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Sunday, November 27, 2022

2023 National budget should address securing investment- Economist

Economy 2023 National budget should address securing investment- Economist

An Economist says that the 2023 National budget scheduled to be presented this Friday by Finance Minister Situmbeko Musokotwane is expected to address a number of important issues such as a secured investment.

Social Economist Kelvin Chisanga says the 2023 budget is expected to work slightly more on accountability, transparency and within the set target policy objectives.

Mr Chisanga added that the budget is expected to work on receiving supplementary support of basically about 10-12 percent from a number of multilateral and bilateral partners in the wake of advancing economic recovery as a balancing wheel.

He called for government to also maintain the current mining tax regime in order to build up on this sector with policy consistent measures.

Mr. Chisand said doing so might require shaping in order to fully accommodate and save the small-scale miners.

He was speaking to ZANIS in an interview in Lusaka.

Mr Chisanga noted that the 2023 National budget needs to keep engaging in job creation opportunities, tax cuts and creating conducive policy environments such as a predictable policy framework for businesses and investment to strive.

“The monetary and financial performance shows some good features with the current budget of 2022, so it is likely to maintain this path in 2023 as government and key stakeholder should continue to advance on this trajectory,” he noted

Mr Chisanga called for the need to expedite repealing the public private partnership Act of 2019 to widen its scope for full participation of various economic agents to enhance wider contribution by many stakeholders from both public and private sectors.

He said it is imperative to sustain the focus of rebuilding the economic recovery process and trigger a steady growth pattern, by continuing social support such as Fertilizer Input Support program (FISP), energy subsidies with at least 20-25 percent tax suspension, social cash transfer etc.

Mr Chisanga proposed that the budget be exposed to thorough evaluations particularly centring on the medium-term projects that may take a duration of 12 months and slightly more in order to make impactful results on the proceeding budgets.

Meanwhile Mr Chisanga said that the main keynote feature is expected to be a resilient route taken in supporting private investment profile, and focus on income and company tax to adjust in order to allow soft landing considering prospects of global recession about to hit in 2023.

Mr Chisanga noted that the current running system around CDF has shown a low absorption level, and it will also be interesting to explore better models of bringing up to the speedy process of fostering outstanding solutions with the CDF.

He noted the need to enhance some easier social and technical mechanisms around CDF with stiff monitoring and evaluation modalities in order to make it more impactful for social development.

3 COMMENTS

  1. While you raise part of revenue for the budget by taxing residential rental income, you should budget to invest in paving, lighting and cleaning. streets, beautifying townships can result in increased revenue collection and to some extent job creation.

  2. The dollar and pound are depreciating then a vilager from Monze claims that the kwacha has appreciated

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