The document discusses Zambia's Economic Recovery Programme which has 5 pillars. Pillar 1 focuses on enhancing domestic revenue mobilization and refocusing public spending on core mandates. Pillar 2 scales up social protection programs to shield the vulnerable from negative effects. Pillar 3 improves economic and fiscal governance. Pillar 4 restores budget credibility by minimizing unplanned spending and halting arrears accumulation. Pillar 5 ensures greater stability, growth and job creation through consistent policies to boost private investment.
The document outlines Cameroon's national financing strategy to unlock investments for distributed renewable energy from 2020-2025. The strategy aims to achieve 75% of primary energy and 25% of electricity from renewables by 2025, requiring $4 billion in financing. It proposes reducing government spending, especially the wage bill, to free up funds for priority sectors like energy. It also recommends lowering corporate taxes to attract private investment, implementing efficient tax collection, and developing grid codes to incentivize renewable projects. The strategy matches financing needs to sources like public revenues, aid, and private capital to mobilize $4 billion for Cameroon's renewable energy transition.
Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) “Towards an Empowered Society and a Growing Economy” OCTOBER 2013- DECEMBER 2018
Concept Note for the Introduction of Expenditure Norms in the Education Secto...Jean-Marc Lepain
The document discusses introducing expenditure norms in the education sector of Laos based on a new budget law. It aims to: 1) Define a policy framework for sector budget norms and their relation to block grants; 2) Identify issues in education spending assignments between levels of government; and 3) Design principles and indicators for education spending formulae. The changes aim to improve efficiency, transparency and reverse declining education spending as a share of GDP.
The Finance Minister has presented a realistic and pragmatic Budget aimed at striking the right chord with all segments of the society and successfully delivering on the nation’s expectations. The Budget has attempted the difficult task of deftly maintaining the fiscal deficit within prudent levels, boosting consumption spending and investment demand while enhancing welfare expenditure. The Finance Minister needs to be congratulated for maintaining a check on the fiscal deficit despite the overwhelming need to raise public expenditure to boost growth. The fiscal deficit of 3.5 per cent of GDP for Budget 2016-17 will be lowered to 3.2 per cent for the coming year. At the same time, it is commendable that the Budget reduced the revenue deficit to 1.9 per cent of GDP, while increasing capital expenditure by over 25 per cent. Adherence to the fiscal prudence imperatives will lay the foundation for long-term growth and CII appreciates this commitment.
The document introduces the Public Financial Management Assessment Tool for Local Government Units (PFMAT for LGUs). The PFMAT for LGUs was developed with assistance from the European Union to help LGUs assess and improve their public financial management systems. It provides a standardized way for LGUs to evaluate their PFM performance across six key offices (planning, budgeting, treasury, procurement, executive, and accounting) and identify areas for improvement. The tool is intended to guide LGUs in strengthening transparency, accountability, and good governance in their use of public funds.
The document discusses various aspects of public financial management including:
1) It outlines the key components of a public financial management system including resource generation, allocation, and expenditure management.
2) It describes the evolution of budgeting approaches from line-item budgets to performance and zero-based budgeting.
3) It discusses elements of modern budgeting reforms including medium-term budget frameworks, increased transparency, and a focus on results rather than just inputs.
The document outlines Cameroon's national financing strategy to unlock investments for distributed renewable energy from 2020-2025. The strategy aims to achieve 75% of primary energy and 25% of electricity from renewables by 2025, requiring $4 billion in financing. It proposes reducing government spending, especially the wage bill, to free up funds for priority sectors like energy. It also recommends lowering corporate taxes to attract private investment, implementing efficient tax collection, and developing grid codes to incentivize renewable projects. The strategy matches financing needs to sources like public revenues, aid, and private capital to mobilize $4 billion for Cameroon's renewable energy transition.
Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) “Towards an Empowered Society and a Growing Economy” OCTOBER 2013- DECEMBER 2018
Concept Note for the Introduction of Expenditure Norms in the Education Secto...Jean-Marc Lepain
The document discusses introducing expenditure norms in the education sector of Laos based on a new budget law. It aims to: 1) Define a policy framework for sector budget norms and their relation to block grants; 2) Identify issues in education spending assignments between levels of government; and 3) Design principles and indicators for education spending formulae. The changes aim to improve efficiency, transparency and reverse declining education spending as a share of GDP.
The Finance Minister has presented a realistic and pragmatic Budget aimed at striking the right chord with all segments of the society and successfully delivering on the nation’s expectations. The Budget has attempted the difficult task of deftly maintaining the fiscal deficit within prudent levels, boosting consumption spending and investment demand while enhancing welfare expenditure. The Finance Minister needs to be congratulated for maintaining a check on the fiscal deficit despite the overwhelming need to raise public expenditure to boost growth. The fiscal deficit of 3.5 per cent of GDP for Budget 2016-17 will be lowered to 3.2 per cent for the coming year. At the same time, it is commendable that the Budget reduced the revenue deficit to 1.9 per cent of GDP, while increasing capital expenditure by over 25 per cent. Adherence to the fiscal prudence imperatives will lay the foundation for long-term growth and CII appreciates this commitment.
The document introduces the Public Financial Management Assessment Tool for Local Government Units (PFMAT for LGUs). The PFMAT for LGUs was developed with assistance from the European Union to help LGUs assess and improve their public financial management systems. It provides a standardized way for LGUs to evaluate their PFM performance across six key offices (planning, budgeting, treasury, procurement, executive, and accounting) and identify areas for improvement. The tool is intended to guide LGUs in strengthening transparency, accountability, and good governance in their use of public funds.
The document discusses various aspects of public financial management including:
1) It outlines the key components of a public financial management system including resource generation, allocation, and expenditure management.
2) It describes the evolution of budgeting approaches from line-item budgets to performance and zero-based budgeting.
3) It discusses elements of modern budgeting reforms including medium-term budget frameworks, increased transparency, and a focus on results rather than just inputs.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
This document discusses public fiscal administration in the Philippines. It defines public fiscal administration as the formulation, implementation, and evaluation of taxation, revenue administration, resource allocation, budgeting, public expenditure, borrowing, debt management, accounting, and auditing policies. It describes how fiscal policies are closely linked to other government policies and are influenced by political processes. It also outlines the key government agencies involved in fiscal policy administration and their roles, including the Department of Finance, Department of Budget and Management, National Economic Development Authority, Bangko Sentral ng Pilipinas, and Development Budget Coordination Council.
The document compares the Indian budgets of 2010 and 2011. It summarizes the key economic challenges, growth rates, fiscal policies, tax reforms, infrastructure spending, allocations to sectors like health and education, and budget estimates for both years. The 2011 budget aimed to boost growth above 9% through inclusive development policies and reforms while addressing issues like inflation and implementation gaps. Infrastructure spending saw a large increase along with allocations to priority sectors.
Arsalan Yaqoob is a a corporate finance professional by profession and also passionate about transforming organisations and lives; he is dedicated, ambitious and goal-driven trainer with 8 years’ progressive experience in professional training of Business Analysis subjects (E pillars) of CIMA, BMS of ICAP, Strategic Business Leader (SBL) of ACCA.
.........
Almighty ALLAH SWT has equipped him with professional certifications and academic qualification, in professional he is Professional Accounting Affiliate (PAA-ICAP), ACCA Member, PIPFA Member, and CIA (USA) Member and in academic he has completed post-graduation / 16 years of education from Karachi University. His accountancy career was started with big audit firm, first move to industry was with TRG (A high-tech US Based MNC conglomerate) group Companies (namely Digital Globe Services – DGS Group) listed on London Stock Exchange (AIM), at present he is working as a senior finance professional at leading organization in healthcare industry (Services & Pharma Manufacturing, both).
......
As a true transformational trainer his journey has been like a roller coaster from ICAP Inter-firm presentation skills competition to teaching ACCA Paper F4 at Hot FM105; he champed Chartered Accountants’ Students Association Conference 2012 as a lead presenter on Topic “Hope sustains life” – As a professional trainer he is loaded to connect Academia with Corporate Industry, his next big thing is to progress with his methodology and sharing the same in books and videos.
The document summarizes key aspects of India's Fiscal Responsibility and Budget Management (FRBM) Act. It introduces the FRBM Act, which aims to reduce the fiscal deficit, budget deficit, and revenue deficit. It discusses how pre-FRBM, the Reserve Bank of India financed government deficits through monetary policy, but post-FRBM, the government must borrow from markets. It also outlines how the FRBM Act improved transparency of fiscal operations and the government securities market through auction processes and price discovery.
Profile of Bicol Sucs: Basis for Policy RecommendationIJRTEMJOURNAL
This descriptive research is all about the profile of SUCs in Bicol Region, Philippines in terms
of budget, program offerings, enrolment, and faculty and non-teaching personnel. The data were sourced from
the 2016 budget preparation for SUCs in Region V through documentary analysis. Said document was utilized
and analyzed vis-à-vis compared to each SUC operating in Bicol Region for the purpose of improving its
mandate and service delivery towards providing quality education for Bicolanos. Results of analysis revealed
that the national government increased the capital investment to Bicol SUCs. There are nine SUCs in Region
V composed of four state universities and five state colleges. These SUCs have varying amounts of budget
which offer 293 curricular programs, 89 programs in the graduate school and 204 programs in the
undergraduate and accepted a total of 75,257 enrollees for SY 2016-2017. The Bicol SUCs are embarking on
3,201 faculty and personnel to deliver the needed quality service required to answer the demand of the labor
market. With these findings, the study recommends that existing policies of the SUCs be made common so that
quality output would become a standard mantra towards improving quality and excellence.
The document discusses fiscal policy and public finance in the Philippines. It describes the government agencies responsible for fiscal administration, including the Department of Finance and bureaus that handle tax collection, treasury, and government corporations. It then discusses how different presidential administrations in the Philippines approached fiscal policy through taxes, spending, and management of fiscal deficits and debt.
Public Financial Management Reform presentation Mohamed Dahir
This document discusses good governance in public financial management reform. It defines good governance as processes for making decisions in the best possible way. Good governance includes macroeconomic stability, social equity, and efficient institutions. It also discusses principles of good governance like participation, rule of law, transparency, and equality. Principles of public financial management reform include legitimacy, accountability, and performance. Stakeholders in good public financial governance are government institutions and the Ministry of Finance, Parliament, and civil society. Reforms must be implemented sequentially based on a country's existing capacities.
Fiscal policy and government budgets are important tools that governments use to influence economic activity and promote growth. A government's budget determines how much money it expects to receive in revenues and how much it will spend on goods and services. The Nigerian constitution and laws establish the legal framework for budgeting, giving the National Assembly authority over the budget process. This document proposes a Fiscal Responsibility Index to benchmark and assess the fiscal performance of government ministries, departments, and agencies in Nigeria based on their adherence to budget credibility, comprehensiveness, policy-based budgeting, implementation, accounting, and auditing practices. The goal is to support fiscal discipline and the efficient use of public funds.
The following item is a Letter of Intent of the government of Haiti, which describes the policies that Haiti intends to implement in the context of its request for financial support from the IMF. The document, which is the property of Haiti, is being made available on the IMF website by agreement with the member as a service to users of the IMF website.
Composition of ethiopian domestic revenues and tax buoyancies (1975 2013)Alexander Decker
This document analyzes the composition and trends of Ethiopian domestic revenues from 1975-2013. It finds that total domestic revenues as a percentage of GDP have increased under the EPRDF government compared to the Derg regime, reaching a high of 17.13% in 2004/05. However, domestic revenues also experienced high volatility, declining sharply at times. Tax revenues are the largest component and have historically been inelastic. Indirect taxes, especially foreign trade taxes, account for the majority of tax revenues. The study aims to examine tax buoyancies under the two governments to better understand domestic resource mobilization challenges in Ethiopia.
Lao PDR: Public Expenditure Mangement Review 2008Jean-Marc Lepain
The document discusses public finance management reforms in Lao PDR. It notes that while macroeconomic indicators have improved, the public finance system suffered during an economic crisis and wage bill pressures limit spending. It highlights the need to [1] improve expenditure efficiency and alignment with strategy, [2] address challenges from inflation and slowing growth, and [3] reform center-province fiscal relations to increase revenue and realign spending. The document reviews progress on a public expenditure management strengthening program and identifies pending issues to discuss with stakeholders.
The document discusses the budgetary process in Pakistan. It begins by outlining the importance of public budgeting and financial management for allocating limited resources and meeting citizen demands. It then defines a government budget and explains how budgets reflect social priorities and political influences. The rest of the document details different aspects of the budgetary process in Pakistan including budget preparation, authorization, implementation, reporting and review. It also discusses different budgeting approaches and reforms to Pakistan's fiscal management.
