Bloomberg News

Zimbabwe to Post Budget Deficit of $500 Million, Biti Says

July 13, 2011

July 13 (Bloomberg) -- Zimbabwe will probably post a budget deficit of $500 million this year, Finance Minister Tendai Biti said.

The government won’t have a supplementary budget this year as it doesn’t have sufficient revenue to fund an increase in spending, Biti told lawmakers in the capital, Harare, today. The budget of $2.7 billion for 2011 requires revenue collection of $230 million a month, Biti said.

Government spending will need to be curbed since the budget doesn’t include expenditure on a constitutional referendum that must be held this year, the minister said.

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