Zimbabwe
Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission

This Technical Assistance Report discusses that the authorities are making some progress towards higher quality and more comprehensive Government Finance Statistics, however, sufficient information for meaningful monitoring and surveillance of the public sector in Zimbabwe should be considered a long-term goal with several remaining challenges. The government of Zimbabwe has recently embarked upon an ambitious reform program for public sector corporations, which is expected to lead to a dramatic reduction in government balance sheet risk via contingent liabilities and the direct fiscal impact arising from the high likelihood of those guarantees being called. The report also highlights that the Accountant General office should have the ability to set a standardized format and the required information for general government financial statements which are to be reported for all subsectors and ministries. The mission recommends that the authorities review compliance with Republic of Zimbabwe Public Finance Management Act of 2009 across general government subsectors, including, all local government units, Extrabudgetary Units funds and social security funds.

Abstract

This Technical Assistance Report discusses that the authorities are making some progress towards higher quality and more comprehensive Government Finance Statistics, however, sufficient information for meaningful monitoring and surveillance of the public sector in Zimbabwe should be considered a long-term goal with several remaining challenges. The government of Zimbabwe has recently embarked upon an ambitious reform program for public sector corporations, which is expected to lead to a dramatic reduction in government balance sheet risk via contingent liabilities and the direct fiscal impact arising from the high likelihood of those guarantees being called. The report also highlights that the Accountant General office should have the ability to set a standardized format and the required information for general government financial statements which are to be reported for all subsectors and ministries. The mission recommends that the authorities review compliance with Republic of Zimbabwe Public Finance Management Act of 2009 across general government subsectors, including, all local government units, Extrabudgetary Units funds and social security funds.

Summary of Mission Outcomes and Priority Recommendations

As part of a five-year project of the Enhanced Data Dissemination Initiative 2 Government Finance Statistics (GFS) Module on improving GFS and public-sector debt statistics in selected African countries, a mission was conducted in Harare, Zimbabwe during April 16–27, 2018. The mission found that that the authorities are making some progress towards higher quality and more comprehensive GFS, however, sufficient information for meaningful monitoring and surveillance of the public sector in Zimbabwe should be considered a long-term goal with several remaining challenges. The mission recommends the following actions:

  • 1. A Chart of Accounts (COA) technical assistance follow up mission to review the COA which the authorities have built using the SAP system. This will be an important prerequisite for building strong foundations for the reporting of all public-sector statistics.

  • 2. The inclusion of local government statistics into the compilation and reporting framework within the Ministry of Finance and Economic Development (MoFED). This will require greater communication and cooperation between MoFED and the Ministry of Local Government, Public Works and National Housing (MLGPWNH), along with the building and implementation of a standardized reporting template which fits into the new COA framework.

  • 3. The inclusion of extrabudgetary (EBU) units in the compilation and reporting framework within MoFED. This will require greater communication and cooperation between MoFED and relevant Ministries which house EBU units, along with the building of a standardized reporting template which fits into the new COA framework.

  • 4. The inclusion of public corporations (state owned enterprises and parastatals) in the compilation and reporting framework within MoFED. This will require greater communication and cooperation between MoFED and relevant Ministries which house public corporations, along with the building of a standardized reporting template which fits into the new COA framework.

  • 5. The movement towards a modified accrual accounting system which allows for all non-cash transactions to be recorded both above and below the line. This would help to ensure that accurate balancing items (net lending/borrowing) are computed which are consistent with the Government Finance Statistics Manual (GFSM) 2014 framework.

  • 6. The creation of full financial balance sheets for all public-sector entities (both consolidated and non-consolidated). This would greatly improve the authority’s ability to assess the health, solvency, and potential risks through exposure faced by all public-sector entities.

  • 7. The continued monitoring of contingent liabilities through the Debt Management Office in the MoFED.

  • 8. A review of cross-ministry compliance with the Republic of Zimbabwe Public Finance Management Act (2009) (ZPFMA09) to ensure full government compliance with this law.

Table 1.

Priority Recommendations

article image

General Government

A. Institutional Coverage of the General Government in Zimbabwe

1. The Government of Zimbabwe has relatively accurate records of institutional units for all subsectors of the general government. Figure 1, below, shows the extent of institutional unit information for the general government of Zimbabwe.

Figure 1.
Figure 1.

