KING WANTS REALISTIC BUDGET
LOBAMBA – Budget estimates could be a thing of the past as the King has called for a budget based on reality. In less than two weeks the country will learn how much government has allocated for the 2018/2019 financial year when Finance Minister Martin Dlamini tables the Appropriation Bill before Parliament.
Speaking during the official opening of the fifth session of the 10th Parliament yesterday the King said, “Government is encouraged to prepare a budget that is based on available resources as opposed to funds yet to be collected as this affects its ability to pay service providers.”
He said this did not only affect service providers but it also affected the implementation rate of programmes and projects that have been planned for that particular financial year.
He observed that it was critical for government to diversify the economy with multibillion Emalangeni industries, which would reduce our dependence on SACU.
“As a country, which is peaceful and destined for First world, we should be able to create an enabling environment for foreign direct investment.”
In his analysis of the country’s economic status the King noted that the country experienced positive economic growth of 1.9 per cent in 2017.
This was an upward revision to the earlier projection of 1.0 per cent and higher than the 2016 growth estimates of 1.4 per cent. His Majesty said government has identified some quick-win initiatives that promise a positive impact on economic growth and development.
“These include but not limited to; the extension of border operating hours; identification and use of farms for investment purposes; the development of greater Sikhuphe area; among other projects.”
He pointed out that the negative risks surrounding the current fiscal challenges had to be managed effectively in order to realise the full gains from these projects.
Adding he said, “Government is encouraged to prepare a budget that is based on available resources as opposed to funds yet to be collected as this affects its ability to pay service providers.”
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