The Public Finance Management Enhancement Project (PFMEP) that is spearheading expansion reforms on the current PFMS system under Component 1 has achieved some major milestones to date. The Government of Zimbabwe is implementing the PFMEP project with support from Donor partners. The project commenced in June 2016 and with an original deadline of 31 March 2020. However, due to some delays in other critical deliverables and scope magnitude, the Government of Zimbabwe and the Donor Partners are considering extending the Project to the end of December 2020. This will allow for the completion and commissioning of all outstanding deliverables.
On 1 July 2019, on the invitation of the Parliamentary Portfolio Committee on Budget Finance and Economic Development, the Minister Hon. Prof. Mthuli Ncube met with Parliamentarians to brief them on the Statutory Instrument 142 of 2019 on Reserve Bank of Zimbabwe regulations and the implementation mechanisms.
Zimbabwe has been ranked number three in Africa in terms of budget transparency by the Open Budget Survey (OBS) 2019, a dramatic confirmation of the reforms of the Second Republic in its first full year. The country has a transparency score of 49 out of 100, and comes third after South Africa which has a score of 87 and Namibia 51.
- The country has been using the multicurrency monetary system since 2009, dominated by US$, South African Rand. In its early stages, the multicurrency system brought some stability in terms of inflation.
It is hereby notified that the Minister of Finance and Economic Development has, in terms of section 64 as read with section 44A of the Reserve Bank of Zimbabwe Act [Chapter 22:15], made the following regulations: - These regulations may be cited as the Reserve Bank of Zimbabwe (Legal Tender) Regulations, 2019. To download Click Here