Institutional Coverage of the General Government in Zimbabwe

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

2. From Figure 1, it is clear that the identification of general government institutional units in Zimbabwe is relatively comprehensive within the MoFED. This is to say that, across branches of the MoFED, there exists sufficient information to centrally identify all general government units in Zimbabwe.

3. There remain significant challenges in terms of centralized and standardized financial information for these units (see Section B). This section will briefly identify the existing governance frameworks (in practice) for subsectors identified in Figure 1, with further elaboration on the legal framework and reporting practices in section B.

Budgetary Central Government

4. The budgetary central government in Zimbabwe consists of around forty-five institutional units. Several of these units are classified across a range of ministerial portfolios which have varying degrees of compliance with the ZPFMA09 (see Appendix A and Section B).

5. There also exists a non-autonomous social insurance scheme for public sector employees. Financial data is unavailable but can be estimated from available data (see Section B).

Extrabudgetary Central Government

6. The EBU within the central government in Zimbabwe consists of around one hundred and forty-five institutional units. These units are generally classified under ‘State Owned Enterprises’ and/or ‘Parastatals’ covered across a range of ministerial portfolios which have extremely limited degrees of compliance with the ZPFMA09 (see Appendix B and Section B).

Local Government

7. The local government in Zimbabwe consists of five local boards, twelve town councils, eight municipalities, sixty rural district councils, and seven city councils. 1 The power and autonomy of these local governments has significantly increased in pursuit of higher levels of fiscal decentralization. These local governments are centrally influenced by the Ministry of Local Government, Public Works, and National Housing (MLGPWNH) who can appoint and/or remove local officials.

Social Security Funds

8. There is one autonomous social security fund controlled by the general government of Zimbabwe: The National Social Security Authority (NSSA). The NSSA has a great deal of readily available financial information, however, this is not integrated with budgetary central government statistics through the SAP system.

Recommended Action:
  • The authorities should continue to maintain and update accurate records of general government institutional units. An institutional table comprising all general government institutional units should be updated regularly and disseminated publicly.

B. Legal Framework and Reporting Status for the General Government

Legal Framework

9. While the central focus of the mission was financial reporting status based on national account/GFSM 2014 standards, it is useful to review existing public finance management laws in Zimbabwe. In order to provide further clarification for policymakers, this section will begin with a brief overview of the ZPFMA09 as it relates to the current reporting status for the general government in Zimbabwe.

10. The legal context under which current reporting practices for the general government take place (Zimbabwe Public Finance Management Act, 2009 (ZPFMA09)) are fairly well constructed, but not complied with. The degree of compliance with many of these laws is very limited as noted in the most recent Auditor General Annual Report.2

11. We can begin with the overall objective of ZPFMA09 stated in Part I, Section 3: “The object of this Act is to secure transparency, accountability and sound management of the revenues, expenditure assets and liabilities of any entity specified in section 4(1).”

12. With respect to the preparation, and submission of financial statements across ministries requirements are set out in Part IV of ZPFMA09, section 32: “(1) Every director of finance shall prepare or cause to be prepared the annual [quarterly/monthly]3 financial statements of the Ministry concerned and shall submit such statements to the accounting officer in that Ministry and to the Accountant General within thirty days of the year concerned.”

13. According to Part IV, section 32, of ZPFMA09, it should be expected that all ministries submit relevant financial statements for all general government units to the Accountant General’s (AG) office within thirty days of the end of each reporting period. From Section A, this requires the submission of financial statements to the AGs office for all budgetary, extrabudgetary, and social security funds, along with all local government units.

14. With respect to the content of general government financial statements in Zimbabwe, the AG should have the ability to define what information is necessary. Specifically, Part IV, Section 36 of ZPFMA09 requires that, for monthly/quarterly/annual financial statements: “Every financial statement shall state the following amounts and compare such amounts in each case with the corresponding budgeted amount in respect of the relevant period –

  • a) The actual revenue for the relevant period and for the financial period concerned to the end of that period; and

  • b) The actual expenditure for each vote, distinguishing between capital and recurrent expenditure for that period.

15. Furthermore, the ZPFMA09 allows for the AGs office to determine the method of accounting (including the format of a standardized spreadsheet across public sector units). Building on this, Subsection (2) of Section 36 in ZPFMA09 notes that: “The Accountant General may determine:

  • a) The format of the statement of revenue and expenditure and the annual report; and

  • b) Any other details that the financial statement may contain.”