The document discusses expectations from the upcoming Union Budget 2020-21 in India. It is expected that the finance minister will pursue an expansionary fiscal policy to stimulate economic growth through higher government expenditure. Key expectations include increased allocations for infrastructure development, welfare schemes, incentives for startups and privatization initiatives in the railways sector. The budget may also provide tax relief measures and aim to boost savings, investments and financial markets.
The document is the 2019 budget speech for Botswana delivered by the Minister of Finance and Economic Development. It outlines the country's economic achievements in recent decades, including transitioning to an upper-middle income economy. It emphasizes the need to consolidate development gains to further economic transformation. Key priorities for 2019/2020 include maintaining macroeconomic stability, continuing economic diversification efforts through various initiatives like special economic zones and cluster development, and promoting private sector development to drive growth and employment. Infrastructure development and initiatives to achieve social development goals like poverty eradication are also highlighted.
The document summarizes key aspects of public finance management in Russia, including the budgetary process, public finance control systems, and the breakdown of Russia's 2008 federal budget. The budgetary process establishes government budgets and considers budget implementation. Public finance control promotes efficient government spending and includes oversight of tax collection and debt management. The 2008 federal budget allocated funds across sectors like oil and gas, education, and health care.
The document provides an analysis of Pakistan's federal budget for 2015-2016. It outlines the key sources and figures of the budget, including total outlays of Rs. 4,451 billion and breakdowns of current vs. development expenditures. It notes that the largest expenses are debt servicing and defense. The analysis criticizes the underfunding of health and education and argues the budget does not achieve Quaid-e-Azam's vision of a social welfare state. It recommends increasing direct taxes, reducing subsidies, and investing more in human capital development.
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in 2003 to bring fiscal discipline to India's budget and reduce deficits. The Act aimed to eliminate revenue deficit and lower fiscal deficit to 3% of GDP by 2008 through limits on fiscal and revenue deficits. While some targets were met briefly, international crises caused the deadlines to be suspended. The FRBM Act requires regular reporting to Parliament on the country's fiscal policy and macroeconomic indicators to improve management of public funds.
The document discusses the Dutch ambassador to Zimbabwe stating that the Netherlands is heavily involved with the Zimbabwe Investment Authority and ZimTrade to boost investment and trade ties between the two countries. The ambassador notes that the Netherlands is focusing on areas like agriculture, tourism, and water services that can provide opportunities for Dutch companies to partner with Zimbabwean firms. The ambassador hopes this will lead to more direct investment from Dutch companies in Zimbabwe.
Este documento presenta una introducción a la teoría de conjuntos. Define lo que es un conjunto y cómo se pueden expresar explícita e implícitamente. Explica conceptos clave como pertenencia, igualdad, subconjunto, conjunto vacío, conjunto universal, unión, intersección y diferencia de conjuntos. También presenta el diagrama de Venn y los complementos de un conjunto.
Chomp! is a mobile app that allows busy people to quickly find nearby restaurants, view menus, and order food for takeaway or sit-down meals. The app allows users to filter restaurants by price, prep time, food type (vegetarian, vegan), and whether the meal is for sit-down or takeaway. With Chomp, people on the go can get a bite to eat in under 5 minutes of choosing a restaurant and ordering.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
This document discusses public fiscal administration in the Philippines. It defines public fiscal administration as the formulation, implementation, and evaluation of taxation, revenue administration, resource allocation, budgeting, public expenditure, borrowing, debt management, accounting, and auditing policies. It describes how fiscal policies are closely linked to other government policies and are influenced by political processes. It also outlines the key government agencies involved in fiscal policy administration and their roles, including the Department of Finance, Department of Budget and Management, National Economic Development Authority, Bangko Sentral ng Pilipinas, and Development Budget Coordination Council.
The document compares the Indian budgets of 2010 and 2011. It summarizes the key economic challenges, growth rates, fiscal policies, tax reforms, infrastructure spending, allocations to sectors like health and education, and budget estimates for both years. The 2011 budget aimed to boost growth above 9% through inclusive development policies and reforms while addressing issues like inflation and implementation gaps. Infrastructure spending saw a large increase along with allocations to priority sectors.
Arsalan Yaqoob is a a corporate finance professional by profession and also passionate about transforming organisations and lives; he is dedicated, ambitious and goal-driven trainer with 8 years’ progressive experience in professional training of Business Analysis subjects (E pillars) of CIMA, BMS of ICAP, Strategic Business Leader (SBL) of ACCA.
.........
Almighty ALLAH SWT has equipped him with professional certifications and academic qualification, in professional he is Professional Accounting Affiliate (PAA-ICAP), ACCA Member, PIPFA Member, and CIA (USA) Member and in academic he has completed post-graduation / 16 years of education from Karachi University. His accountancy career was started with big audit firm, first move to industry was with TRG (A high-tech US Based MNC conglomerate) group Companies (namely Digital Globe Services – DGS Group) listed on London Stock Exchange (AIM), at present he is working as a senior finance professional at leading organization in healthcare industry (Services & Pharma Manufacturing, both).
......
As a true transformational trainer his journey has been like a roller coaster from ICAP Inter-firm presentation skills competition to teaching ACCA Paper F4 at Hot FM105; he champed Chartered Accountants’ Students Association Conference 2012 as a lead presenter on Topic “Hope sustains life” – As a professional trainer he is loaded to connect Academia with Corporate Industry, his next big thing is to progress with his methodology and sharing the same in books and videos.
The document summarizes key aspects of India's Fiscal Responsibility and Budget Management (FRBM) Act. It introduces the FRBM Act, which aims to reduce the fiscal deficit, budget deficit, and revenue deficit. It discusses how pre-FRBM, the Reserve Bank of India financed government deficits through monetary policy, but post-FRBM, the government must borrow from markets. It also outlines how the FRBM Act improved transparency of fiscal operations and the government securities market through auction processes and price discovery.
Profile of Bicol Sucs: Basis for Policy RecommendationIJRTEMJOURNAL
This descriptive research is all about the profile of SUCs in Bicol Region, Philippines in terms
of budget, program offerings, enrolment, and faculty and non-teaching personnel. The data were sourced from
the 2016 budget preparation for SUCs in Region V through documentary analysis. Said document was utilized
and analyzed vis-à-vis compared to each SUC operating in Bicol Region for the purpose of improving its
mandate and service delivery towards providing quality education for Bicolanos. Results of analysis revealed
that the national government increased the capital investment to Bicol SUCs. There are nine SUCs in Region
V composed of four state universities and five state colleges. These SUCs have varying amounts of budget
which offer 293 curricular programs, 89 programs in the graduate school and 204 programs in the
undergraduate and accepted a total of 75,257 enrollees for SY 2016-2017. The Bicol SUCs are embarking on
3,201 faculty and personnel to deliver the needed quality service required to answer the demand of the labor
market. With these findings, the study recommends that existing policies of the SUCs be made common so that
quality output would become a standard mantra towards improving quality and excellence.
