2024 budget should strengthen economic transformation, address inequalities- Mudenda

Harare (New Ziana)-Members of Parliament should ensure their contributions assist in the crafting of a 2024 National Budget that consolidates the gains have been realized in the economy in the past few years, Speaker of the National Assembly Jacob Mudenda said Wednesday.

Addressing a pre-budget seminar for lawmakers, Mudenda said consolidating economic transformation requires the Legislature and the Executive to understand the determinants of economic growth and sustainable productivity.

“In that regard, the people of Zimbabwe expect to invite some input into a people-driven Budget which promotes industrialization and modernization that exponentially creates jobs for the unemployed, improves access to qualitative education 5.0 which is anchored on disruptive research girded by Artificial Intelligence (AI), innovation, science, technology and our cultural heritage, which must compel us to march towards an assured Upper Middle Income economic status by 2030,” he said.

Mudenda said as lawmakers contribute to the 2024 national Budget process, they should be mindful of the key enablers of economic transformation.

“The role of the energy sector cannot be overemphasized as it significantly influences the vibrancy and sustainability of the entire economy regarding the tempo of industrialisation. An uninterrupted power supply is critical in the industrialization and modernization of our economy.

He said whilst construction of the Hwange 7 and 8 units has been completed, much more effort remains at stake to meet the country’s growing energy demand.

According to power generation statistics from the Zimbabwe Power Company, electricity generation stood at 1 483 Megawatts against peak demand of 1 800 Megawatts as at 30th October 2023.

Independent Power Producers (IPPs) contributed only 40 Megawatts, which is less than 2.5 percdent of the total output.

“Parliament, therefore, needs to push for a robust IPP policy that clearly articulates the modalities in which IPPs should enhance their renewable energy output,” said Mudenda, adding the current power deficit should be expunged decisively.

“To that end, Parliament must encourage the Executive to expedite the implementation of the Batoka Hydropower project which has a potential output of 2 400 Megawatts, taking into consideration that the two countries have already agreed to implement the project,” he said.

He said the 2024 budget must also address inequalities in living standards of all Zimbabweans.

“For instance, the solution on roads is railway. The National Railways of Zimbabwe must be made more functional because it’s cheaper and moves more tonnage. The budget must ensure that NRZ is funded adequately and be functional within a very short space of time,” he said.

New Ziana