16. To sum up, the AGs office should have the ability to set a standardized format and the required information for general government financial statements which are to be reported for all subsectors and ministries. At present, the AGs office receives sufficient information to produce a consolidated financial statement for the budgetary central government only. There are also several types of non-standardized reporting forms used by subsectors of the general government, especially for local governments. This makes it extremely difficult to consolidate financial information for the general government.

Reporting Status For The General Government

17. Zimbabwe has not reported GFS data for any subsector of the general government to the IMF’s Statistics Department since 2009. Figure 2 (below) shows the current GFS reporting potential within the general government.

Figure 2.
Figure 2.

MoFED Reporting of General Government Finance Statistics

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

Budgetary Central Government

18. The authorities are currently producing monthly/quarterly/annual-out-turn bulletins based on a modified GFSM 1986 presentation. The mission worked with the authorities to create GFSM 1986 to GFSM2001/14 bridge tables for the years 2015–2017 using this out-turn data. The results of this conversion exercise, compared with MoFED out-turn, and IMF WEO, data, can be seen below in Figure 3.

Figure 3.
Figure 3.

Net Lending/Borrowing of the Budgetary Central Government4 in Zimbabwe

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

Source: IMF WEO (April 2018), MoFED, authors calculations.

19. Breaking this down by ‘above the line’ transactions, we can consider revenue and expenditure aggregates for government5 in Zimbabwe. From Figure 4, there are some difference between the authorities out-turn data, mission conversion data, and WEO data, for budgetary central government revenue and expenditure.6

Figure 4.
Figure 4.

Budgetary Central Government Expenditure and Revenue in Zimbabwe

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

Source: IMF WEO (April 2018), MoFED, authors calculations.

20. The majority of these differences emerge from the treatment of transactions in financial assets between GFSM 1986 and GFSM 2001/2014. The current MoFED presentation is based on a GFSM 1986 framework where transactions in financial assets are considered government expenditures (which reduce net worth), while GFSM 2001/2014 consider these as investments (which do not change net worth).

21. As noted in paragraph 5, statistics for the non-autonomous social insurance scheme for public sector employees are unavailable, but can be estimated using the net differences between social security contributions and social benefits from MoFED data. Figure 5 shows mission estimates based on 2015–2017 budgetary central government MoFED outturn data. Note that, in the out-turn data these are explicitly noted as pension contributions and pension expenditures making the non-autonomous pension gap estimates fairly accurate.

Figure 5.
Figure 5.

Imputed Non-Autonomous Social Insurance (Pension) Gap in Zimbabwe General Government

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

Source: MoFED, authors calculations.

Extrabudgetary Central Government

22. At present, consolidated financial statements for EBU funds are not available within the MoFED. Extrabudgetary funds in Zimbabwe are generally classified as ‘State Owned Enterprises’ or ‘Parastatals’ which, as noted in Section A, are under the control of relevant ministries. Each of these ministries supplies financial information for relevant EBU funds with varying degrees of statistical information and varying reporting content/templates. Note that this is not in compliance with the requirements of ZPFMA09.

Local Government

23. Local governments in Zimbabwe report financial information to the MoFED with varying degrees of financial information and a variety of templates. Some local government units are currently working on a new reporting framework with assistance from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) but the overall level of reporting to the AG’s office in MoFED is quite poor with no standardized framework which is compatible with the SAP system. Note that this is not in compliance with the requirements of ZPFMA09.

Social Security Funds

24. As noted in section A, there is one autonomous social security fund (the National Social Security Authority (NSSA)) which covers the general Zimbabwe population. Financial Information for the NSSA is publicly available7, however, this data is not produced using a standardized reporting format or system (SAP). Because of this, NSSA statistics are currently not consolidated with other general government finance statistics.

Recommended Action:
  • The mission recommends that the authorities review compliance with ZPFMA09 across general government subsectors, including, all local government units, EBU funds and social security funds. This will require greater cooperation and communication between ministries, but would be extremely beneficial for the government’s ability to record and report comprehensive, and high quality, financial information to policymakers. More specifically, the AG should have the ability to impose a standardized method of accounting and reporting template based on best practice international standards across all subsectors of the general government (as set out in subsection (2) of Section 36 in ZPFMA09). This standardized methodology and content should be integrated into the SAP system via the newly developed COA.

C. Achievements and Challenges for the General Government

25. The MoFED is nearing completion of a new Chart of Accounts (COA) which has been developed by the Public Finance Management Unit. This COA was developed using the flexible SAP system and is an excellent achievement for the MoFED. As noted in the recommendations, the authorities would benefit from a technical assistance mission to ensure the finalized system can easily comply with international standards.

26. The MoFED will now need to ‘roll out’ the new COA into other subsectors of the general government. This will require compliance with the legal framework set out in the ZPFMA09 (see Section B), and the availability of a standardized reporting template which is flexible enough for all subsector of the general government and integrated into the SAP system. This will be a challenge for the government in achieving a higher degree of cooperation and communication between all subsectors of the general government.

Public Corporations

A. Institutional Coverage of Public Corporations in Zimbabwe

27. The government of Zimbabwe has relatively accurate records of institutional units for public sector corporations. Figure 6 below shows the extent of institutional unit information for public corporations in Zimbabwe.

Figure 6.
Figure 6.

Institutional Coverage of Public Corporations in Zimbabwe

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

28. From Figure 6, it is clear that the identification of public corporation institutional units in Zimbabwe is relatively comprehensive within the MoFED. This is to say that, across branches of the MoFED, there exists sufficient information to centrally identify public corporations in Zimbabwe. There remain some discrepancies across agencies regarding the number of nonfinancial corporations, but these differences can be rectified with greater communication between relevant ministries responsible for public corporations and the MoFED.

29. There remain significant challenges in terms of centralized and standardized financial information for these units (see Section E). This section will briefly identify the existing governance frameworks (in practice) for subsectors identified in Figure 6, with further elaboration on the legal framework and reporting practices in section E.

Nonfinancial Public Corporations

30. While it is possible to identify public corporations within the MoFED, there remain variations in terms of identification of public sector corporations across agencies. Zimbabwe State Enterprise Restructuring Agency (SERA) lists 107 public corporations8 with 32 subsidiaries, a 2016 IMF mission found around 70 nonfinancial public-sector corporations (along with 145 EBU funds), another government source lists approximately 63 parastatals,9 and a recent press statement by the Hon P.A. Chinamasa (Minister of Finance) lists approximately 73 state enterprises and subsidiaries.

Financial Public Corporations

31. There are approximately nine financial public corporations in Zimbabwe. These are the Reserve Bank of Zimbabwe (RBZ), Agribank, Infrastructure and Development Bank of Zimbabwe, Infrastructure Development Bank, JEWEL BANK (CBZ), People’s own Savings Bank, Women’s Development Bank, ZAMCO, and the Zimbabwe Reinsurance Corporation.

Recommended Action:
  • The authorities should continue to build accurate and centralized records of public sector institutional units. This includes separating EBU funds from public corporations and continually monitoring changes as the government enters a period of reform.

B. Legal Framework and Reporting Status for Public Corporations

Legal Framework For Public Sector Corporations

32. The legal context under which current reporting practices for public sector corporations take place (Zimbabwe Public Finance Management Act, 2009 (ZPFMA09)) are fairly well constructed, but not complied with. In order to provide further clarification for policymakers, this section will begin with a brief overview of the ZPFMA09 as it relates to the current reporting status for public corporations in Zimbabwe.

33. The Zimbabwean government has recently embarked on a new reform agenda for public sector corporations (parastatals and SOEs).10 Noting that some economically viable public corporations may be privatized in the coming months, it is important to review the existing legal framework under which public corporations are governed for those corporations that remain under government control.

34. With respect to the preparation, and submission of annual financial statements for public sector corporations, requirements are set out in Part V of ZPFMA09, section 49 (1):

  • (1) The accounting authority for a public entity shall –

  • a) Keep full records of the financial affairs of that public entity;

  • b) Prepare financial statements for each financial year in accordance with general accepted accounting practices;

  • c) Submit the financial statements referred to in paragraph (b) within two months after the end of the financial year-

    • (1) To the auditors of the public entity for auditing; and

    • (2) To the Accountant General; and

    • (3) If it is a designated corporate body or specific public entity, to the Treasury;

  • d) Submit within five months of the end of a financial year to the Treasury, the appropriate Minister and, if the Comptroller and Auditor-General did not perform the audit of the financial statements, the Comptroller and Auditor-General –

    • (1) An annual report of the activities of that public entity during that financial year; and

    • (2) The financial statements for that financial year after the statements have been audited; and

    • (3) The report of the auditors on those statements.

