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    HomeBusinessEight ministries bid for $112 bln in 2020 Budget

    Eight ministries bid for $112 bln in 2020 Budget

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    Harare, November 03, 2019 (New Ziana) – Eight ministries have thrown
    in 2020 national budget bids of a combined $112 billion, far
    outstripping what government is capable of providing, Finance and
    Economic Development Minister, Mthuli Ncube has said.

    Government is preparing next year’s budget which is due for
    presentation shortly.

    And to get Parliament’s input into the financial plan, legislators
    recently held a three-day workshop in the resort town of Victoria
    Falls where a number of issues were raised.

    In response to the huge financing demands from ministries, Prof
    Ncube said government would only be able to increase its 2020 budget
    by at least 30 percent from the current in line with revenue expected
    to be generated next year.

    “The budget ceilings that have been given by Treasury, are therefore,
    derived from the anticipated resources envelope from taxes and what we
    can borrow from the market without destabilising the economy,” Prof
    Ncube said.

    “We also need to be mindful that unrestrained expenditures financed
    through unsustainable means are the major source of economic
    instability we are battling today.”

    Out of the more than 20 ministries, requirements of only eight which
    include defence, health, home affairs, local government and transport,
    have already overshot the budget.

    Prof Ncube called for efficient and result-focused utilisation of
    resources as government was financially hard pressed.

    “Let me also mention that even in advanced economies, resources are
    never enough to meet yearly requirements,” he said.

    “What is critical is that we become more results focused so that
    allocated resources are used efficiently and effectively, as well as
    matched with performance, in line with the principles of Results Based
    Budgeting.”
    New Ziana

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