07 Mar 2024

The approved development budget for the 2023/24 financial year is slightly over P21 billion and records show that the expenditure as at February 15, stood at P17 billion or 81 per cent.

Minister of Finance, Ms Peggy Serame was responding to a question asked by the MP for Okavango, Mr Kenny Kapinga in Parliament this week.

MP Kapinga had asked the minister what percentage of the development budget, which was approved for the financial year 2023/24, had been spent, and if she was aware that there was a public outcry that there was very little money circulating in the economy.

The minster said she was not aware of  a public outcry that there was very little money circulating in the economy.

She said the relationship between capital expenditure and the level of money in the pockets of the public could be complex.

She said spending on infrastructure development remained a key national priority due to its potential to stimulate economic growth and development, increase the demand for labour and in the process unlock job opportunities.

She said it could ultimately benefit households by providing them with more disposable income to spend on goods and services.

While capital expenditure could have a positive impact on the economy and society as a whole, circulation of money in the economy could not be directly attributed to money being spent by government, it is just one of the contributing factors. Ends