The national budget speech for the 2020/2021 financial year is being read by Treasury Cabinet Secretary Ukur Yatani.
Yatani: The team has underscored the need to save lives and the economy. Mr Speaker, to sustain the full economy, the government is conceptualizing a post-Covid-19 economic recovery beyond the 2030 Vision.
Yatani: The budget was prepared on a background of a contracting economy because of the Covid-19.
Yatani: In addition to the adverse effects of the Covid-19, the economy was also confronted by the effects of locust invasion and flash floods. Further, the lack of availability of raw materials from outside the country has impacted the economy.
Yatani: We project that the economy will grow by 5.8 percent in 2021 boosted by the government's economic stimulus plan.
Yatani: The Kazi Mtaani projects seek to employ over 200,0000 youth to clean up towns.
Yatani: The National Treasury is re-engineering and upgrading the pension system to clear all pension payments backlog by the end of the calendar year.
Yatani: The post-Covid-19 economic strategy will focus on a sound micro-economic framework to address poverty, income inequality, and unemployment.
Yatani: I direct all PSs to clear all pending bills in the MDAs.