29 Sep 2017

Government will continue to promote the development of private sector as a potential source of growth and revenue.

Presenting the 2018/2019 budget strategy paper during the Budget Pitso recently, economic and financial policy secretary in the Ministry of Finance and Economic Development, Dr Taufila Nyamadzabo stated that a significant growth in the private sector contributed to the expansion of the domestic revenue base, which cushioned the country against volatile mineral revenues.

In the medium term, Dr Nyamadzabo noted that the promotion of the private sector was to promote fiscal stability by ensuring that the country’s expenditure path remained broadly in line with revenue growth trajectory.

He said government needed to curtail undesirable and unproductive expenditure patterns, which did not contribute to growth, but only increased pressure on the budget.  

“There should be strict enforcement of the fiscal discipline throughout the public sector to remove wastage and ensure that government limited resources are deployed to provide the necessary economic infrastructure needed for growth and basic social services for the citizens,” he said.

Dr Nyamadzabo stated that government would continue to implement several infrastructural projects as part of efforts to diversify the economy during the 2018/2019 financial year.

The infrastructural projects, he said would be implemented across the board to include, among, others water and energy connection network, transport and communications as well as the development of boarder facilities to facilitate regional trade.

With regard to human capital development, Dr Nyamadzabo indicated that efforts would  continue during the 2018/2019 financial year to identify areas for reforms with a view to improve on the delivery of education and training in the country.

He said one of the initiatives planned under the basic education was the finalisation of the  Out of School Children Policy and curriculum, whose aim was to break the cycle of inter-generation poverty by ensuring that children start school at the right age and ensure proper school attendance.

Government, he said, would ensure that out of school children and youth would be granted a second chance of gaining basic education through an alternative route and are supported to move into technical and vocational opportunities.

He said social development was yet another area identified as a national priority in National Development Plan 11.   

Under this national priority area, he said government was committed to promote access to basic services such as shelter and sanitation, adding that the provision of social safety nets also remains top of government priority areas.

He said that it was expected that  programmes meant for improving social facilities would be allocated substantial portion of the annual budget during the 2018/2019 financial year. ENDS