By Derick Tsimba
Revenue collections for the first quarter of 2020 have exceeded targeted revenue collections by more than 10%, a cabinet Minister has said.
The Minister of Finance and Economic Development, Prof Mthuli Ncube, yesterday during the 16th Cabinet Matrix decision, said revenue collections for the first quarter amounted to ZW$14.18 billion, exceeding the targeted ZW$12.81.
“Revenue collections for the first quarter of 2020 amounted to ZW$14.18 billion, exceeding the targeted revenue of ZW$12.81 billion by 10.67%.
“ZW$4.75 billion was spent on employment costs as at 31 March, 2020, against the target of ZW$3.96 billion. Social spending amounted to ZW$1.25 billion against a target of ZW$1.6 billion. Capital expenditure reached ZW$6.78 billion, against the targeted ZW$5.4 billion,” said the Minister.
The Minister also said, “The development of the Policy and Procedure Manual for the Implementation of the International Public Sectors Accounting Standards is 60% complete, with Ernest and Young having been hired as the project consultant.
“The review of the Standardised Asset Register for Government Ministries, Departments and Agencies is 70% complete; hardware and software for five of the targeted fifty Public Finance Management System Kiosks had been delivered, leaving the Project at 65% complete,” he said.