Zimbabwean Finance Minister Tendai Biti announced he will not propose a supplementary budget to his Mid-Term Fiscal Policy Review Statement, saying the future now hinges on the sale of gems harvested from the Marange diamond field.

According to All Africa, Minister Biti said revenue collections and the vote of credit had fallen far short of expectations. The 2010 National Budget anticipated revenues of $1,4 billion and a vote of credit – in referencing to donor support – of $810 million.

"It is the first time in many years that Government will not be introducing a supplementary budget. There have been complaints about lack of liquidity in the economy and revenue collections but we will also have a big say on diamonds and utility bills.

"We will remain within the $2,2 billion expenditure framework. Given the huge deficit and already existing lack of expenditure, we should have been going for a supplementary budget but we are not doing that... (it would be) a clear sign of weakness in planning. It is out of the picture because we are not going to be getting additional revenue from the taxpayer," he said.

Minister Biti added that he would go back to basic economics:

"We have to refocus the economy back to a path of stability by introducing serious fiscal disciplinary measures like eating what we would have killed. I know some of the measures are going to be unpalatable, but that is what we are going to do.

"The economy, which was starting to be discharged from the intensive care unit in 2009, has receded warranting another detention, so Government cannot just watch," he said.