President Chakwera Announces Stringent Measures To Revamp Economy
President Dr. Lazarus Chakwera has announced stringent measures to instill fiscal discipline in his administration.
Dr. Chakwera made the announcement as he delivered the State of the Nation Address (SONA) at parliament.
Among the measures, the president mentioned a review of the benefits of senior government officials, a reduction in procurement of motor vehicles, and a directive that all ministries should seek approval of the treasury before any recruitment.
In the 2021/2022 national budget, Dr. Chakwera said government incurred a deficit of 8.8 percent of the GDP due to domestic borrowing but he said this is likely to reduce to 7.3 percent.
Dr. Chakwera said the reduction will be achieved through a number of measures such as revamping small-scale businesses and encouraging the production of locally made products.
Some of the small-scale business operators that president Chakwera mentioned are those buying scrap metals, a sector he says requires regulation.
The SONA partly tackled the much-touted one million jobs creation agenda which many feel the Tonse administration has failed to achieve.
To the contrary, President Chakwera said through his Administration, a total of nine hundred, ninety-seven thousand, four hundred and twenty-three people have secured jobs in both government and private sectors.