02 Feb 2016

The Economic Stimulus Programme (ESP) aims at supporting domestic economic activities in the short-term while providing a foundation for sustainable growth for the economy in the long-term through investment in infrastructural development.

The Minister of Finance and Development Planning, Mr Kenneth Matambo said this when presenting the 2016/2017 budget speech to parliamentarians on Monday. 

Mr Matambo said a strategic approach was adopted in the selection of sectors for interventions, based on their potential for growth and job creation.

“The implementation of the ESP is scheduled to start in earnest in the 2016/2017 financial year, and with the extension of the National Development Plan (NDP) 10 by an additional year to end in 2016/2017, any new projects under ESP will therefore be approved through this budget,” he said.

Minister Matambo said the intention was to use the ESP to accelerate the implementation of the programmes and projects.

He further said the preparation of the budget proposals for the 2016/2017 financial year was guided by priorities as presented in the 2016/2017 budget strategy paper.

He said the priorities were discussed extensively during the budget Pitso held with relevant stakeholders late last year.

“Among the top national priorities to be addressed through the 2016/2017 budget are economic growth, employment creation and poverty eradication.

Accordingly, resources are proposed for allocation to infrastructure development to address the challenges of inadequate water and electricity supply, social infrastructure to address existing backlogs of classrooms and health facilities and land servicing to facilitate business opportunities,” he said.

Minister Matambo further said the 2016/2017 budget was a transitional budget, specifically from NDP 10 to NDP 11, Vision 2016 to Vision 2036 and the United Nations Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs).

In addition, he said efforts were made during the budget preparation to ensure that it lays a foundation and expenditure path for NDP 11, while at the same time aligning its priorities with the emerging themes of both Vision 2036 and SDGs.

However, he said a full alignment of Vision 2036 and the SDGs with the annual budgets would be achieved through the implementation of NDP 11, whose preparation was at an advanced stage, and “I hope to present its draft to this House in July this year.”

“The preparation of Vision 2036 is underway while the SDGs were adopted by the United Nations General Assembly in September 2015,” he said, also noting that an alignment of Vision 2036 and the SDGs with the annual budgets would be achieved through the implementation of NDP 11 whose preparation was at an advanced stage, and would be presented to Parliament in July 2016. Ends