Treasury Budget Call Circular Number 6 Of 2018

SUBMISSION OF REVENUE AND EXPENDITURE PROPOSALS FOR THE YEAR 2019 INCLUDING INDICATIVE ESTIMATES FOR YEARS 2020 AND 2021

1. INTRODUCTION

1.1 This Circular is issued in compliance with Section 305 (1) of the Constitution of Zimbabwe and Section 28 of the Public Finance Management Act, which require the Minister responsible for Finance to present to Parliament each year, a Statement of the Estimated Revenues and Expenditures of Government for the following financial year.

1.2 The Circular sets out the requirements that must be followed by Accounting Officers in the preparation of estimates of revenue and expenditure for the financial year 2019 and, in particular, with guidance on the following:

• The preparation of Ministries’ Expenditure Proposals for 2019 in line with the expenditure ceiling indicated on paragraph 4.45;
• Preparation of indicative Estimates of Expenditure in Blue Book format for 2020 and 2021;
• Submission of estimates of Non-Tax Revenues for the years 2019, 2020 and 2021;
• Submission of estimates of Non-Tax Revenues under Retention Funds for the years 2019, 2020 and 2021; and
• Devolution of powers and responsibilities from Central Government to Provincial Councils, Metropolitan Councils and Local Authorities.

1.3 Furthermore, the Circular sets timelines for the formulation of the 2019 National Budget.

2019 National Budget Roadmap

1.4 Below is an abridged 2019 National Budget Roadmap, with specific dates on the completion of key activities.

1.5 It is acknowledged that, on account of the 2018 Harmonised Elections and the ensuing political transition, this year’s budget preparation and consultative process has been condensed.


Activity Due Date 

 

Activity

Due Date

1

Issuance of Budget Call Circular

3 October

2

Issuance of Pre-Budget Strategy Paper

3 October

3

Submission of Revenue and Expenditure Proposals by Line Ministries

17 October

4

Budget Consultations with stakeholders

18 September  – 31 October

5

Budget Hearings with Line Ministries

17 - 31 October

6

Presentation of the 2019 Budget to Parliament

22 November

 1.6 Accounting Officers are advised to adhere to the set deadlines to allow for the presentation, debate and approval of the Estimates within the set timelines.

2. MACRO – FISCAL FRAMEWORK

2.1 The 2019-21 macro-fiscal framework sets out ambitious targets and projections in line with aspirations for realising Vision 2030 on moving Zimbabwe from a low middle-income country to a Prosperous and Empowered Upper Middle Income Society.

Transitional Stabilisation Programme (Oct 2018-Dec 2020)

2.2 To realise the Vision, a short term Transitional Stabilisation Programme has been developed and is undergoing due approval processes.

2.3 The Transitional Stabilisation Programme prioritises fiscal consolidation and economic stabilisation measures, as well as enabling quick win interventions, which lay a strong base for economic growth and employment creation.

2.4 During the Transitional Stabilisation Programme period, Government economic policy will be predicated on creating a business environment that is predictable, open, highly efficient and effective in fostering entrepreneurship and attracting foreign direct investment.

2.5 The Programme will, at the end of its tenure, pave way for development of two National Development Strategies, the first Plan being for 2021-2025 and the second Plan covering 2026-2030.


2019 Pre-Budget Strategy Paper (BSP)

2.6 Accounting Officers are advised that Treasury has developed a Pre-Budget Strategy Paper, which provides an overview of the macro-fiscal landscape, and appreciate some proposed policy responses.

2.7 Hence, the BSP provides some guidance for discussion of priority interventions for the forthcoming 2019 National Budget.

Macroeconomic and Fiscal Forecasts

2.8 Preliminary macroeconomic and fiscal forecasts for 2018 indicate an improvement in economic activity from the initial GDP growth projection of 4.5% to around 6.3% during 2018, owing to improved output in agriculture, construction, tourism, mining and electricity.

2.9 Projections for 2019 indicate even higher growth of 9%, whilst inflation is expected to be contained at around 6%.

2.10 The economy, however, continues to face challenges arising mainly from the high fiscal deficit, liquidity constraints coupled with foreign currency shortages and limited external financing due to our debt overhang.

2.11 In this regard, the 2019 expenditure framework emphasises on fiscal consolidation, through deficit reduction and better prioritisation of expenditure, to anchor healthy public finances, recovery of business and investment.

