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Government Cuts Spending As ZiG Drop Hits Budget

4 months agoMon, 18 Nov 2024 10:05:37 GMT
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Government Cuts Spending As ZiG Drop Hits Budget

The Zimbabwean government has been forced to cut spending on certain budget items following a 43% devaluation of the ZiG currency against the US dollar in late September.

The country’s Treasury has instructed government departments to prioritise their spending commitments for the remainder of the year, as non-wage budget support will be severely limited.

A circular sent to Permanent Secretaries and the Clerk of Parliament on November 13 warned that non-wage budget allocations will be restricted.

Finance, Economic Development and Investment Promotion Permanent Secretary George Guvamatanga said:

As you may be aware, the local currency unit (ZWG) recently depreciated by 43 per cent against the United States dollar, resulting in a substantial mismatch between revenue inflows, collected in some cases with a one-month lag and local currency expenditures that immediately adjusted to the new exchange rate, in the process severely constraining fiscal space for the last quarter of 2024.

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The imbalance was further exacerbated by a backdated review award in October 2024 to the civil service.

Given the consequent limited fiscal space and the need to mobilise additional resources to fund critical inescapable expenditures that include the 2024 bonus award, food deficit mitigation support, 2024/25 agriculture input support, and utilities among other critical requirements, Treasury wishes to advise that non-wage budget support for the months of November and December 2024 will be severely constrained. MDAs are, therefore, requested to prioritise their expenditure commitments during this period.

To support the prioritisation programme, Treasury shall be implementing the following complementary expenditure containment measures for the remainder of the 2024 fiscal year:

  • Prioritise payment of outstanding unfunded payment runs;
  • Treasury concurrence for foreign travels shall only be granted where funding is provided by Agencies other than Government, Local Authorities and State-Owned Enterprises;
  • Deferment of all local workshops with the exception of those granted prior approval by Treasury;
  • Rationalisation of fuel for operational requirements by 50%…

Zimbabwe is set to present its 2025 budget at the end of this month. However, Finance Minister Mthuli Ncube said that funding bids have already exceeded ZiG700 billion, far surpassing the budget ceiling of ZiG140 billion.

More: Pindula News

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19 Comments

nimrod · 4 months ago
ko ma surplus simbi taurwa aripi
Anonymous · 4 months ago
End of the road for the street crooks ruining Zimbabwe...
Kamoto · 4 months ago
Guvamatanga
🏴 · 4 months ago
soon ziggy anenge asingakwane mbanje
Political Police · 4 months ago
Some hooligans who purport to be leaders will drown with their zig. One Mushaya~people once said I'm not going to use the zig that's in my phone because in July people will scramble for it🤣🤣. Where is the scramble? These clowns will surely drown with their zig girl who sits on the pinnacle of the global uselessness. THE ARRESTOR WILL BE ARRESTED!!!
Anonymous · 4 months ago
So, the question is: who is to blame for all this nonsense?? But why ask, because we know, don,t we.
Political Police · 4 months ago
One mistake that was made was made some 44 years ago when this country got its so called independence. The leaders fell into a trap of not creating their own currency that has nothing to do with the dollar. So trying it now won't work unless there be a caliber of leaders that are straight in their dealings and who strive to be fair in their leading. Also things must be built on the truth because a lie begets a lie. Right now new tools are needed and a start over is long over due. Some people needs to swallow their pride and allow things to freely flow without signs of greed. THE ARRESTOR WILL BE ARRESTED!!!
everyone · 4 months ago
budget goes zig-zag
GAME · 4 months ago
Haa varume tipei serious mumaoffices ehurumende ayo.Asi ma ****s edzimba makapanana ma USD500k.Lets reliberate ourselves.
Dust · 4 months ago
Whatever jargon you may use, your zig wont make things better for my beloved Zimbabwe.
ZiGGy The Zanoid · 4 months ago
Oh no! thats sad news, whats next? another "official" zig devaluation to 50:1 ? or maybe more taxes ? Or theft of USD balances in clients bank accounts and replacing it with useless zig?
Anonymous · 4 months ago
All of the above, "In the interests of the nation". Anyone who disagrees with fleecing your bank account is unpatriotic.
laugh emoji1
Anonymous · 4 months ago
Did they mention fuel rationalizing - fuel rationing. Ooops! serious trouble coming our way soon.
Anonymous · 4 months ago
Did they say fuel rationing?????
Sir African · 4 months ago
Its not the government that has cut the spending,but its the zigzag that has done that.
ƒяєєℓαη¢є ¢σяяυσтι¢ιαη · 4 months ago
𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗼𝗳 𝗭𝗶𝗺𝗯𝗮𝗯𝘄𝗲 🇿🇼 𝘄𝗶𝗹𝗹 𝗻𝗲𝘃𝗲𝗿 𝘁𝗮𝗸𝗲 𝗮𝗱𝘃𝗶𝗰𝗲 𝘁𝗵𝗲𝘆'𝗹𝗹 𝗱𝗼 𝘄𝗵𝗮𝘁𝗲𝘃𝗲𝗿 𝗴𝗲𝘁𝘀 𝘁𝗵𝗲𝗺 𝘃𝗼𝘁𝗲𝘀
Vruu Phaa · 4 months ago
....𝘩𝘰𝘸𝘦𝘷𝘦𝘳, 𝘪𝘵 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘨𝘦𝘵 𝘵𝘩𝘦𝘮 𝘷𝘰𝘵𝘦𝘴 𝘦𝘪𝘵𝘩𝘦𝘳. 𝘐𝘵 𝘢𝘭𝘪𝘦𝘯𝘢𝘵𝘦𝘴 𝘵𝘩𝘦𝘮 𝘮𝘰𝘳𝘦 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘡𝘪𝘮 𝘮𝘢𝘴𝘴𝘦𝘴.
Mp · 4 months ago
zigzag no t straight

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