Govt Attains $443.1 Million Surplus In 1st Quarter Of 2019
The Minister of Finance and Economic Development, Mthuli Ncube, expressed satisfaction with his austerity measures, saying that revenue collections have surpassed targets.
Presenting a State of the Economy report in Parliament on Wednesday night, Ncube revealed that revenue collection in the first quarter of 2019 had exceeded the target by RTGS$146 million.
The containment of expenditure below the target ensured a budget surplus of RTGS$443.1 million. Said Ncube:
Fiscal consolidation and stabilisation measures in the TSP and the 2019 National Budget are paying dividends with revenue collection in the first quarter of 2019 performing above target by RTGS$146 million while expenditures were contained below the target of RTGS$218,9 million.
As a result, a budget surplus of RTGS$443,1 million was realised during the quarter, creating an additional space of financing social development programmes and unforeseen exigencies related to drought and the impact of Cyclone Idai.
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Ncube’s presentation was halted midway as Parliament rules dictate that business cannot continue anytime after 6.55pm. He is expected to continue on Thursday (today).