35. According to Part V, section 49, of ZPFMA09, it should be expected that all public-sector corporations and their subsidiaries submit relevant financial statements to the Accountant General’s (AG) office and Auditor General within two months of the end of each calendar year. From Section D, this requires the submission of financial statements to the AGs office for all nonfinancial/financial public corporations (Parastatals and SOEs) in Zimbabwe.

36. With respect to the content of public sector corporation financial statements in Zimbabwe, the AG should have the ability to define what information is necessary in accordance with general accepted accounting practices. Part V, Section 49 (2) of ZPFMA09 requires that, for monthly/quarterly/annual financial statements include additional information regarding the performance of public corporations and their subsidiaries

  • (2) The annual report and financial statements referred to in subsection (1)(d) shall –

  • (a) Fairly represent the of the public entity, its business, its financial results, its performance against predetermined objectives and its financial position as at the end of the financial year concerned;

  • (b) Include particulars of any -

    • (i) Any material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during that financial year;

    • (ii) Any criminal prosecution or disciplinary steps taken because of such losses or irregular expenditure or fruitless or wasteful expenditure;

    • (iii) Any losses recovered or written off;

    • (iv) Any financial assistance received from the State and commitments made by the State on its behalf; and

    • (v) Any other matters that may be prescribed

  • (c) Include the financial statements of any subsidiary of the public entity.

37. To sum up, the AGs office should have the ability to set a standardized format based on general accepted accounting standards for public corporation financial statements which should be reported in a timely manner across all ministries. Ministries should also report any financial difficulties as noted in Part V, Section 49 (2). Of ZPFMA09. At present, the AGs office receives financial information for public corporations only in the form of annual reports which come with varying degrees of statistical information. There are also several types of non-standardized reporting forms used by public corporations. This makes it not possible for the MoFED to monitor public corporations and leaves almost all public corporations not in compliance with ZPFMA09.

Reporting Framework For Public Sector Corporations

38. The reporting of financial information for public sector corporations to the MoFED is currently extremely limited in Zimbabwe. Figure 7 (below) shows the current reporting status for public sector corporations.

Figure 7.
Figure 7.

MoFED Reporting of Public Corporation Finance Statistics in Zimbabwe

Citation: IMF Staff Country Reports 2019, 103; 10.5089/9781498310925.002.A001

Nonfinancial Public Corporations

39. Within the MoFED, financial reporting for nonfinancial public corporations is limited to information contained in reports submitted by ministries. A low compliance rate with the requirements set out in ZPFMA09 (see above), along with the absence of a standardized reporting framework, significantly limits the MoFED’s ability to compile consolidated financial information for nonfinancial public corporations.

40. The absence of centralized and standardized recording of public nonfinancial corporation statistics prevents meaningful and informative monitoring of their financial health. In order to comply with ZPFMA09 and international standards (including GFSM 2014) requires a standardized set of accounts which are compatible with the newly developed COA and integrated into the SAP system.

41. The Debt Management Unit within the MoFED has relatively accurate records of public nonfinancial corporation loan obligations. While the financial reporting for public nonfinancial corporations is limited, loan obligations, including penalties are fairly well recorded within the Debt Management Unit using the United Nations Conference for Trade and Development (UNCTAD) Debt Management Financial Accounting System (DMFAS).

Financial Public Corporations

42. Within the MoFED, financial reporting for financial public corporations is limited to information contained in reports submitted by these corporations. A low compliance rate with the requirements set out in ZPFMA09 (see above), along with the absence of a standardized reporting framework, significantly limits the MoFED’s ability to compile consolidated financial information for financial public corporations in a PSDSG/GFSM 2014 framework.

43. The Debt Management Unit within the MoFED has relatively accurate records of nonfinancial public corporation loan obligations. While the financial reporting for public sector nonfinancial corporations is limited, loan obligations, including fees and penalties are fairly well recorded within the Debt Management Unit using the UNCTAD DMFAS.

Recommended Action:
  • The mission recommends that the authorities review compliance with ZPFMA09 across all public-sector corporations including, all financial and nonfinancial corporations. This will require greater cooperation and communication between ministries but would be extremely beneficial for the government’s ability to record and report comprehensive, and high quality, financial information to policymakers and the international community. More specifically, the AG should have the ability to impose a standardized method of accounting and reporting template based on best practice international standards across all subsectors of the general government. This standardized methodology and content should be integrated into the SAP system via an integral reporting template which is both IFRS and PSDSG compliant.

