FINANCE and Economic Development Minister Professor Mthuli Ncube has said the 2023 National Budget will continue to focus on infrastructural development while devolution funds could be increased as the Second Republic accelerates its efforts towards a middle-income economy by 2030.
Professor Ncube said this in an exclusive interview with Sunday News in Bulawayo yesterday adding that this will be an extremely pragmatic 2023 Budget which will attempt to create the right ecosystem for putting the Zimbabwean economy on a high growth path.
“As the Second Republic under the guidance of President Mnangagwa, we believe in the possibility of growing our economy into a middle-income one by 2030. To this end, the 2023 budget will be geared towards achieving this target.
The Second Republic is very focused on infrastructural development which we believe will spur economic development as well as employment. All the projects that the Second Republic embarked on thus far have positively impacted the economy and we will continue to angle resources towards this,” said Prof Ncube.
He said the 2023 budget would also focus on job creation by buttressing the mining, energy, tourism and agricultural sectors which have been identified through the National Development Strategy-1 (NDS-1) as key to Zimbabwe’s economic growth.
“NDS-1 clearly outlines the need to ensure the growth of the mining, energy, tourism and agricultural sectors. These sectors are key to the Second Republic’s focus on economic growth as they will also create employment,” said Prof Ncube.
The Finance Minister also hinted at more resources being apportioned towards social development. He said health, vocational training and small business incubation were among the social developments that the budget would look at addressing.
“Our budget for 2023 will also focus on social development with sectors such as health, vocational training and small business incubation being allocated resources being among our priorities as the Second Republic,” he said.
Prof Ncube also revealed that in pursuance of infrastructural development across the country, devolution funds could be increased to ensure the success of projects already underway and new ones that are in the pipeline. Major projects receiving the attention of Treasury in Matabeleland include Gwayi-Shangani Dam, a major component of the National Matabeleland Zambezi Water Project, the US$1,5 billion Hwange Thermal Power Station Units 7 and 8 expansion, the US$300 million Beitbridge Border Post modernisation, a number of dams being constructed and repaired like Gariya Dam in Tsholotsho, Matabeleland North province, Nyamandlovu aquifer borehole rehabilitation that feeds into Bulawayo, and various road construction and repair projects, among others.
He said all provinces including the entire Matabeleland region stands to benefit from devolution funds to aid development and economic growth. Consultations with members of the public and key stakeholders to feed into the budget which will be announced by Minister Ncube before year end have already started.
Meanwhile, the minister will today launch five music recording studios across the city. He has been working on creating a creative hub for Bulawayo youths involved in music. The five studios are being established in Zanu-PF’s five administrative districts while a sixth one will be set up in the Central Business District and will act as the centre of operations.
“I was touched by the level of creativity among our youths in Bulawayo especially in music production but the one thing that seems to be holding them back is quality recording studios. This is why I decided to acquire equipment to set up five satellite recording studios across the city while a sixth one will be established in the CBD.
I strongly believe with that sort of support, our youth will and can compete with their peers from across the region and even globally,” Prof Ncube said.
The minister added that the arts were a potential employer and as such must be supported through capacitation. He said like all other sectors, availability of resources in the arts was key to ensuring their survival and growth. – Sunday News
