09 Nov 2020

Government has set aside P14.5 billion for implementation of the Economic Recovery and Transformation Plan (ERTP) aimed at re-booting the economy and cushioning it from COVID-19, says President Dr Mokgweetsi Masisi.

Presenting the 2020 State of the Nation Address in Parliament yesterday, he said the amount would be spread over the remaining years of National Development Plan (NDP) 11.

The President said government was looking at several options to finance the additional expenditure, with a preference for domestic borrowing and additional revenue mobilization.

“Where necessary, government will consider other financing options to accommodate any outstanding needs,” he said.

 Government, he said, had also set up an Industry Support Fund amounting to P1.3 billion aimed at supporting local businesses.

President Masisi reiterated government’s plans to develop an economic inclusion law to strengthen the enforcement of citizen economic empowerment initiatives to ensure meaningful participation of citizens in the economy.

He said the law was expected to be presented to Parliament before the end of this financial year.

The President further said the Public Procurement and Asset Disposal Act and the Local Authorities Procurement and Asset Disposal Act would be reviewed to be aligned to the national transformation agenda.

The review would enable government to realise empowerment of citizens through public procurement and reducing the country’s import bill, especially for power supply, clothing apparel, leather products and food imports, he said.

He said it would promote domestic production base thereby creating jobs for citizens and grow the economy through targeted sectors such as agriculture and manufacturing.

President Masisi announced that government would also consider reviewing the 30 per cent reservation policy for citizen-owned companies to a minimum 60 per cent for major projects.

“The new laws will also deter fronting and frivolous complaints,” he said.ENDS