Matambo reaches the edge with P7bn deficit

Matambo delievring the Budget speech PIC: MORERI SEJAKGOMO
Matambo delievring the Budget speech PIC: MORERI SEJAKGOMO

The Minister of Finance and Economic Development, Kenneth Matambo plans to revise fees, levies and charges for various government services in the next financial year, as he faces down a P7.34 billion deficit for the 2019/20 budget – the largest in a decade.

Although the minister did not clarify in his budget speech on Monday, the 2019/20 deficit is expected to be largely funded from borrowings and drawdowns from the foreign reserves.

Matambo however added that more would be squeezed out from fees, levies and charges, which currently contribute about four percent of total revenues.

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