Broke Govt to issue Treasury Bills to raise 2016 bonuses

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.

Said Chinamasa:

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.


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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

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