17 January 2018
   
ED takes over Bob's globe-trotting too?
$150m waste: Vic Falls airport shocker
Grace, Bob sanctions review in February
Africa handled Mugabe ouster: Namibia Pres
SA: Student fails; kills Zim teacher
Zim family still at Thailand airport
Mnangagwa off to Zambia Friday
Special corruption courts soon: CJ Malaba
MORE NEWS
SMM saga: Letter to RBZ chairperson
Minister sells post-Bob Zimbabwe in Spain
MORE BUSINESS
Racism: Malema party storms H&M stores
Donel Mangena rocks The Voice UK
MORE SHOWBIZ
Mourinho says 'relaxed' about Sanchez
Bangladesh easily beat Zimbabwe
MORE SPORTS
'Shit-hole': Just Take moral high ground
ZHUWAO BRIEF: ED-iots and election delay
MORE OPINION
 
Trump rage ignores truth: A response
ED govt legitimacy & the church’s role
MORE COLUMNISTS
 
 
Government’s domestic borrowing up 29 percent to $549 million in February
23/04/2015 00:00:00
by Reuters
 
 
RELATED STORIES

GOVERNMENT’S domestic borrowing rose by 28.76 percent to $549.18 million in February from $426.50 million in the same period a year ago, the central bank said on Thursday.

The country relies on taxes to fund its national budget after institutions like the International Monetary Fund (IMF) and Western donors cut lending in 1999 over policy differences with President Robert Mugabe.

Mugabe's government is struggling with falling tax revenues as companies shut down due to competition from cheaper imports, high electricity charges and lack of foreign investment.

The Reserve Bank of Zimbabwe (RBZ) said in its February report that the debt rose in part after it issued $200 million in Treasury bills to some creditors.

The IMF repeated in its latest report this week that Zimbabwe's economic prospects for 2015 remained poor, predicting weaker growth compared to last year's 3.1 percent expansion.

Risks to Zimbabwe's growth included a decline in global commodity prices and difficulties by the government to implement policies under an ongoing programme with the fund, the IMF said.

Last week Mugabe reinstated annual bonuses for public workers, days after his finance minister suspended the payments citing falling revenues and the need to cut a wage bill that takes 82 percent of government's total income.

Cutting the salary bill is one of the measures the government has agreed to under an IMF reform programme.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker