THE 2023 national budget is an addition to all the positive developments the country has seen in 2022, including exchange rate stability, lowered inflation and budget credibility.
This is according to Zanaco bank Chief Executive Officer, Mukwandi Chibesakunda.
Ms Chibesakunda observed that the last few days of budget presentations and analysis had set Zambia on a clear course for national growth and prosperity.
“We must now embrace the work ahead to implement that plan. We will see significant investment in economic affairs, education, health, housing and community amenities, social protection and environmental protection.
“We will also see as incentives in Information and Communication Technology (ICT), value-addition, insurance, the green economy, agriculture, energy, transport, mining, and sustainability,” she said at the 2023 national budget public symposium in Lusaka this week.
Ms Chibesakunda stated that Government would continue to serve as an enabler, and the private sector will embrace our role as the driver of economic growth.
Zanaco, she pointed out, had been lobbying Government to utilise the revenue earned from the private sector to support businesses, particularly Small and Medium Enterprises (SMEs) and households that were struggling under these economic hardships.
Ms Chibesakunda stated that it was therefore gratifying to see the 2023 budget speech respond to deliver to our expectations.
“The budget measures announced should now translate to having a material impact on various sectors of our economy such as mining, agriculture, manufacturing, retail and the SMEs.
“The labour market measures taken by Government, particularly the changes to the adjustments made to the tax rate bands are welcome. The student support to education is also material and will help offset challenges faced by employees and households,” she said.
She said the growth plan that the national budget had set would surely present Zambia with some challenges which the country would have to overcome.
“We will also be presented with great opportunities at all levels of the economy: as individuals, through SMEs, as cooperatives, and as organizations of varying sizes. Opportunities that we must grasp to create a better world for our children and generations to come.
“Zanaco will continue to work with the Government to focus on making the private sector more competitive and ensure that we have the resources available to meet our ambitions on improving the economy,” she said.