Govt shifts monetary policy review date

Finance minister Patrick Chinamasa has postponed his mid-term fiscal policy review to next month, with sources saying Treasury was tying loose ends to the document.

The review, which was supposed to be presented this month, will be done on September 8, sources have said. The review comes at a time when the economy has been sluggish, with revenue inflows dwindling as companies close down or default in tax payments.

During the second quarter of this year, the Zimbabwe Revenue Authority collected $861,83 million against a target of $892,88m.

The low revenue inflows to Treasury coffers have seen government shifting pay dates for its workers, who gobble over half of the total budget in salaries, starving allocations to critical sectors such as the social and infrastructure ones.