The document discusses fiscal policy and public finance in the Philippines. It describes the government agencies responsible for fiscal administration, including the Department of Finance and bureaus that handle tax collection, treasury, and government corporations. It then discusses how different presidential administrations in the Philippines approached fiscal policy through taxes, spending, and management of fiscal deficits and debt.
Public Financial Management Reform presentation Mohamed Dahir
This document discusses good governance in public financial management reform. It defines good governance as processes for making decisions in the best possible way. Good governance includes macroeconomic stability, social equity, and efficient institutions. It also discusses principles of good governance like participation, rule of law, transparency, and equality. Principles of public financial management reform include legitimacy, accountability, and performance. Stakeholders in good public financial governance are government institutions and the Ministry of Finance, Parliament, and civil society. Reforms must be implemented sequentially based on a country's existing capacities.
Fiscal policy and government budgets are important tools that governments use to influence economic activity and promote growth. A government's budget determines how much money it expects to receive in revenues and how much it will spend on goods and services. The Nigerian constitution and laws establish the legal framework for budgeting, giving the National Assembly authority over the budget process. This document proposes a Fiscal Responsibility Index to benchmark and assess the fiscal performance of government ministries, departments, and agencies in Nigeria based on their adherence to budget credibility, comprehensiveness, policy-based budgeting, implementation, accounting, and auditing practices. The goal is to support fiscal discipline and the efficient use of public funds.
The following item is a Letter of Intent of the government of Haiti, which describes the policies that Haiti intends to implement in the context of its request for financial support from the IMF. The document, which is the property of Haiti, is being made available on the IMF website by agreement with the member as a service to users of the IMF website.
Composition of ethiopian domestic revenues and tax buoyancies (1975 2013)Alexander Decker
This document analyzes the composition and trends of Ethiopian domestic revenues from 1975-2013. It finds that total domestic revenues as a percentage of GDP have increased under the EPRDF government compared to the Derg regime, reaching a high of 17.13% in 2004/05. However, domestic revenues also experienced high volatility, declining sharply at times. Tax revenues are the largest component and have historically been inelastic. Indirect taxes, especially foreign trade taxes, account for the majority of tax revenues. The study aims to examine tax buoyancies under the two governments to better understand domestic resource mobilization challenges in Ethiopia.
Lao PDR: Public Expenditure Mangement Review 2008Jean-Marc Lepain
The document discusses public finance management reforms in Lao PDR. It notes that while macroeconomic indicators have improved, the public finance system suffered during an economic crisis and wage bill pressures limit spending. It highlights the need to [1] improve expenditure efficiency and alignment with strategy, [2] address challenges from inflation and slowing growth, and [3] reform center-province fiscal relations to increase revenue and realign spending. The document reviews progress on a public expenditure management strengthening program and identifies pending issues to discuss with stakeholders.
The document discusses the budgetary process in Pakistan. It begins by outlining the importance of public budgeting and financial management for allocating limited resources and meeting citizen demands. It then defines a government budget and explains how budgets reflect social priorities and political influences. The rest of the document details different aspects of the budgetary process in Pakistan including budget preparation, authorization, implementation, reporting and review. It also discusses different budgeting approaches and reforms to Pakistan's fiscal management.
The document discusses expectations from the upcoming Union Budget 2020-21 in India. It is expected that the finance minister will pursue an expansionary fiscal policy to stimulate economic growth through higher government expenditure. Key expectations include increased allocations for infrastructure development, welfare schemes, incentives for startups and privatization initiatives in the railways sector. The budget may also provide tax relief measures and aim to boost savings, investments and financial markets.
The document is the 2019 budget speech for Botswana delivered by the Minister of Finance and Economic Development. It outlines the country's economic achievements in recent decades, including transitioning to an upper-middle income economy. It emphasizes the need to consolidate development gains to further economic transformation. Key priorities for 2019/2020 include maintaining macroeconomic stability, continuing economic diversification efforts through various initiatives like special economic zones and cluster development, and promoting private sector development to drive growth and employment. Infrastructure development and initiatives to achieve social development goals like poverty eradication are also highlighted.
The document summarizes key aspects of public finance management in Russia, including the budgetary process, public finance control systems, and the breakdown of Russia's 2008 federal budget. The budgetary process establishes government budgets and considers budget implementation. Public finance control promotes efficient government spending and includes oversight of tax collection and debt management. The 2008 federal budget allocated funds across sectors like oil and gas, education, and health care.
The document provides an analysis of Pakistan's federal budget for 2015-2016. It outlines the key sources and figures of the budget, including total outlays of Rs. 4,451 billion and breakdowns of current vs. development expenditures. It notes that the largest expenses are debt servicing and defense. The analysis criticizes the underfunding of health and education and argues the budget does not achieve Quaid-e-Azam's vision of a social welfare state. It recommends increasing direct taxes, reducing subsidies, and investing more in human capital development.
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in 2003 to bring fiscal discipline to India's budget and reduce deficits. The Act aimed to eliminate revenue deficit and lower fiscal deficit to 3% of GDP by 2008 through limits on fiscal and revenue deficits. While some targets were met briefly, international crises caused the deadlines to be suspended. The FRBM Act requires regular reporting to Parliament on the country's fiscal policy and macroeconomic indicators to improve management of public funds.
The document discusses the Dutch ambassador to Zimbabwe stating that the Netherlands is heavily involved with the Zimbabwe Investment Authority and ZimTrade to boost investment and trade ties between the two countries. The ambassador notes that the Netherlands is focusing on areas like agriculture, tourism, and water services that can provide opportunities for Dutch companies to partner with Zimbabwean firms. The ambassador hopes this will lead to more direct investment from Dutch companies in Zimbabwe.
Este documento presenta una introducción a la teoría de conjuntos. Define lo que es un conjunto y cómo se pueden expresar explícita e implícitamente. Explica conceptos clave como pertenencia, igualdad, subconjunto, conjunto vacío, conjunto universal, unión, intersección y diferencia de conjuntos. También presenta el diagrama de Venn y los complementos de un conjunto.
