By Ruth Chayinda:
Cabinet has approved the Concept Paper on the 2022 to 2024 Medium Term Expenditure Framework -MTEF- and the 2022 National Budget.
This gives the strategic policy direction, macro-economic and fiscal objectives as well as targets for the 2022 to 2024 MTEF and the 2022 National Budget.
President Hakainde Hichilema chaired the special cabinet meeting on Friday for the first time.
The 2022 Budget framework which will focus on restoring economic growth and safeguarding livelihoods for a prosperous and equitable Zambia shall be in line with the broader strategic focus areas to be articulated in the 8th National Development Plan.
Under Macroeconomic Framework, Cabinet approved that the MTEF and the 2022 Budget should aim to attain growth in GDP, reduce and sustain inflation, raise international reserves, increase domestic revenue and reduce the fiscal deficit among other objectives.
Cabinet also agreed that under the Fiscal Framework, Government shall focus on revenue mobilisation and broadening of the tax base, removing distortions, streamlining tax incentives and rationalizing concessions.
Cabinet further approved to enhance public expenditure rationalization, prudence and discipline through the strengthening of public finance laws and regulations.
Cabinet has also approved that the Minister of Finance and National Planning, should engage with various stakeholders in drafting the 2022 National Budget in order to ensure that the Budget responds to the needs of the Zambian people and should also be base
on the vision of the New Dawn administration of putting the Zambian people first.
This is contained in a statement released to ZNBC News by cabinet office this evening.