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Spending our way out of our economic situation is not a solution- Finance Minister
Recent history has shown that spending our way out of an economic crisis is not the solution. It is clear that tough measures are required to achieve lasting prosperity.
This was said by the Minister of Finance Neil Rijkenberg when delivering the 2019 budget speech in parliament today.
During his speech, the Finance Minister said that meaningful growth will be achieved by enabling the private sector to lead and do what it does best, which includes growing our economy and creating employment. “Government can no longer be the employer of choice in the Kingdom as it is today” added the Minister.
He said that to succeed, the country must stimulate GDP growth, boost local employment and generate higher, sustainable export revenues for the foreseeable future. He said this will be achieved by addressing five high priority areas which are
- Develop a Fiscal Consolidation Plan and Arrears Funding Strategy
- Improve the Ease of Doing Business,
- Deliver Improved Socioeconomic Impact,
- Implement an Infrastructure Investment Plan,
- Build a Culture of Excellence
Meanwhile, the Finance Minister also issued a strong warning against those who do not comply with the country’s tax regulations. The Minister said this is because the country needs to improve the nation’s revenue as he believes that without it the present economic crises can never be abated.
He also called for including an increase in consumption taxes, such as an increase in the tax on fuel and the implementation of Value Added Tax on Electricity as this will help in diversifying and broadening of the country’s tax base.
The minister assured the nation that the budget will ensure that Emaswati’s hard-earned taxes and international partner’s financial support is spent in a sustainable, transparent manner for the betterment of the country’s economy and future generations.