Zimbabwe racks up $360 million budget deficit in five months

Zimbabwe’s government overspent by $358.4 million between January and May, with foreign travel chewing more than double the budget, indicating that the country’s fiscal deficit will widen this year as authorities fail to rein in spending.      Official data showed that total expenditure amounted to $2 billion against a budget of $1.676 billion as foreign travel costs spiralled out of control.  Treasury expects a budget deficit of $1.41 billion this year, higher than initial projections of $400 million this year after overspending by $1.4 billion last year.