Chomp! is a mobile app that allows busy people to quickly find nearby restaurants, view menus, and order food for takeaway or sit-down meals. The app allows users to filter restaurants by price, prep time, food type (vegetarian, vegan), and whether the meal is for sit-down or takeaway. With Chomp, people on the go can get a bite to eat in under 5 minutes of choosing a restaurant and ordering.
España genera energía eléctrica principalmente de tres fuentes: hidroeléctrica, térmica y solar. La hidroeléctrica utiliza la energía del agua para generar electricidad, la térmica usa combustibles fósiles como el gas y el carbón, y la solar aprovecha la luz del sol a través de paneles solares.
Un módem es un dispositivo que convierte señales digitales a analógicas y viceversa, permitiendo la comunicación entre computadoras a través de líneas telefónicas o cablemódem. Existen módems externos que se conectan a través de un puerto, e internos que se integran a la placa base. Los módems modulan la señal digital mediante variaciones en la amplitud, frecuencia o fase de una señal portadora.
El documento describe las diferentes etapas de la vida del autor. En su niñez, le tenía miedo al doctor pero era feliz. En su adolescencia, conoció a sus mejores amigos y fue feliz como siempre. Para su futuro, quiere ser una gran persona y trabajar como actor o conductor de televisión en Televisa.
This document provides information on career opportunities and skills needed for an automotive engineering career. It outlines several areas of specialization including safety engineering, fuel economy and emissions, vehicle dynamics, noise and vibration harness, vehicle electronics, design, and manufacturing. For each specialization, it lists relevant job roles and the types of analysis and tools an engineer may encounter. It emphasizes skills in areas like finite element analysis, combustion modeling, dynamics, vibrations, electronics, and manufacturing optimization that are important for an automotive engineer to focus on. The document directs the reader to universities offering specialized automotive engineering programs.
Este documento presenta una lista de posibles candidatos para cargos directivos en escuelas rurales unidocentes. Se enumeran 9 categorías de candidatos ordenados por sus antecedentes y calificaciones docentes. Algunos candidatos potenciales son Marcela Burlon Ocaño, Lourdes Lacuesta Mellognio y Natalia Hernández Yakes para directores sin curso, y Jean Mascaraña Rodríguez para maestros efectivos de la escuela con antecedentes en la dirección y calificación docente mínima de 81.
Este documento clasifica las energías renovables en no contaminantes como la solar, eólica, hidráulica, geotérmica, undimotriz y mareomotriz. Describe los tipos de energía solar como pasiva, térmica, fotovoltaica y termoeléctrica. Incluye tablas con la potencia instalada de energía eólica por país en 2006 y las ventajas e inconvenientes de la energía hidráulica.
Session by Gabriela Ramos, Chief of Staff, G20 Sherpa and Special Counsellor to the Secretary-General, OECD
Among the myriad challenges facing our economies, few pose greater obstacles to better economic performance than the productivity slowdown and the rise in inequalities. Are they influencing each other? OECD work on the productivity-inclusiveness nexus, presented at the 2016 OECD Ministerial Council Meeting, sets out what we know about the interactions between productivity and inclusiveness, identifies knowledge gaps, and charts win-win policies that boost productivity and tackle inequality.
Despite advances in business and technological transformations, we can no longer assume that they will automatically lead to better economic performance and stronger productivity growth. And there is no guarantee that the benefits of higher levels of growth, or higher levels of productivity in certain sectors, will be shared across the population as a whole. This session will explore how policy makers can adopt a broader, more inclusive approach to productivity growth – one that considers how to expand the productive assets of an economy by investing in individuals’ skills and providing an environment where enterprises have a fair chance to succeed, including in lagging regions, generating strong and sustainable growth and opportunities for all.
The finance minister maintained a commendable balance between the evenly stronger and mostly diverging compulsions of economic growth, fiscal discipline and political expediency.
Most of the budget provisions are inarguably aimed at ensuring inclusive growth, and bringing in equity in taxation and provisions.
A record number of measures have been introduced, to bring predictability, transparency and conciliation in the tax regime of the country.
A digital copy of the BH24 (30 November 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
Mr Speaker Sir, I move that leave be granted to present a
Statement of the Estimated Revenues and Expenditures of
the Republic of Zimbabwe for the 2019 Financial Year and
to make Provisions for matters ancillary and incidental to this
purpose.
Zimbabwe faces challenges to its economic development including high public debt, the need to clear arrears with international creditors to resume development financing, and effects of drought and currency fluctuations. To address these challenges, Zimbabwe must mobilize domestic resources through improving tax administration and capturing revenue from informal sectors, cut public spending, attract private investment by improving the business environment and enabling policies, and access climate finance for projects. With effective domestic resource mobilization, public sector efficiency, and an enabling business climate, Zimbabwe can boost its economy.
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Similar to Understanding Zambia's Economic Recovery Programme (20)
1. November 2016
Unlocking Zambia's Potential
UNDERSTANDING ZAMBIA’S ECONOMIC
RECOVERY PROGRAMME
POLICY MONITORING AND RESEARCH CENTRE
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2. Prepared by: The Policy Monitoring and Research Centre Chileshe Chaunga
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ABBREVIATIONS
AG Auditor General
CSO’s Civil Society Organisations
DRM Domestic Revenue Mobilization
FDI Foreign Direct Investment
GDP Gross Domestic Product
IDA Integrated Development Approach
ICT Information and Communication Technologies
IFMIS Integrated Financial Management Informations System
NGO’s Non Governmental Organisations
MTEF Medium Term Expenditure Framework
MIS Management of Information System
MPSA’s Ministries, Provinces and Spending Agencies
PFM Public Financial Management
7NDP Seventh National Development Plan
4. 4 | Understanding Zambia’s Economic Recovery Programme
INTRODUCTIONS
On the 11th
of November 2016, the Minister of Finance, Hon. Felix Mutati MP, delivered the 2017
Budget Address to parliament and the rest of the country. The theme of the 2017 National
Budget is “Restoring Fiscal Fitness for Sustained Inclusive Growth and Development”. In order
torestoreeconomicstability,theGovernmenthasdesignedanEconomicRecoveryProgramme
dubbed “Zambia Plus”. This Programme is aimed at ensuring sustained and inclusive growth.
