2024 BUDGET DOES NOT TRIGGER ECONOMIC GROWTH, SAYS HAMUDUDU

PARTY of National Unity and Progress (PNUP) president Highvie Hamududu says he is at pains with the 2024 budget because the allocation of funds does not promote growth.

Mr Hamududu said the nation needed expenditure reforms so that the funds go to production.

He said the 2024 budget was meant for consumption and this does not support economic growth.

He said it was shocking that all successive governments only implemented consumption budgets making it very difficult for the country to develop.

“What growth can come out of a budget that is 50 percent personal emoluments in government and social spending neglecting areas that could bring development, we need reforms so that the money could start going to production areas” he said.

Mr Hamududu said there was no way the Ministry of Community Development and Social Welfare could have Social Cash Transfer with an allocation of K4 billion, Public Sector Pension Fund of K3 billion and food security park of K1.2 billion.

He said ironically, the Citizens Economic Empowerment Fund which was an enabler for entrepreneurship was only allocated K300 million. Mr Hamududu said lack of production had affected the local currency as a result the Bank of Zambia was always forced to use draconian measures of keeping the Kwacha afloat.

Mr Hamududu however said the country’s fiscal policy had been poor throughout the years such that despite the regime change, the propensity to borrow had remained high.

He said the debt crisis had not been addressed even by the UPND government which was why they had also continued borrowing.