By Ruth Chayinda
Some stakeholders have described the proposed 177.9 billion Kwacha 2024 national budget as progressive and positive for transforming the national economy.
Zambia Association of Manufacturers -ZAM- President ASHU SAGAR says the proposed 2024 national budget is more private sector led and will enable the manufacturing sector to grow.
Mr SAGAR said in an interview with ZNBC that through the incentives provided in the budget, the manufacturing sector will be able to woo more investments and also contribute to the country’s GDP .
He also said the Association is happy that the Government has considered some of the interventions aimed at increasing value addition .
And the Bankers Association of Zambia – BAZ- has welcomed the Government stance of working towards fiscal consolidation measures by reducing the fiscal deficit to grow and transform the economy.
BAZ Chief Executive Officer LEANORD MWANZA says following the proposed budget to parliament, the banking sector is now challenged to provide support to the private sector by providing affordable credit.
Mr MWANZA further stated that with the new tax proposed on mobile money transactions, it will help broaden the tax base.
He also welcomed the Government decision to revise upwards the pay as you earn from 4,800 Kwacha to 5,100 Kwacha saying this will give relief to the Zambian workers.
Meanwhile, Zambia Institute Policy Analysis and Research ZIPAR HERRICK MPUKU said the proposed budget will help catalyze the private sector while ensuring that the vulnerable people have also been catered for.
Dr. MPUKU further said it is important that the Minister in his presentation stressed the importance of the agriculture sector further noting that there is need to provide infrastructure support so that the sector can grow.
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