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.
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).