Treasury records Q1 $6,5bn surplus

Government revenue has exceeded expenditures in the first quarter of the year to March 31, 2022, resulting in a $6,5 billion surplus and beating the projected deficit for the period of $14 billion, the Zimbabwe Economic Review reports.

According to the report, tax revenues accounted for 91,5% of collections, as they came in at $165,8 billion in the period under review. Non-tax revenue of $15,4 billion contributed to other revenue inflows.

Owing to increasing inflation, subsidies are said to have exceeded the targeted $823,6 million by 426 percent to close the quarter with subsidies of $4,33 billion.

The subsidies were driven by food and transport assistance to the needy as the country is facing huge price increases from imported inflation.

Recurrent expenditure for the period was up 1,2 percent to $139,7 billion from a budgeted figure of $138 billion.

It is further reported that the Treasury has been able to clamp down on unnecessary traveling as the net spent on both domestic and foreign trips in the first quarter was $6,98 billion which was 77 % lower than the budgeted $30,84 billion.