2.12 The Table below indicates the macro–economic developments and projections for the period 2019-2021.


Macro-Economic Projections: 2019 – 2021

 

2017

2018

2019

2020

National Accounts (Real Sector)

 

 

 

 

Nominal GDP at market prices (Million US$)

17988.7

20846.9

23397.1

26501.8

Gross Capital Formation

3225.5

4331.0

5343.4

6287.5

    % of GDP

17.9

20.8

22.8

23.7

Real GDP Growth (%)

4.8

6.3

9.0

9.7

Inflation (Annual Average) %

0.9

4.0

6.6

8.2

Per Capita Income

1230.5

1391.3

1523.4

1683.4

Government Accounts

       

Revenues (including Retained Revenue)

3812.9

5736.9

6411.5

7259.4

    % of GDP

21.2

27.5

27.4

27.4

Expenditures & Net Lending (million US$)

6389.6

8060.8

7915.5

8391.8

    % of GDP

35.5

38.7

33.8

31.6

   Recurrent Expenditures

4643.4

5195.0

5823.9

6225.3

        % of GDP

25.8

24.9

24.9

23.5

       Employment Costs

3375.6

3759.6

3908.0

3973.0

           % of GDP

18.8

18.0

16.7

15.0

   Capital Expenditure & Net lending

1746.2

2865.8

2091.6

2166.5

        % of GDP

9.7

13.7

8.9

8.2

Overall  Balance

-2576.7

-2323.9

-1504.0

-1132.4

% of GDP

-14.3

-11.1

-6.4

-4.3

Balance of Payments Accounts

       

Exports (million US$)

4705.2

5075.5

5653.2

6428.6

        % of GDP

26.2

24.3

24.2

24.3

Imports (million US$)

6689.9

7342.4

8397.6

9363.8

        % of GDP

37.2

35.2

35.9

35.3

Current Account Balance (million US$)

-316.1

-751.9

-839.7

-1092.5

       % of GDP

-1.8

-3.6

-3.6

-4.1

Deposit Corporations  Survey

 

 

 

 

Broad Money ( Million US$)

8108.2

11912.5

14623.2

17097.9

Growth %

43.8

46.9

22.8

16.9

Domestic Credit ( Million US$)

10699.4

15231.8

18512.2

21509.0

Growth %

43.0

42.4

21.5

16.2

Credit to Private sector  ( Million US$)

4421.9

5871.1

7925.0

9710.3

Growth %

13.9

32.8

35.0

22.5

Credit to Government ( Million US$)

6277.5

9360.6

10587.2

11798.7

Growth %

74.5

49.1

13.1

11.4

Source: Ministry of Finance and Economic Development

2.13 Consistent with the above macro projections, a budget of US$7.9 billion is envisaged against total revenues of US$6.4 billion to give a budget deficit of US$1.5 billion (-6.4% of GDP) as our fiscal policy target.

2.14 Accordingly, the 2019 BSP proposes a number of macro-fiscal and structural interventions for attaining the above fiscal target. These interventions include:

• Expenditure reductions and improved budget management;
• Exploration of new avenues for raising higher revenues;
• Supply stimulation through addressing productivity and competitiveness challenges;
• Infrastructure expansion and modernisation;
• Improved public service delivery;
• Promotion of good governance; and
• Improving external relations through re-engagement with the international community.

2.15 The above issues are elaborated in detail in the Transitional Stabilisation Programme.

Fiscal Policy Orientation

2.16 Notwithstanding improvements in revenue collections, lack of fiscal space continues to constrain the capacity of the Budget to effectively intervene on delivering critical services and key economic enablers as well as meeting contractual obligations.

2.17 Rising expenditure trends during 2018 have increased the fiscal deficit and commensurate debt levels substantially, thereby undermining macro-economic stability, economic growth and exacerbating fiscal and financial risk to the overall economy.

2.18 The Medium Term Budget Framework for 2019 - 2021 is, therefore, premised on a fiscal consolidation policy thrust, centred on disciplined deepened implementation of fiscal reform measures that rein in unsustainable recurrent expenditure, enhance revenue generation and foster strict adherence to fiscal anchors, as outlined in the 2018 Budget.

