News:5 Takeaways From The Midterm Budget Review Presented By Chinamasa
<vote /> Finance Minister Patrick Chinamasa today presented the Midterm Budget Review in Parliament. Here are five takeaways from the presentation;
1. Diaspora remittances down
Chinamasa highlighted that diaspora remittances are 15 percent lower at $387.9 million in the first half 2016 versus $457.8 million in the same period in 2015.
2. Government is losing out on diamond production
He also mentioned that Zimbabwe only managed to mine 972 765 carats of diamond against a target of 6 million. This marks a 15% decrease from last year.
3. Zimbabwe by the end of the year will have a 1 Billion dollar deficit
In the review he highlights,
Failure to contain the budget deficit in the shortest possible time will worsen the deficit to an estimated year-end level of over US$1 billion.
4. Zimbabwe is in a recession
He also highlighted that, the real economic growth rate for Zimbabwe, which was targeted for the 2016 National Budget at 2.7%, is now projected much lower at 1.2%. No growth for the country.
5. Chinamasa's main job is to pay civil servants
Chinamasa highlighted that the civil servant salary wage bill constitutes 96.8% of Government revenue. In the statement he notes that,
I have earlier on alluded to, Mr Speaker Sir, an untenable situation where employment costs alone took US$1.638 billion between January and June 2016, which constituted 96.8% of total revenues.
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