News / National
'No bonus for Zimbabwe civil servants,' says Biti
06 Sep 2012 at 14:44hrs | Views
The Minister of Finance, Mr Tendai Biti says there might be no bonuses for civil servants this year because of the poor performance of the revenue and the depressed economic environment.
In his July-August 2012 State of the Economy Report, Finance Minister Tendai Biti acknowledged that the economy remains depressed due to revenue underperformance, underfunding of various government programmes, low foreign direct investment and a high debt overhang.
Minister Biti told journalists that this year's bonuses are being threatened by the continued revenue underperformance.
According to the Finance Minister, at least US$400 million is required between September and December to cover three critical areas which are civil servants bonuses, the impending referendum and the 2012/13 agriculture season.
Given the revenue underperformance, the fiscal authorities say they are working on measures to enhance revenue inflows in particular support of ZIMRA in addressing leakages as well as the re-engagement of international financial institutions.
While inflation figures remain positive and mineral receipts are improving, the country's current account continues to widen.
According to the State of the Economy Report, imports for the period January 2012 to August 2012 stood at US$5.1 billion against the export figure of US$2.2 billion
In his July-August 2012 State of the Economy Report, Finance Minister Tendai Biti acknowledged that the economy remains depressed due to revenue underperformance, underfunding of various government programmes, low foreign direct investment and a high debt overhang.
Minister Biti told journalists that this year's bonuses are being threatened by the continued revenue underperformance.
According to the Finance Minister, at least US$400 million is required between September and December to cover three critical areas which are civil servants bonuses, the impending referendum and the 2012/13 agriculture season.
Given the revenue underperformance, the fiscal authorities say they are working on measures to enhance revenue inflows in particular support of ZIMRA in addressing leakages as well as the re-engagement of international financial institutions.
While inflation figures remain positive and mineral receipts are improving, the country's current account continues to widen.
According to the State of the Economy Report, imports for the period January 2012 to August 2012 stood at US$5.1 billion against the export figure of US$2.2 billion
Source - zbc