2.19 In this regard, the overarching framework for the 2019 Budget will comprise the following:

• Expanding the tax base through the introduction and extension of tax policy instruments in support of the productive sectors and administrative reforms to ease the burden of collecting and paying taxes.
• Gradually reducing consumptive expenditure demands to sustainable levels in order to create the basis for improved public service delivery as well as increases in public investment funding.
• A debt management strategy that delivers low cost financing within prudent risk levels, but that ensures macroeconomic stability and facilitates more flexibility in financing the Government’s requirements, with specific targets for Treasury Bill issuances as well as central Government contingent liabilities and guarantees.
• A fiscal deficit strategy that focuses on the gradual reduction of the following:
o Overall fiscal deficit
o Central Government overdraft position at the Reserve Bank
o Domestic Public Debt to GDP
o Government wage bill as a proportion of total Budget expenditures

2.20 The table below indicates the Budget Framework developments for 2018 and projections for the period 2019 to 2021.

 

3. REVENUE PROPOSAL GUIDELINES

Non-Tax Revenues

3.1 Non-tax revenues remain a critical source of funding for Government expenditures.

3.2 In this regard, Accounting Officers are required to submit revenue proposals for the fiscal year 2019, including indicative Estimates for 2020 and 2021, and the underlying assumptions.

3.3 The above Estimates should be accompanied by receipts for the period from January to 30 September 2018, and projected collections to December 2018 in the format indicated in Annexures I and II.

3.4 Annexure I contains Template for Estimates of Non-Tax Revenue remittances to the Consolidated Revenue Fund.

3.5 Furthermore, Annexure II provides details of Non-Tax Revenue retentions and usage, clearly indicating current retention levels, projections for 2019 – 2021 as well as deployment of the resources with respect to each Fund.

Retained Funds

3.6 Consistent with the need to enhance transparency and accountability in the management of public finances, Expenditure Proposals for all Funds will continue to be appropriated and hence, Accounting Officers must disclose:

• Funds retained from non-tax revenues;
• Detailed revenue and expenditure for each respective Fund for the period January to 30 September 2018, as well as projections to December 2018.
• Detailed revenue and expenditure proposals for each respective Fund during 2019, including proposed activities, outputs and outcomes to being supported; and
• Indicative estimates of revenue and expenditure for each Fund for 2020 and 2021.

3.7 The level of detail and classification of both Budget Estimates and Performance figures should be consistent with the Revenue heads and Expenditure line items in the Estimates Book, to facilitate consolidation.

4. EXPENDITURE PROPOSAL GUIDELINES

4.1 The Transitional Stabilisation Programme targets measures to control and manage Budget expenditures in order to create fiscal space required to underpin public infrastructure development, as well as provision of basic public services.

4.2 Such measures include strengthening the Public Finance Management System including penalties for any transgressions of the PFM Act, wage bill and other consumptive expenditure containment measures.

4.3 In preparing Expenditure Proposals for 2019, Accounting Officers should, therefore, carefully scrutinise all items of expenditure to ensure that:
• Services which are no longer essential are eliminated;
• All necessary services are provided at the lowest cost possible and within the Expenditure Ceiling for the Vote; and
• Public funds are spent to best advantage, with focus on reducing poverty and improving the quality of life of Zimbabweans across the country.

4.4 Furthermore, and in order to improve on Budget execution as well as mitigate budget deviations, Government will strengthen the 100 Days Plan that will be monitored by Cabinet.

4.5 Accordingly, your Expenditure Proposal Submissions should indicate how the proposed allocations relate to the Transitional Stabilisation Programme targets, outlining the major outputs to be achieved in each quarter during 2019 as per Annexure III attached.

Recurrent Expenditures

Employment Costs

4.6 Government remains committed to a Wage Policy, which is directly anchored on its fiscal objectives, and sustained implementation of Cabinet approved Public Service Wage Bill Rationalisation Measures.

4.7 The Public Service Wage Policy target is to reduce the consolidated Public Service Wage Bill, wages and salaries for Central Government as well as wage related transfers to grant aided institutions, from 68.9 percent of fiscal revenues in 2017 to 50 percent of fiscal revenues by 2020.

4.8 As you are already aware, Government made the decision to improve conditions of service for employees in the Health Sector and Rest of Civil Service in April 2018 and July 2018 respectively.

