert Mugabe went into what analyst have termed a marriage of convenience.

The country’s economy almost came to its knees largely due to little or no production in the agricultural sector caused by violent farm invasions that forced commercial farmers off their land.

Post published in: News

Leave a Reply

Your email address will not be published. Required fields are marked *