Zambia’s economic recovery programme ‘Zambia Plus’ is a home grown plan designed with
the objective of attaining inclusive and sustained growth by Zambians and complimented by
cooperating partners. The Zambia plus programme is anchored on fives pillars of economic
recovery namely;
I. Enhancing domestic resource mobilisation and refocusing of public spending on core
public sector mandates;
II. Scaling-upGovernment’ssocialprotectionprogrammestoshieldthemostvulnerablein
our society from negative effects of the programme;
III. Improving our economic and fiscal governance by raising the levels of accountability
and transparency in the allocation and use of public finances;
IV. Restoring credibility of the budget by minimizing unplanned expenditures and halting
the accumulation of arrears; and
V. Ensuringgreatereconomicstability,growthandjobcreationthroughpolicyconsistency
to raise confidence for sustained private sector investment.
This analysis discusses each pillar, providing the status, and recommendations on what
strategies that Government must utilize in order to restore economic stability.
PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5
PILLAR 1: EnhancingDomesticRevenueMobilisationandRefocusingofPublicSpending
on Core Public Sector Mandates
In under developed regions, especially sub-Saharan Africa, domestic resource mobilization
(DRM) has a significant international dimension. In most instances, resources lost to capital
flight and transfer pricing exceed aid flows; remittances are becoming increasingly important;
revenues from trade taxes are in decline; and aid accounts for a large (in many cases growing)
share of the government budget. The dramatic reversal of trade and financial flows during
economiccrisisthatsawaplungeincommoditypriceshasheightenedtheneedtothinkabout
more stable and sustainable modes of development finance and Zambia is not an exception
5. 5Understanding Zambia’s Economic Recovery Programme|
to this. DRM has been a relatively neglected factor in strategy development, especially in sub-
Saharan Africa (Culpeper and Bhushan 2008, 2009, 2010).
Enhancing Institutional frameworks for domestic revenue mobilisation
Increasing the revenue GDP ratio to above 20% as purported in the 2015-2017 Medium Term
Expenditure Framework (MTEF) has eluded Zambia for some time despite the strong economic
growthregisteredduringthelastdecade.SometaxhandleslikeVAT,whichwereexpectedtogrow
in tandem with the GDP growth, remained weak (Ministry of Finance, 2016).
Improving domestic revenue mobilization remains critical for the Government’s fiscal agenda.
Effortstobroadenthetaxbasehaveencompassedawiderangeofinitiatives,focusingbothon
internal operational issues of the revenue collector and the external environment of revenue
collection, particularly the interface with tax payers. Despite the various efforts, challenges
remain for the revenue collecting institutions. These are mainly reflected as inadequacies in
administrative efficiency, limited infrastructure and lack of procedures in mobilizing domestic
resources.
Thus, ultimately even though tax revenues on the whole were above target by 4.3% in 2015,
with the contribution from mining increasing by 127.3%, other tax types including PAYE,
CustomsandExciseDutieswerefarbelowtarget.Nontaxrevenuestruggledmainlyonaccount
ofmineralroyaltyproceedswhichwerebelowtargetby-13.5%andFISPrecoverieswhichwere
below target by 66.7% (Ministry of Finance, 2016). The record of non-performance or under-
performance of the various tax types listed above is now well documented elsewhere. Based
on the evidence, we propose the following institutional reform measures for improving tax
performance:
• Supporting ZRA to reform and restrict the PAYE practice that allows returns to be made
without payments, particularly given that Section 71 of the Income tax Act stipulates that
payment shall be deemed to be made when the emolument is received.
• Supporting the reform and rationalization of the generous customs duty exemptions,
which currently significantly lower the performance of this trade tax.
• Improving the minerals diversification strategy (away from a skewed focus on copper to
balancedfocusonothermineralsthroughexplorationforandresearchanddevelopment
(R&D) in oil, natural gas, semi-precious minerals, and precious minerals (gold, diamonds,
etc.), with robust production monitoring mechanisms, including as supported by like-
minded cooperating partners.
• Supportingtheeliminationofcashfromthepaymentcycleandtheestablishingaholistic
improvement in revenue collections through social transformation that moves society
towards widely using emerging information and communication technologies (ICTs) to
make electronic (mobile phone, computer, etc.) payments for goods and services (in line
withthePresident’sOpeningAddressoftheFirstSessionoftheTwelfthNationalAssembly
in October 2016).
6. 6 | Understanding Zambia’s Economic Recovery Programme
• Ensuring the establishment of robust consultation and dialogue mechanisms and
arrangements, which are weaved into the processes of tax policy formulation, revenue
forecasting, and general economic policy making.
Refocusing of public spending by reducing non-priority infrastructure spending
Infrastructure is critical for the provision of affordable, efficient, reliable and high quality
services like energy, transportation, finance, telecommunication, health, education and skills
development services, water and sanitation, and many others. It helps with reducing the costs
of production and of doing business.
Infrastructure development requires careful long-term planning and budgeting; it requires
extensiveprojectappraisalsthattakefullaccountoftheavailabilityoflongtermfinancing.The
government should not make capital project decisions based on short-term considerations
unless these are of an emergency nature. For example, going forward the unplanned road
infrastructure spending of 2015 (Figure 2) should not be allowed to happen again. As such,
the reduction in the year-to-date (January to August 2016) spending on roads by 60% is
commendable; it resulting in a reduced share of roads spending from 13% in the approved
2016 budget to 5% in the total year-to-date expenses. The precedence of reducing spending on
roads, especially the unplanned road spending should be maintained and possibly enhanced.
The government should consider all infrastructure projects only on the basis of full project
appraisals, prioritizing high economic return project in energy and other services; and should
carefully match the projects with adequate term financing from affordable (preferably
developmental and concessional) sources. The government should devise a National
Infrastructure Delivery Plan 2017-2021 that will be part of the Seventh National Development
Plan. This will bring together all of the government’s plans and resource estimates (by source)
for economic infrastructure development over the next five years
PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5
PILLAR 2: Scaling-up the Government’s social protection programmes to shield the
most vulnerable in our society from the negative effects of the programme;
It is encouraging to note that Government has recognised that the removal of subsidies can
harm the poor and vulnerable in society, as they are least able to adjust. The second pillar of
the economic recovery plan is an effort to ensure the poor are protected and empowered. This
pillarseekstoincreasebudgetaryallocationtosocialprotection.Thescopeofsocialprotection
inZambiaincludesdestitutehouseholds,householdsheadedbychildrenandchildrenwithout
adult care, street children, the aged, incapacitated and households that are not able to meet
their own needs due to various severe states.