4.9 The above decision has, therefore, imposed additional expenditures of US$317.8 million, culminating in projected outturn of US$3.75 billion. This implies an overrun of around US$491.7 million on employment costs by end of December 2018.

4.10 Cognisant of these developments, Accounting Officers are now called upon to support various proposed measures to assist achievement of the fiscal and macro policy targets.

4.11 Proposals to increase the Authorised Establishment as well as additional recruitment of staff should be within the respective employment cost ceiling indicated in paragraph 4.45.

Grant Aided Institutions

4.12 Government monthly employment cost outlay towards Grant Aided Institutions account for 15% of the total wage bill.

4.13 Within the context of Cabinet approved rationalisation of the Public Service Establishment, previous Budgets have benefitted from savings of around US$8.5 million per annum, taking account of capacity to mobilise resources through fees and charges.

4.14 The 2019 – 2021 Budget Framework, therefore, proposes a further review of Treasury Subventions to all quasi-Government institutions, inclusive of tertiary institutions.

4.15 In this regard, Expenditure Proposals for Grant Aided Institutions should be presented in the format as per Annexure IV and accompanied by:
• Audited financial statements for 2017;
• Financial statements for the period 1 January to 30 September 2018, including projections to December 2018; and
• Justification for the 2019 expenditure proposals.

4.16 Annexure IV contains a Template for Grant Aided Institution’s Consolidated Statement of Revenue and Expenditure, with actuals for 2017 and estimates for year ending 2018 and Budget Proposals for 2019.

Operations and Maintenance

4.17 In line with the fiscal thrust of restoring fiscal balance, the 2019 – 2021 Budget Framework targets to eliminate wasteful and fruitless discretionary expenditures by reorienting the budget towards key service delivery that has a positive impact on poverty reduction and improvement of standards of Zimbabweans.

4.18 Accounting Officers should therefore, assist in refocusing resource interventions to improve the quality of Government expenditures towards service delivery.

Travel Expenditures

4.19 Expending a disproportionate share of Budget resources on high foreign travel represents unsustainable consumptive expenditures, which undermines efforts by Government to conserve and redirect the scarce foreign currency towards the productive sectors.

4.20 The Transitional Stabilisation Programme also envisages targeted further reductions in Budget Travel expenditures during 2019.

 Utilities

4.21 Despite the institution of a number of demand management measures since 2013, there has been unsustainable increase in arrears as shown by the budget capacity viz-a-viz billing levels.

4.22 The 2019 Budget will strengthen the demand management measures, critical in arresting further accumulation of arrears.

4.23 Annexure XVI contains a Template for ring fenced service providers under the Consolidated Statement of Revenue and Expenditure, with actuals for 2017 and estimates for year ending 2018 and Budget Proposals for 2019.

Subscriptions to Regional and International Organisations

4.24 Government remains committed in fulfilling its membership commitments and obligations to various Regional and International Organisations.

4.25 Consistent with the fiscal stance alluded to above, Accounting Officers are called upon to undertake a cost benefit analysis of our membership to various international organisations.

4.26 Accounting Officers are, therefore, requested to provide status on outstanding obligations as at 30 September 2018 as well as membership contributions for 2019 as per Annexure V attached.

 

 

2018 Budget 

Estimates US$

2018 Projected Outturn US$

2019 Provisional Estimates US$

2020 Indicative Estimates US$

2021 Indicative Estimates US$

Total Revenues & Grants

            5,071

           5,737

            6,411 

           7,259

           7,452

Tax Revenue

                   4,300

                    5,024

                      5,511

                    6,227

                    6,352

Non-Tax Revenue excl. Retained Revenues

                       237

                       279

                       294

                       333

                       339

Retained Funds ( ZRP, RG, Health Services)

                       434

                       434

                       486

                       549

                       560

Grant Support from Development Partners

                        100

                           -  

                        120

                        150

                       200

 

 

 

 

 

 

Total Expenditure & Net Lending

           5,743

           8,061

            7,915

          8,392

          8,603

Employment Costs

                   3,268

                    3,760

                   3,908

                    3,973

                   4,038

Operations & Maintenance

                    1,084

                     1,120

                     1,275

                      1,513

                     1,559

o/w General Elections

                      132

                      146

                         -  

                         -  

                         -  

Transfers to Provincial Councils

                         -  

                         -  

                     290

                     328

                     335

Interest on Debt

                       229

                        316

                        351

                        412

                       370

Capital Expenditure:

