News / National
Parliament endorses 2016 budget
08 Dec 2015 at 21:37hrs | Views
Parliament has endorsed the 2016 national budget for incorporating some of the inputs made during the pre-budget indaba held in Victoria Falls.
According to the legislators there is need for all economic actors to rally behind the Post-Lima Arrears Clearance Strategy and other confidence boosting measures pronounced in the budget statement.
Section 299 of the constitution compels parliament to monitor and oversee expenditure by the state.
In accordance with the constitutional provision, legislators have held a one day post-budget seminar meant to cross-examine the 2016 budgetary proposals.
While acknowledging the constrained fiscal space confronting treasury and huge debt overhang, parliamentarians have highlighted the need to increase production, reduce the unsustainable wage bill and acceleration of parastatals reform.
Parliamentary Portfolio Committee on Finance and Economic Development chairperson David Chapfika says the priority for government should be to grow the national cake and consistent implementation of the post-Lima arrears clearance strategy.
"As we have highlighted during the Victoria Falls meeting, we should get our priorities right and focus on boosting production across all sectors. We should grow the national cake first," said Chapfika.
Speaker of the National Assembly Advocate Jacob Mudenda who highlighted the adverse effect of the recurrent expenditures estimated at US$3.6 billion in 2016, applauded government for taking a bold decision to cancel the Essar-Zisco deal.
"It is our hope that a new credible investor is found soon. Availability of steel is the anchor of Zimbabwe's industrial development which is essential to growing our gross domestic product," Advocate Mudenda said.
Among other things, the post budget seminar provided a platform for legislators to interrogate the extent to which the budget restored confidence in the economy in order to attract foreign direct investment.
According to the legislators there is need for all economic actors to rally behind the Post-Lima Arrears Clearance Strategy and other confidence boosting measures pronounced in the budget statement.
Section 299 of the constitution compels parliament to monitor and oversee expenditure by the state.
In accordance with the constitutional provision, legislators have held a one day post-budget seminar meant to cross-examine the 2016 budgetary proposals.
While acknowledging the constrained fiscal space confronting treasury and huge debt overhang, parliamentarians have highlighted the need to increase production, reduce the unsustainable wage bill and acceleration of parastatals reform.
Parliamentary Portfolio Committee on Finance and Economic Development chairperson David Chapfika says the priority for government should be to grow the national cake and consistent implementation of the post-Lima arrears clearance strategy.
"As we have highlighted during the Victoria Falls meeting, we should get our priorities right and focus on boosting production across all sectors. We should grow the national cake first," said Chapfika.
Speaker of the National Assembly Advocate Jacob Mudenda who highlighted the adverse effect of the recurrent expenditures estimated at US$3.6 billion in 2016, applauded government for taking a bold decision to cancel the Essar-Zisco deal.
"It is our hope that a new credible investor is found soon. Availability of steel is the anchor of Zimbabwe's industrial development which is essential to growing our gross domestic product," Advocate Mudenda said.
Among other things, the post budget seminar provided a platform for legislators to interrogate the extent to which the budget restored confidence in the economy in order to attract foreign direct investment.
Source - zbc
