Zimbabwean Finance Minister Tendai Biti has set aside $110 million from the countrys Special Drawing Rights account at the International Monetary Fund to finance priority infrastructure projects such as public water supplies and energy development.
This outturn allowed for Government to post a small positive opening balance which became available for supporting budget expenditures in January 2012, mainly salaries and pension payments, at a time when revenue inflows are seasonally low.
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Economic analyst Masimba Kuchera said Bitis latest statement is encouraging and he welcomes the monthly economic and financial updates. I think that will be an important periodic information tool and if he manages to do that religiously and consistently I think that should be a plus in terms of people knowing whats happening with state resources.
Zimbabwe has set aside $110 million from an account at the International Monetary Fund to finance priority infrastructure projects such as water circulation, sanitation cilities and energy development
The finance minister said he set aside $20 million for agricultural support and $30 million for lines of credit to the struggling manucturing sector.
The preliminary annual statement of financial performance for the year ended 31 December 2011 indicates total revenue at US$2,921 mbudget surplusillion and total expenditure at US$2,891.6 million, resulting in an overall 2011 budget surplus of US$30.4 million.
Rolling blackouts are commonplace in Zimbabwe where the Zimbabwe Electricity Supply Company is unable to generate anywhere near enough power to meet demand.
Kuchera said it is also a positive move by the minister to plow funds back into the manucturing, agricultural and energy development.
Biti said the Treasury will give regular updates of all macro-economic indicators and vitals to allow government, business,veterinary schoolHospital asks judge to seal records in U of I lawsuit (4)2011-12-12 4:49:18 labor and all other stakeholders to plan.
If you deal with energy sufficiently to ensure that Zimbabwe has good power supply it will ensure that industry is always operating, Kuchera said.
Health officials said at least 600 residents have been treated for typhoid, which is linked to poor sanitation, amid fears the bacterial disease may be spreading.
Zimbabwe Finance Minister To Use IMF Cash To Fund Infrastructure Projects budget surplus,
Treasury will, therefore, be providing periodic communication on major developments within the economy...each month, I will bZimbabwe Finance Minister To Use IMF Cash To Fund Infrastructure Projects budget surpluse providing a monthly budget dashboard that will outline monthly budgetary developments, tracking in particular, budget performance in key areas of public sector investment and social delivery.
Biti told reporters on Wednesday: As we are sitting here, there is a typhoid attack in Harare. It is important that we rebuild Harares water and sanitation capacity.