Mbabane- In a bid to make the national budget more reflective of the needs and prioritize EmaSwati, Minister of Finance Neal Rijkenberg has emphasized the importance of increased public involvement in its preparation.
Speaking during the latest edition “Finance in Focus”, he outlined how economic factors influence the budget process while encouraging citizens to engage through various channels, including social media, to ensure the budget better represents the nation’s aspirations.
This, the Minister’s statement underscores the need for more EmaSwati to participate in the national budget preparation process, with a goal of creating a budget that truly reflects the people’s needs.
Rijkenberg stressed that public input is crucial for aligning the budget with the priorities of the people. “We want more and more input from the public, so by the time we finalize the budget, it aligns with what the people need and feel is very important,” he noted.
This year, the Ministry of Finance has taken a proactive approach to engage the public, starting wit consultations at the grassroots level.
“We’ve started our engagements by meeting with Chiefs at the local level, Members of Parliament, and other stakeholders, shared the Minister.
Additionally, he encouraged the public to submit their feedback via the Ministry’s social media platforms, expanding the avenues for citizens to have their voice heard.
The Minister provided a breakdown of how the national budget is formulated. He stated that the process begins with assessing the country’s available resources, which include revenue projections and other potential resources of income.
The Ministry reassures that debt-GDP ratios are closely monitored as they plan the fiscal parameters. He added that after determining the budget ceiling, it is submitted for Cabinet approval, the budget guidelines are then submitted to other Ministries.
While the process moves forward, Rijkenberg acknowledged the challenges faced preparing the budget for the current fiscal year. “We are a bit tight for time this year, mainly because there was a delay in receiving GDP figures”, he highlighted.
He noted that the GDP figures are a key element in determining the budget ceiling, and their late arrival delayed the planning process.
In addition to timing issues, Rijkenberg expressed concern about inflation and rising cost, particularly with utilities such as electricity and water. ‘’We see what’s happening with electricity and water, and we know inflation is remaining stubborn,” he stressed, adding that the budget will prioritize support for most vulnerable sectors of society.
However, he also pointed out that external factors, such as electricity prices set by ESKOM are beyond government control. “We can’t cushion all these costs because they are driven by factors outside of our control, but we’ll do our best to manage and support the most vulnerable,” he said.
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