The Minister of Finance and Economic Development Kenneth Matambo says the government has identified the private sector as an engine for economic growth; hence they found it necessary to boost the private sector.
Matambo was briefing the media on the 2019/20 Budget on Thursday. He said they have set P45 billion aside for the private sector to ensure that it reignites the economy and leads in job creation as well as diversification of the country’s economy.
“We have emphasised before that the private sector should be leading the pack in in transforming the country’s economy through robust ways; with one of those being through the private business sector. This money is set aside to be disbursed into the private sector for it to grow as this will lead to massive job creation as well,” he added.
He said amongst other strategies that the government will be implementing to further facilitate the private sector to flourish is providing infrastructure, putting in place good fiscal monetary policies for the ease doing of business. Matambo said his ministry will partner with the Ministry of Investment, Trade and Industry on executing the disbursement of the money.
Matambo noted that the government is doing its part as far as engaging the private sector noting that the government meets the private sector at the High Level Consultative Council, a forum where they share ideas on influencing business prospects.
“The private sector has not been robust as it should be; hence the domestic economy is still considered to be doing far below its potential on the open economy context of Botswana. There is a need for the sector to lead in export diversification driving to possible export market expansion,” Matambo charged.
Quizzed on how the private sector business entities will effectively have access to the money, Matambo revealed that the tendering process will be implemented allowing businesses to bid and get the jobs.
“The money is available for the private sector and the government will disburse the money through procuring goods and services from the private sector. Moreover, the Public Private Partnership (PPP) framework will also be very key in ensuring the implementation or the success of spending the money in the private sector,” said minister Matambo.