Zimbabwe's new finance minister, Tendai Biti, has slashed the revenue target for this year from US$1.7 billion to US$1 billion in a revised budget that tries to deal with the reality of the country's economic disaster.
"This is a loss of budgeted expenditure of 43 percent," Biti told parliament, updating the revenue forecasts made at the beginning of the year by President Robert Mugabe's ZANU-PF cabinet. "The task of turning around the country becomes the toughest job of the inclusive government."
Biti took office in February, when the Movement for Democratic Change joined Mugabe's ZANU-PF in a power-sharing arrangement aimed at stabilizing record hyperinflation, food shortages and an unemployment rate estimated at 94 percent.
"Demands on the treasury are high and limitless; it is important for Zimbabweans to take a reality check. The reality of our economic situation is that it is grim," Biti was quoted as saying. But he did manage to find $32 million to earmark for "vulnerable groups" such as child-headed households.
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"This is a loss of budgeted expenditure of 43 percent," Biti told parliament, updating the revenue forecasts made at the beginning of the year by President Robert Mugabe's ZANU-PF cabinet. "The task of turning around the country becomes the toughest job of the inclusive government."
Biti took office in February, when the Movement for Democratic Change joined Mugabe's ZANU-PF in a power-sharing arrangement aimed at stabilizing record hyperinflation, food shortages and an unemployment rate estimated at 94 percent.
"Demands on the treasury are high and limitless; it is important for Zimbabweans to take a reality check. The reality of our economic situation is that it is grim," Biti was quoted as saying. But he did manage to find $32 million to earmark for "vulnerable groups" such as child-headed households.
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This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions
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