Supplementary budget possible midyear- Professor Ncube

Online Desk |  1 year ago | local

Finance and Economic Development Minister Professor Mthuli Ncube says the rise in international prices of gold and nickel due to supply concerns puts Zimbabwe in a better position for foreign currency inflows, to cover other disturbances triggered by the increase in global petroleum products. 

Presenting a ministerial statement on the state of the economy in the National Assembly on Thursday , the Minister did not rule out a supplementary budget ahead of his mid-term budget review presentation in June. 

Professor Ncube acknowledged that the rise in global fuel prices as a result of the Russia-Ukraine conflict has resulted in an increase in the cost of commodities locally, due to a surge in production expenses.

He added that domestically, both the fiscal and monetary authorities will continue to implement and fine-tune policy measures that are meant to stabilise the currency and lower inflation, including, among other things, fiscal consolidation and restrained reserve money growth.