The 2018 national budget which is expected to be tabled in the August House next month should be premised on domestic resource mobilisation as the biggest revenue source for long term financing of sustainable and transformational development.
This is the view of the Speaker of the National Assembly Advocate Jacob Mudenda which he expressed during a parliament pre-budget briefing seminar in Harare.
Parliamentarians gathered in Harare for the pre-budget seminar to strengthen their capacity in the budget formulation process ahead of the national budget presentation scheduled for next month.
Addressing the delegates, Advocate Mudenda said domestic resource mobilisation is the anchor for budgets and the only sustainable solution to economic challenges.
He added that there is need to create a legal framework that provides resilient protection for investors and permits the development of sophisticated markets which bolster the economy.
Advocate Mudenda challenged the Portfolio Committee on Mines and Energy to push for scientific exploration of Zimbabwe’s vast mineral resources and to speed up the tabling of the mines and minerals bill and the exploration bill in order for the country to unlock financial value from its minerals.
The economy is projected to rebound and register a 3.7 percent growth rate this year propelled by the right policies, a resounding agricultural season and improved revenue inflows.
The pre-budget seminar was running under the theme, “Consolidating Economic Development and Transformation through Domestic Resource Mobilisation and Utilisation”.