Business / Economy
Zimbabwe govt to cut wage bill to 52%
14 Mar 2016 at 06:58hrs | Views
Government will progressively stagger the reduction of its wage bill to 52 percent from 82 percent of expenditure by 2019, as part of widespread reforms to turnaround the economy.
Finance and Economic Development Minister Patrick Chinamasa said the move is meant to ensure that more resources go to other expenditure items other than wages.
Chinamasa said this after meeting the International Monetary Fund team that visited the country last week for article IV consultations and review of the staff monitored programme.
IMF mission chief Domenic Fanizza last week said that due to the Government's crippling financial limitations, it needs to keep its primary accounts close to balance, get fresh lines of credit as well as significant investment to support economic activity.
Chinamasa said this after meeting the International Monetary Fund team that visited the country last week for article IV consultations and review of the staff monitored programme.
IMF mission chief Domenic Fanizza last week said that due to the Government's crippling financial limitations, it needs to keep its primary accounts close to balance, get fresh lines of credit as well as significant investment to support economic activity.
Source - the herald
