TOUGH MEASURES MEANT TO RESTORE MICROECONOMIC STABILITY
GOVERNMENT has assured citizens that the current tough measures being implemented are meant to restore microeconomic stability and create economic growth.
The 2023 national budget is therefore designed to accelerate economic growth and restore microeconomic stability as tough measures are being implemented.
This is according to the Finance and National Planning Minister Dr Situmbeko Musokotwane.
Dr Musokotwane said the austerity measures which had been implemented by the government were meant to restore microeconomic stability, budget credibility and foster economic growth.
He said this in Lusaka at the Civil Society (CSO) 2023 national budget analysis forum in a speech read by the Ministry’s
Permanent Secretary for Development, Cooperation, Monitoring and Evaluation Danies Chisenda.
“From the time this Government came into power we have been trying to restore economic growth. We saw the issue if subsidy in fuel. We have introduced some tough measures so that we restore the microeconomic is restored and achieve stability.
“Looking at the first budget, we saw some austerity measures but those were meant in good faith. The numbers are now positive though not sufficient,” Dr Musokotwane said.
He also said Government was keen to promote private sector the engine for economic growth, the reason the 2023 national budget was private sector friendly.
Dr Musokotwane explained that the incentives the 2023 were meant to facilitate investment in the private sector.
“Foregoing certain revenue by providing incentives is meant to revive and boost the private sector,” he said.
At the same function, Oxfam Southern African Country Director Yvonne Chibiya, said the national budget is one of the most important tools for macro-economic management.
Ms Chibiya said the 2023 budget was very progressive and addresses a number of issues affecting the country.
“We are happy that Government has also made efforts to deal with the debt burden. As civil society organisations (CSO) we are happy that Government has given us a listening ear,” she said.
And CSO debt alliance chair Alex Muyebe said the organisations were looking at how the budget will implemented.
Father Muyebe said CSOs would share their perspective on the 2023 budget because it is an important document.