The Ministry of Finance, Planning and Economic Development has launched the national budget process for 2024/25, with the aim of growing the economy by at least 7%.
The budget will focus on building an integrated, independent, and self-sustaining economy through ensuring security, good governance, and the rule of law; maintaining macroeconomic stability; boosting household incomes through the Parish Development Model; commercializing agriculture; developing the oil and gas industry; investing in tourism; supporting private sector growth; and investing in human capital.
The government also plans to continue investing in science, innovation, research and development, digital transformation, and automation of the economy.
The budget comes at a time when the country is experiencing some uncertainty over the growing differences with development partners. However, the government is confident that it can achieve its growth targets, even in the absence of external financing.
The government is calling on all stakeholders to work together to build an independent and self-sustaining economy.
Key highlights of the budget:
- Shift from a raw material to a manufacturing and knowledge-based economy.
- Focus on building an integrated, independent, and self-sustaining economy.
- Ensuring security, good governance, and the rule of law.
- Maintaining macroeconomic stability.
- Boosting household incomes through the Parish Development Model.
- Commercializing agriculture.
- Developing the oil and gas industry.
- Investing in tourism.
- Supporting private sector growth.
- Investing in human capital.
- Continued investment in science, innovation, research and development, digital transformation, and automation of the economy.
The government is confident that it can achieve its growth targets, even in the absence of external financing.
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