State targets performanceoriented 2018 budget
By BUUMBA CHIMBULU
GOVERNMENT will roll out the Output Based Budget (OBB) aimed at transitioning to a more performance-oriented 2018 national budget system, says Secretary to the Treasury, Fredson Yamba.
OBB is a tool used in many countries to make social sector expenditure more result-oriented and to help achieve policy objectives.
Mr. Yamba said Government would for the 2018 national budget roll out the OBB to one additional ministry - ministry of Community Development and Social Services.
“In transitioning to a more performance-oriented budget system, Government will, for the 2018 Budget, roll out the OBB to one additional ministry, namely, the Ministry of Community Development and Social Services. Additional ministries are expected to come on board beyond 2018,” Mr. Yamba said.
He was speaking in the 2018-2020 Medium Term Expenditure framework and the 2018 budget.
Mr. Yamba also said a strong and consistent control over spending commitments would be implemented to keep expenditures within budget targets.
He explained that Government would in this regard present to the National Assembly, for enactment, the Planning and Budgeting Bill, the revised Public Finance Act and the Loans and Guarantees Act.
Meanwhile, Mr. Yamba said Government would in the monetary and financial sector aim at maintaining price and financial stability to support sustenance of macroeconomic stability and thereby aid fiscal fitness, as a basis for higher growth and development.
“Government will also in collaboration with various stakeholders implement the Financial Sector Development Policy with the aim of growing and transforming the financial sector into one which is well developed, inclusive and that supports efficient resource mobilisation and investment for sustainable economic development,” he said.
Mr. Yamba also said the implementation of the financial inclusion strategy during the medium-term would be critical to ensuring universal access to, and usage of a broad range of quality and affordable financial products and services by all.