In his opening remarks, the Minister of Finance, Hon. Dr. Mwigulu Nchemba (MP) highlighted the alignment of the current year budget to the overall East Africa budget whose main theme is “Sustainable Economic Transformation through Fiscal Consolidation and Investment in Climate Change Mitigation and Adaptation for Improved Livelihoods”.
Reflecting on a positive economic performance for 2022/2023, marked by a GDP growth from 4.7% to 5.1%, improved agriculture, mining, construction, and record tourism, inflation was managed to an average of 4.04%.
The upcoming year’s targets include a GDP growth to 5.4%, maintaining single-digit inflation, increasing domestic and tax revenue, and keeping a budget deficit under 3.0% of GDP. Key assumptions include private sector participation, resilience to disasters, global economic stability, and food secu- rity.
Priorities align with the Third National Five-Year Development Plan, focusing on an inclusive economy, industrialization, trade, human capital, ICT, busi- ness environment, and major projects including AFCON 2027 preparations.