Speaking during a 2017 budget analysis tabled in the National Assembly, Finance Minister Patrick Chinamasa revealed that Government is issuing Treasury Bills (TBs) in a move to raise money to pay civil servants’ 2016 bonuses.
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Government’s decision to pay the unbudgeted 2016 bonuses after pressure from employee unions is likely to worsen the situation as TBs worth $180 million are expected to be floated in the market to finance these bonus payments.
He said the move will worsen government’s debt situation. Chinamasa said the country was estimated to have about $2,1 billion worth of TBs in the market as at February 28, 2017, issued to bridge the government’s funding gap.
More: Daily News
Patrick Anthony Chinamasa is a Zimbabwean politician and a member of Zanu-PF. He is the former Minister of Finance and Economic Planning. He was reappointed to the ministry after President Emmerson Mnangagwa had appointed his cabinet in November 2017. Chinamasa is former Minister of Cyber... Read More About Patrick Chinamasa