Wednesday, April 17, 2024

ZACCI nods K167 billion proposed 2023 national budget

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The Zambia Chamber of Commerce and Industry (ZACCI) has hailed government for the K167 billion proposed budget for 2023.

ZACCI President, Chabusha Kawesha said the proposed 2023 national budget demonstrates that government listens and builds the credibility of the Zambian market.

Mr. Kawesha said this in a press statement issued to ZANIS in reaction to the proposed budget which Minister of Finance and National Planning, Situmbeko Musokotwane, presented to parliament today.

He explained that the income pressure has been balanced for both individual and corporate income.

He said the proposed budget will stimulate growth for improved livelihoods as highlighted in various strategic development areas.

Mr. Kawesha further said from the budget overview, sub-sectors like agriculture, tourism, information technology, telecommunications and mining lead in terms of job creation.

He further praised government for giving attention to the education sub-sector with a notable objective of changing the curriculum and skills development which he said will add value to learners.

He said the call for a stronger platform in churning out industry ready graduates will be resolved with such measures highlighted in the budget.

“I call upon the private sector to leverage on focus placed on science, technology and innovation to invest in research and development,” Mr. Kawesha said.

On the measure for further liberalisation of the petroleum energy sub-sector, Mr. Kawesha said this has been long overdue.

He said it was pleasing that the UPND government has done it.

He said this will allow private players to invest and compete effectively, adding that competition will eventually trigger price reductions.

The ZACCI President further noted that the planned advancements in the area of electrification will increase industrial spots countrywide thereby boosting the processing subsector.

“It is our belief that policies surrounding the public private partnership framework will be accelerated in implementation as the initiatives they bring will impact economic growth,” he said.

Mr. Kawesha added that the budget approach for 2023 will speak to a lot of enablers as most areas of the economy stand to benefit from it.

Finance and National planning Minister, Situmbeko Musokotwane, has unveiled a proposed K167 billion national budget for 2023 to cater for all sectors of the economy.

1 COMMENT

  1. I never saw this happening to Zambia based on the raw deal we got used to. The budget is balanced, focused and targeting growth sectors including Rural electrification, education, health and agriculture. Recruitment of Agriculture extension officers is point on.

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