                     1,162

                   2,866

                   2,092

                    2,166

                    2,301

o/w Infrastructure

                     350

                     927

                     968

                   1,013

                   1,050

Agriculture

                     296

                  1,339

                     625

                     699

                      747

Other

                      516

                     599

                     499

                      455

                     504

 

 

 

 

 

 

Budget Balance

(672.3)

(2,323.9)

(1,504.0)

(1,132.4)

(1,151.1)

 

 

 

 

 

 

Memorandamun Item

 

 

 

 

 

 
 

Current Expenditures as a % of Total Expenditures

79.8%

64.4%

69.9%

70.3%

69.4%

Infrastructure Spending as a % of Total Expenditure

6.1%

11.5%

12.2%

12.1%

12.2%

Capital Spending as a % of Total Expenditure

20.2%

35.6%

26.4%

25.8%

26.7%

Transfers to Provincial Councils as a % of CRF Revenue

0.0%

0.0%

5.0%

5.0%

5.0%

Capital Expenditures

4.27 The Transitional Stabilisation Programme prioritises the implementation and delivery of quick win strategic infrastructural investment projects across the priority sectors during the coming years.

4.28 Focus will be on projects that unlock economic growth potential, reduce the cost of doing business, increase competitiveness and productivity whilst allowing for delivery of public services in a cost and effective manner.

4.29 To achieve this objective, Government will consider a wide range of delivery models and strengthen resource mobilisation mechanisms from the market to complement fiscal resources in addressing our infrastructure deficit.

4.30 In this regard, eligible projects to be funded through loans, joint ventures, grants, local financial institutions, among other sources, and which contribute towards reducing the infrastructure deficit in the country, should be considered as part of the 2019 Expenditure Proposals.

4.31 In submitting project proposals, Implementing Agencies should, take account of the following:

• On-going projects nearing completion or those that can be completed within the Budget year so that they begin contributing to the economy;
• Projects that support community empowerment and participation;
• Growth enhancing investment projects, economic enablers and those with potential to unlock significant private investments;
• Projects that address emerging infrastructure gaps, particularly in the social sectors which now threaten the health of citizens; and
• Projects with potential to generate own cash flows for sustainable delivery of public services.

4.32 Consistent with the Zimbabwe Public Investment Management Guidelines, enhancement of the quality of public investment preparation, appraisal and execution remains central to our public investments decisions.

4.33 In this regard, the Project Preparation Development Fund will be enhanced to assist projects in need of further development in order to come up with bankable pipeline projects. It will be critical for Accounting Officers to identify and prioritise projects that will require funding under the facility.

4.34 The current priority projects for the sectors have been identified through engagements with Line Ministries, Public Entities and other relevant stakeholders.

4.35 In order to build consensus on the projects to be included under the 2019 Public Sector Investment Programme, Treasury is organising a workshop for all infrastructure-implementing agencies beginning of October 2018.

4.36 Accounting Officers should identify relevant personnel that will participate in this very important exercise, which will also discuss in detail, the format and presentation of information as per the following annexures:

• Annexure VI, Projects Priority list for 2019 and Estimates for 2020-2021 clearly identifying project activities and costings thereof;
• Annexure VII, Projects Submission Form indicating details for each project;
• Annexure VIII, Projects Preparation Development Fund; indicating project development stage and programmed activities for 2019, and
• Annexure IX, Loan and development partners funded projects, clearly indicating project stage and Government contributions towards the project.

Contractual Commitments

4.37 Central to effective Budget management, which entails full disclosure to Treasury of the magnitude of commitments of line Ministries and respective timelines for resource requirements, Accounting Officers should submit as per attached Annexure X:

• A list of Arrears accumulated in 2017 dating back to previous years;
• A comprehensive list of their Contractual Commitments for programmes and projects indicating actuals for 2018; and,
• Indicative Estimates for 2019 and 2020.

4.38 Annexure X contains Template for contractual commitments, indicating in Blue Book format, commitments for each programme and project up to 2017 as well as projections for 2018 – 2020 fiscal years.

Decentralisation to Provincial Councils

4.39 Section 264 of the Constitution provides for the devolution of powers, responsibilities and resources from Central Government to Provincial Councils who will initiate development programmes at the local level in order to achieve fair and balanced development across all provinces.

