Zimbabwe Budget Cuts Blamed On Diamonds

The New Zimbabwe reported Finance Minister Tendai Biti said 2012 budget cuts are due to poor diamond inflows from the Marange fields.

As quoted in the market news:

Presenting his Mid Term Fiscal policy in Parliament, Biti said of the US$600 million which was expected from diamond sales this year, only US$41,6 million had been received during the first half of the year.

The Marange diamonds have remained a source of constant bickering in the coalition government with Biti and his MDC party claiming proceeds from sales of the gems were being diverted away from treasury.

Click here to read the full New Zimbabwe report.