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BizDay Zimbabwe

Fiscal deficit continues to widen as spending spirals

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HARARE – Government spending continues to outstrip revenue, with the month ending August 31 showing a deficit of $7.34 million. According to the latest financial performance update from the Accountant General’s Department, government expenditure amounted to $314.02 million against income of $306.68 million. Tax revenue at $209.69 million was $28.21 million below budget despite better than expected contributions from fees, fines and licence contributions. Recurrent expenditure mainly made up of the civil service wage bill was at $291.44 million, 93 percent of total expenditure and a 10.61 percent variance from the budgeted $262.28 million.

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