4.40 Consistent with this thrust, Government is taking steps for the gradual transfer of responsibilities to Provincial Councils by setting up the necessary legal and institutional framework, necessary for them to execute their mandate in a transparent and cost effective manner.

4.41 In line with Section 301 of the Constitution, the 2019 Budget will make provision for each Provincial Council to enable them identify and implement priority programmes and projects that will drive economic development and inclusive growth within their locality.

4.42 The Budget will target equitable allocation of recurrent and capital grants from Central Government to Provincial Councils, Metropolitan Councils and Local Authorities.

4.43 These resources will go towards provision of basic services such as educational and health facilities, water, roads, social amenities and electricity with special focus on high poverty wards as identified by the 2015 Poverty Atlas and Food Poverty Atlas, among other indicators.

4.44 Furthermore, and in support of the process, Accounting Officers are encouraged to disaggregate and document the location of their fiscal operations in line with the new thrust as per Annexure XI attached. The Government’s Vision 2030 requires that we achieve inclusive growth that does not leave some Zimbabweans in pockets of rural and urban poverty.

2019 Expenditure Ceilings

4.45 Consistent with the 2019 Macro-Fiscal Framework, the Expenditure Ceilings for 2019 for the Ministry and Departments, including Grant Aided Institutions amounts to US$xxx as indicated in the Table below.


Expenditure Ceiling
Item US$
Employment Costs
o/w Ministry
Grant Aided Institutions
Operations and Maintenance
o/w Service Providers floor provision
Capital Expenditure
Total Ceiling

4.46 Annexure XII attached provides details on the format of presentation of your 2018 Expenditure Proposals.

4.47 To enhance infrastructural development, in the course of Budget execution, and subject to approval by Treasury, Accounting Officers are allowed to redeploy funds from employment costs to capital expenditure and not vice versa without increasing the overall amount of expenditure of the respective Line Ministry.

Programme Based Budgeting

4.48 Treasury is implementing a series of PFM reforms, one of which involves strengthening Results Based Budgeting. This is being achieved through reinforcing the link between expenditure and results by adopting a programme based approach to budgeting, which is a paradigm shift from the traditional line item based budgeting.

4.49 Programme Based Budgeting (PBB) entails the planning of public expenditures, in a programme approach, for achieving explicitly defined results, which are policy oriented.

4.50 In line with the phased implementation of PBB, eight Vote Appropriations had their Estimates of Expenditure presented by Budget Programme format in 2018.

4.51 For 2019, an additional six Ministries and Independent Commissions will have their Estimates of Expenditure presented in Programme Budget format.

4.52 Annexure XIII contains the Template for Programme Based Budgeting, indicating Estimates of Expenditure for Programmes and Sub-Programmes for the fourteen Ministries and Independent Commissions.

Gender Responsive Budgeting

4.53 Consistent with Section 17 of the Constitution, Accounting Officers are required to integrate a gender perspective into all stages of the budget cycle by incorporating and prioritising policy measures, programmes and activities that focus on improving gender equality and promoting women’s empowerment.

4.54 Each Ministry is encouraged to consider the gender impact of their budget proposals, including providing details of gender sensitive strategies, allocations, outputs and outcomes of programmes that seek to improve gender equality, along with providing gender-disaggregated indicators and targets wherever possible.

4.55 Your 2019 Budget submissions should, therefore, provide an overview of gender sensitive policies and programmes, achievements to date, as well as Targets and Plans for the year 2019, as per attached Annexure XIV.

Joint Venture Projects

4.56 The Joint Venture Unit has been processing joint venture projects since its inception in 2017, with a number of projects now under implementation.
4.57 In order to facilitate execution of these projects, Accounting Officers are required to provide the following information:
• Progress on projects being implemented under the joint venture framework;
• Pipeline projects for possible implementation through Joint Ventures; and,
• Priority joint venture projects requiring investments in project development activities such as feasibility studies during 2019 including costing thereof.

4.58 Annexure XV contains the Template for Joint Venture Projects with details for each project and stage of project development.

5. SUBMISSION OF ESTIMATES

5.1 Accounting Officers are requested to submit their Non-Tax Revenue and Expenditure Proposals for 2018 – 2020 by 17 October 2018.


G. T. Guvamatanga
SECRETARY FOR FINANCE AND ECONOMIC DEVELOPMENT