March 11, 2020

Zim cash surplus hits ZWL3bn

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Kimberleigh Jiro

TREASURY has declared a cash surplus of over ZWL3 billion, as Zimbabwe’s Finance Ministry pushes ahead with ambitions to operate a cash budget in the wake of inflationary pressures and a volatile exchange rate.

Finance and Economic Development Minister, Professor Mthuli Ncube earlier today (Wednesday) said Treasury – which will now project revenue and expenditure for the full financial year and announce its Treasury Bill issuance calendar – is in tune with its expenditure projections.

“We will maintain a cash budgeting framework to minimise fiscal deficit. In line with this goal, it should be noted that government has a cash surplus of over ZWL3 billion,” he said at a joint news conference with the central bank in the capital.

This comes as the International Monetary Fund last week raised the flag over Zimbabwe’s fiscal indiscipline under the Staff-Monitored Programme (SMP) between the International Monetary Fund (IMF) and Zimbabwe.

“We are on target and the IMF is going to be in the country next month for the recalibration of the second phase of the SMP. They are monitoring us on our targets. With or without the IMF we will stick to our targets,” he said.

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