Zim budget crisis as govt fails to raise funds

Finance minister Patrick Chinamasa's delay in presenting the 2014 national budget betrays massive economic difficulties, indecisiveness and empty State coffers, analysts said yesterday.

This comes after Chinamasa said last week that he needed more time before making his maiden budget presentation since assuming the finance portfolio in a substantive capacity in September 11.

Economist John Robertson said China, where government has been looking for budgetary support, "has set conditions that we cannot even meet unless we demonstrate our sincerity through austerity measures."  

Meanwhile, an International Monetary Fund team began talks with local officials yesterday amid signs that President Mugabe could take a more accommodating approach to the ownership of foreign companies.

IMF's team will be encouraged by some recent developments, including the announcement that the indigenisation agreement with Zimplats will be reviewed.