7. 7Understanding Zambia’s Economic Recovery Programme|
In an effort to actualize the second pillar of Zambia’s Economic Recovery Programme,
Government increased funding to social protection to about 2.7 billion Kwacha in the 2017
National Budget from about 1.3 billion Kwacha in the 2016 National Budget. This represents
an 87% increment. Specifically, this increase takes into account the rise in the number of
beneficiariesontheSocialCashTransferProgramme.Thenumberofbeneficiarieswillincrease
from 242,000 to over 500,000 and monthly benefits (cash) will rise by 28%. This increase is also
targeted at scaling up the Home Grown School Feeding Programme to enhance the learning
abilities of school going children, increase their attendance and combat malnutrition.
There are various challenges and hurdles that must be overcome to ensure government
successfully up scales and effectively implements social protection programs in light of
austerity measures.
1. The completion of effective and efficient Management of Information Systems (MIS)
and monitoring and evaluation systems. The transition to e-payments will facilitate for
effective monitoring and reduce the administrative costs incurred in the implementation
of various social protection programmes.
2. Assessment of various poverty reduction programmes implemented by all Government
ministries in partnership with Civil Society Organisations (CSO’s), Non Governmental
Organizations (NGO’s), research institutions and Developing Partners. The assessments
will provide for reallocation of funds to high impact poverty reduction programs and
provide for reforms in other programs.
Government must ensure the effective and efficient implementation of the special financing
mechanisms for funds allocated to social protection programs to prevent delayed payments.
PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5
PILLAR 3: Improving our economic and fiscal governance by raising the levels of
accountability and transparency in the allocation and use of public finances;
It is encouraging to note that the Seventh National Development Plan (7th
NDP) is using an
Integrated Development Approach (IDA) for national planning. Further, the National Planning
and Budgeting Policy needs to be fully implemented if we are to realize a coordinated
and integrated national development planning and budgeting system that is responsive,
transparent, accountable and results oriented. It is also important to note that in order
to promote accountability and transparency, major steps in the decentralization agenda
should be undertaken so that some powers and privileges are transferred to the periphery.
Decentralization is a pathway to the notion of equal distribution of wealth as this would allow
the citizenry to be part of the development process even at a more advanced level.
8. 8 | Understanding Zambia’s Economic Recovery Programme
In promoting transparency, we need to understand that decentralization has two principal
components: participation and accountability. Participation is chiefly concerned with
increasing the role of citizens in choosing their local leaders (providing inputs into local
governance). Accountability constitutes the other side of the process; it is the degree to which
local governments have to explain or justify what is being done and what has not been done.
Onanotheraspect,Inpromotingeconomicandfiscaltransparency,wecannotoveremphasize
somechallengesthathavebeenidentifiedintheAuditorGeneralsreportrelatingtoinadequate
funding, shortfall in human resources needs and weak internal controls. The Public Finance
Act No. 15 of 2004 provides for the formation of Audit Committees in all Ministries, Provinces
and Spending Agencies (MPSAs). However, the Auditor Generals report (2015) reports that;
although formed in the MPSAs, most of the Audit Committees have not been operational and
thereforehavenotprovidedtherequiredoversightonenhancingCorporateGovernanceinthe
MPSAs.
Having observed the Auditor General (AG) report in the past years, we notice that “
Unvounchered expenditure” has continued to be the highest query. In the 2015 AG report,
Unvouchered expenditure amounted to K349,306,160. As a country, we cannot continue to
observe reoccurring queries every year, to this effect; focus should be on internal controls
within the MPSAs.
Inordertoestablishtrust,itisimportantthatthegovernmentprovidesaccurateandcomplete
information on assets and liabilities as well as revenues and expenses in a timely manner.
Providing complete information on all transactions will demonstrate accountability. For
citizens to fully hold Government accountable, there must be constant flow of information
from the Government relating to finances to development delivery.
Issues that need to be addressed: Auditor Generals Report: Promoting transparency and
accountability
1. Access to information: the Auditor General’s report needs to be made more available.
Accessibility of the report still remains minimal.
2. Inadequate skills and resources: there are some inadequacies in audit tools and logistics
as well as a lack of technical knowledge in certain areas in the Auditor General auditing
process.Insomeinstances,therehavebeendelaysandchallengesintheimplementation
of the Integrated Financial Management Information System (IFMIS).
3. Poor Internal Audits: provided for in The “Public Finance Act 2004” internal auditing
procedures in Zambia have remained inadequate and this has been observed by the AG’s
office.
4. Lack of Sanctions And Follow- Up: Zambia experiences a fragile enforcement of sanctions
anddisciplinaryactionagainstcontraventions,resultinginacontinuationofinfringement
actions as no effective deterrent is in place. In some instances, there is also a lack of
supervision, checking and monitoring by controlling officers to ensure compliance with
regulationssurroundingprocessesandproceduresinthefirstplace.Thereisalsoalackof
9. 9Understanding Zambia’s Economic Recovery Programme|
followuptoensuretheseactionsandrecommendationsareimplementedandnecessary
sanctions or recoveries of monies carried out.
RECOMMENDATIONS
1. IMPROVED ACCESS AND AWARENESS: Public documents such as the National
Budget and Auditor Generals report should be freely available to the public, with access
provided online and in hard copies. This will improve society’s awareness of financial
matters and public expenditure, and promote greater transparency and accountability
for public officers.
2. GAP ANALYSIS OF FUNDING, SKILLS AND RESOURCES: Anassessmentneeds
to be undertaken on the current funding needs and shortages, the staff levels and skills
availability. Assessment should include a review of electronic systems in place, including
IFMIS, to determine its success, resources to implement the system and future needs to
improve implementation.
3. REVIEW OF INTERNAL AND EXTERNAL AUDIT LINKAGES: A review of the
role of internal and external auditors needs to be undertaken, to determine key areas
for improving linkages between the two, potential training needs, and measures to
increase awareness on the role and importance of these audits within departments and
ministries. The review also needs to consider internal and external audit processes, and
key constraints affecting these.
4. IDENTIFICATION OF ACTION IMPLEMENTATION MECHANISMS: A review of
processes to access the implementation of recommendations and action items following
the PAC hearings need to be undertaken. Members of the Auditor General Office, the
PAC and Parliament need to collaborate to identify appropriate mechanisms to monitor
and review actions. Discussions need to identify roles and responsibilities, reporting
mechanisms and sanctions for officers failing to implement recommendations.
PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5
PILLAR 4
The fourth pillar of the economic recovery programme that aims at restoring the credibility of
the budget entails better planning, and adherence to expenditure plans and improvement of
the quality of Government’s spending. The government is planning to enforce measures that
will enable the budget support economic recovery in the country by spending with available
resources and spending on projects that will foster growth in the country. In its current status
the country has several fiscal challenges that have led to debt accumulation and slow growth.
10. 10 | Understanding Zambia’s Economic Recovery Programme
The continued accumulation of arrears and unplanned expenditure has led to the following:
The accumulation of government expenditure arrears is one of the most common problems
in Public Financial Management (PFM) and it is a persistent problem among African countries.
Thesearrearsarefinancialobligationsthathavebeenincurredbyanylevelofthepublicsector
for which payments have not been made by the due date such as payment of social security
benefits and payments of road construction which are the most common type of arrears in
Zambia. These arrears distort the planned implementation of the budget and negatively
impactonthegovernment’sfinancesandabilitytodeliveressentialpublicservices.Inaddition,
incomplete information on arrears presents a risk that the real size of the government’s deficit
is concealed and the level of its liabilities understated.
On the other hand In the 2017 budget speech the Minister of Finance disclosed that the
unplanned expenditure in the country has led to a cash deficit of around 3% of GDP especially
from unplanned expenditure in fuel and electricity subsidies and the various road and
infrastructure development projects of which most of them were not planned for and were
financed by borrowed money.
In order for the government to achieve pillar number IV the following measures have been put
in place in the 2017 budget.
1. Dismantling arrears to suppliers and contractors and immediately prevent the
accumulation of new arrears through effective implementation of commitment control
systems. To realise this the government has already started paying contractors money
owed to them. As of December 2016, K190 million was released to pay contractors of
which K 65 million was paid to the contractors working on the Kitwe- Chingola road.
2. Restrict new capital projects and major equipment procurements until all on-going
projects are completed and slow down on capital infrastructure projects which are debt
financed through costly borrowing.
3. Restore budget credibility and enhance transparency and accountability in accordance
withtheprovisionsoftheConstitutionrelatingtosupplementaryandexcessexpenditure.
This can be realised if there is enforcement in the use of the revised legislation on the
management of funds to ensure that those in charge of prosecution of those under audit
query enforce appropriate disciplinary action.
RECOMMENDATIONS
1. Accumulation of arrears as seen poses a challenge to development, it is in this view that
there is need for a comprehensive, transparent and credible strategy for controlling and
preventingfuturearrears.Thiscanbedonebyestablishingmechanismsthatdonot allow
Ministries, provinces and spending agencies (MPSAs) to incur arrears and expect the
government to release money to clear the arrears instead they should spend within their
current resources. The country should analyse the trends in arrears over the years, the
sectors and agencies that are prone to incurring arrears, and the main causes of arrears
11. 11Understanding Zambia’s Economic Recovery Programme|
accumulationsothattheinformationfeedsintothedevelopmentofacounterstrategyto
prevent arrears.
2. There is need for timely release of allocated funds as indicated in the budget by
government to reduce the accumulation of arrears
PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5
PILLAR 5: Ensuring greater economic stability, growth and job creation through policy
consistency to raise confidence for sustained private sector investment
The 5th
Pillar of the economic program focuses on ensuring greater economic stability through
policy consistency so as to improve private sector participation. Chiefly, the private sector
must be segmented into local and foreign private investors and policies must be tailored to
ensure that the local private sector become as competitive as their foreign counterparts. Tax
incentives are one area that have been used to attract FDI, however, this has been done at the
expense of the local private sector that have been made less competitive. Despite numerous
government programs to support private sector development, a significant majority of local
investorsarestillclassifiedasSmallMediumEnterprises(SMEs).Accordingtothe1996Baseline
Survey on micro and small enterprises in Zambia, the sector consists of approximately 97% of
all enterprises in the country (Parker, 1996), there has been little change to date.
Hence, in a bid to enhance economic growth, Government must refocus policy to ensure that
the local private player become more competitive, this should be done by restructuring tax
incentives to cater for the needs of local investors. A functional local private sector has the
ability to provide employment, improve the terms of trade through import substitution, which
wouldalsoleadtostrengtheningofthelocalcurrencyandrestoringthetradebalance.Further,
a strengthened local private sector will lead to reduced financial leakages that are as a result
of over participation of foreign private investors in key economic activities that come at a huge
cost to the nation.
Policy consistency is another key component of achieving the economic stability. The mining
sector which is the largest contributor to foreign export earnings has been particularly
challenging to this regard. The sector is vulnerable to changes on the international market
and the Government in a bid to respond to these changes that affect output and revenue, has
revised the tax regime three times in the last three years (2014 – removal of corporate income
taxonprofits;2015–re-introductionofcorporateincometax;2016:-flatmineralroyaltyrates).
While it is important for the Government to be responsive, such moves in the long run make a
sector unpredictable.
According to the World Bank’s Foreign Direct Investment Survey (2013), a stable social
and political environment is ranked 2nd
in the determinants of FDI while national taxes are
12. 12 | Understanding Zambia’s Economic Recovery Programme
ranked 11th
. This reiterates the need for policy consistency as well as a predictable economic
framework as these enable investors to safeguard their investments. Further, it also provides
insight on the importance of tax regimes. The survey indicates that taxes may not necessarily
beofhighpriorityindeterminingFDI.Thusinvestmentpolicyshouldfocusonensuringastable
investment environment as opposed to the proliferation of tax incentives that undermine the
efforts of local investors and erode the tax base.
In the 2017 Budget, Government has committed to supporting the creation of at least 100,000
decentjobs.Jobcreationimprovestheproductivecapacityoftheeconomyandimprovessocial
welfare. The Government must let the private sector lead the process of job creation, policy
must focus on creating an enabling environment for the private sector to thrive. Strategies
should include reducing domestic borrowing, as this tends to crowd out private investment.
However, we note that Government through the budget has indicated that it will maintain
domesticborrowingtonomorethan2%ofGDP.Lastly,thereisneedtofurtherreducethecost
of doing business by simplifying statutory requirements and providing the private sector with
the appropriate incentives and conditions to enable them to meet Governments job creation
targets.
14. 14 | Understanding Zambia’s Economic Recovery Programme
Unlocking Zambia's Potential
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