The North western Chamber of Commerce and Industry says it is expecting government to present the 2022 national budget centered on strategic sectors that can stimulate growth and stabilise the economy.
Chamber president Mukumbi Kafuta said government should stimulate structural transformation through the inclusion of the informal sector, agriculture, and small-scale and artisanal mining in the mainstream economy which will spark job creation.
Mr. Kafuta states that government should also provide meaningful economic stimulus packages and financial inclusion targeting the informal, smallholder agriculture and mining sectors where the majority of Zambia’s earn a living.
“Further, we expect government to stabilize macro-economic fundamentals by: Strengthening Public Finance Management (PFM) and reducing corruption,” said Mr. Kafuta.
He also mentioned that the chamber expects government to reform the auction of foreign exchange market and promoting sustainability of public debt and stemming Illicit financial flaws.
Mr. Kafuta further said the chamber expects government to cut unnecessary expenditures on international travels, expensive conferences, expensive hotel bookings and high benefits on top government officials and redirect those funds to key economic sectors that will stimulate industrial growth and bring sanity in the economy.
“it is also vital for government to limit the acquisition of debt to finance the growth aspirations of the economy.
“Government should also continue to cooperate with development partners in order to expedite the support of vital services such as health, education and food relief programmes,” he said.
He has advised government to be accountable in order to garner policy support and enable wider stakeholder engagement.