C. Achievements And Challenges For Public Corporations

44. The government of Zimbabwe has recently embarked upon an ambitious reform program for public sector corporations. This would lead to a dramatic reduction in government balance sheet risk via contingent liabilities and the direct fiscal impact arising from the high likelihood of those guarantees being called.

45. All public corporations which are not privatized or restructured in the short term should be required to comply with ZPFMA09 in terms of reporting frameworks and timelines. The lack of coordination and cooperation across ministries will be a significant challenge for the government of Zimbabwe in achieving comprehensive public-sector finance statistics.

46. The Auditor General of Zimbabwe has consistently produced high quality assessments of public corporations with recommendations which have been largely unfulfilled. Since her appointment in early 2004, the AG has produced transparent annual reports, with very little follow up by ministries on recommendations contained within these reports.

47. The MoFED will need to design and implement a standardized reporting framework to incorporate public corporations into the SAP system. This will require compliance with the legal framework set out in the ZPFMA09 (see Section E), and the development of a standardized reporting template by the AGs office which is flexible enough for all public corporations to be complaint with IFRS and PSDSG and integrated into the SAP system.

Detailed Technical Assessment and Recommendations

Bringing together the discussion from sections A-F, the mission recommends the following achievable actions:

  • 1. The inclusion of local government statistics into the compilations and reporting framework within the Ministry of Finance and Economic Development (MoFED) as discussed in Section B.

  • 2. The inclusion of EBUs in the compilation and reporting framework within MoFED as discussed in Section B.

  • 3. The inclusion of public sector corporations (state owned enterprises and parastatals) in the compilation and reporting framework within MoFED as discussed in Section E.

  • 4. The creation of full financial balance sheets for all public-sector entities (both consolidated and non-consolidated).

  • 5. A complete review of cross-ministry compliance with the Republic of Zimbabwe Public Finance Management Act (2009) (ZPFMA09) in order to ensure full government compliance with this law.

  • 6. The continued monitoring of contingent liabilities through the Debt Management Office in the MoFED.

  • 7. The movement towards a modified accrual accounting system which allows for all non-cash transactions to be recorded both above and below the line. This would help to ensure that accurate balancing items (net lending/borrowing) are computed which are consistent with the GFSM 2014 framework.

  • All of these recommendations will require greater communication and cooperation between MoFED, the Ministry of Local Government, Public Works and National Housing (MLGPWNH) and other relevant ministries, along with the building and implementation of a standardized reporting template, which fits into the new COA framework. The benefits of implementing these recommendations would include a greatly improved ability to assess the health, solvency, and potential risks through balance sheet exposure, faced by all public-sector entities.

article image

Appendix I. Budgetary Central Government Institutional Units

article image

Appendix II. Extrabudgetary Central Government Institutional Units

article image
article image
article image

Appendix III. Local Government Institutional Units

article image

Appendix IV. Nonfinancial Public Corporations

article image

Appendix V. Officials Met During the Mission

article image
1

See Appendix C.

3

See Part IV of ZPFMA09 (33) ‘Financial Statements’ and (34) ‘Preparation and reporting of quarterly financial statements.’

4

For MoFED and author calculations, these represent budgetary central government. For WEO estimates, these are classified under general government (with metadata).

5

Ibid.

6

As defined by MoFED.

10

See Press Statement by Hon P.A. Chinamasa (Minister of Finance).

Zimbabwe: Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission
Author: International Monetary Fund. Statistics Dept.
  • View in gallery

    Institutional Coverage of the General Government in Zimbabwe

  • View in gallery

    MoFED Reporting of General Government Finance Statistics

  • View in gallery

    Net Lending/Borrowing of the Budgetary Central Government4 in Zimbabwe

  • View in gallery

    Budgetary Central Government Expenditure and Revenue in Zimbabwe

  • View in gallery

    Imputed Non-Autonomous Social Insurance (Pension) Gap in Zimbabwe General Government

  • View in gallery

    Institutional Coverage of Public Corporations in Zimbabwe

  • View in gallery

    MoFED Reporting of Public Corporation Finance Statistics in Zimbabwe