FINANCE and Economic Development minister Patrick Chinamasa will today announce the mid-term fiscal policy statement which reviews the state of the economy in the six months to June and the outlook.
VICTORIA MTOMBA BUSINESS REPORTER
Speaking at a breakfast meeting hosted by a local daily yesterday in the capital, Chinamasa said the mid-term fiscal review will be in tandem with the mid-term monetary policy review presented by Reserve Bank of Zimbabwe governor John Mangudya.
“I have been burning the midnight oil preparing for tomorrow’s mid-term policy so I slept at 2am,”he said.
Chinamasa said the mid-term policy statement will be in harmony with Mangudya’s review.
“When I issue my statement tomorrow you will see we work as a team the statements are in harmony to address macroeconomic issues surrounding us,” he said.
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His statement comes at a time the country has been going through a biting liquidity crunch. He will revise the country’s growth projections due to the underperformance of the economy.
Presenting the 2014 budget in December last year Chinamasa said the economy was to record a strong growth of about 6,1% premised on an active Zimbabwe Agenda for Socio-Sustainable Transformation.
Chinamasa told a Parliamentary Portfolio Committee recently the country has no capacity to attract funding from the international markets due to the $9,9 billion debt overhang.
The mid-term fiscal policy review comes at a time when the banking sector currently is saddled with non-performing loans that are amounting to $705 million as at June 2014.