Overview of 2023 Budget

Government Proposals • Medium Term Fiscal Strategy for FY23/24 - FY24/25 Maintain NIR of not less than 4.5 months of import cover • Need to stimulate investment in sectors with potential for export earnings by, for example, establishing Special Economic Zones (SEZ) Domestic imports are among the largest threat to NIR, thus need to boost domestic production (import substitution policy) Reduce dependence on volatile SACU receipts by working towards a state where recurrent expenditures can be covered by tax and non-tax revenues. NETE THEBE • • No clarity on strategies for Domestic Resource Mobilisation? Efficiency gains? Development and Stabilization fund (to finance infrastructure and capital budgets) • Development component of SACU revenue - Why not start now with this budget? • Donor funding Earnings from natural resources Review some of the fees and charges for services to reflect the cost of such services. . Need to review Govt policy on price controls (e.g., higher education fees, energy, transport, and so on) and consider targeted safety nets to protect the marginalised groups. Tighter controls over recurrent expenditure budgets and targeting no real increases in recurrent spending over the next three years (excluding maintenance of assets). • Culture of incremental Budgeting in Govt • Implement MTEF with requisite legal instruments. NETE THEBE

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