Supplementary budget set for July

Supplementary budget set for July

Ministry of Finance and Economic Development has told Parliament that it is going to present its supplementary budget for 2019 in July together with a budget review. In previous years treasury has been using more money than what would have been approved by Parliament through the Budget Bill a development which is against the country’s laws. However, Finance Minister Mthuli Ncube promised that his ministry will seek to do things the right way and will correct all the past wrongs. Appearing before the Portfolio Committee on Budget and Finance, Minister Ncube said he is aware of a lot of issues pertaining to the budget especially related to change of currency from US Dollars to RTGS Dollars. “Now with regard to who approved the budget as it was in USD and is now in RTGS, we will be coming to the House for a budget review and for presenting a supplementary budget in July. “So please bear with us we are going through this transition we will do that and you have the ultimate authority as a House to allow us to spend whatever we need to spend,” he said. Minister Ncube also indicated that the supplementary budget will also talk to issues of civil servants pensions and cost of living adjustments as well. Zimbabwe is facing a lot of challenges on the economic front owing to lot issues that range from lack of credit lines, low FDI inflows, lack of confidence in the economy, low exports and unsustainable government expenditure among many others. These challenges have resulted in hyperinflation and unsustainable price increases at a time when salaries have remained very low. Some economic commentators are of the view that the country is slowly going back to the situation of 2008 unless a solution is urgently found Article courtesy of Openparly website https://www.openparly.co.zw/supplementary-budget-set-for-july/