tendai dotito biti.jpgEconomic analysts have expressed doubt over the practicality of the 2012 National Budget presented by Finance Minister Tendai Biti in November last year after revelations that some ministries are yet to receive their allocations from treasury at a time consultations for the mid-term budget are starting.

With only three days before the end of the first quarter, concern is being raised over whether the US$4 billion budget will fulfill its objectives on the back of failed promises to the economy.

While official data shows that despite registering an increase in export receipts between January and March this year, government is already reeling under a budget deficit of at least US$61 million yet other ministries and key productive sectors are still to get their allocations.

There are now fears within some quarters that the 2012 Fiscal Policy was merely an issue of figures on paper which will never translate into reality.

A financial analyst, Mr Justin Madzika said failure by fiscal authorities to ensure that the 2012 budget is fully implemented means that government is likely to miss set targets such as 9,4% annual Gross Domestic Product, a 4,5% annual inflation rate and a 70% productivity target for firms, among other factors.

“The figures do not translate into reality and we are really not happy with this budget,” said Mr Madzika.

An economist for the Confederation of Zimbabwe Industries (CZI), Ms Daphne Muzambani says the Ministry of Finance should face the reality by ensuring that the 2012 budgetary allocations as well as revenue and expenditure targets are achieved.

”We are now almost also ashamed with what is happening and this therefore raises more questions,”

At a time some ministries are yet to receive their allocations, consultations for the 2012 Mid-Term Budget are expected to start next week.

The Ministry of Finance’s commitment to economic revival is now being questioned as most of first quarter macro-economic targets have failed to create a favourable operating climate for industry and households.