Here is what Elias Musakwa wants the 2023 budget to do

HON. MUSAKWA: Thank you Madam Speaker.  I would like to add my voice on the budget proposals that are before the House.  Firstly, I would like to commend the Minister for undertaking to review the transaction taxes both on NOSTRO and the domestic RTGS.  These were becoming another tax on corporates and individuals and were working against financial inclusion and the promotion of the use of the banking system.  So, I would like to commend you for that and I would like you to do maybe even more.  Also to incentivise deposits and savings, for instance.  I can give you an example that if somebody wants to save in a NOSTRO account, banks are charging an average of 15 USD per month for account maintenance fees.  So if someone saves 100 USD in plus or minus six months, that 100 USD will attract a lot of charges and the owner will realise that the money they would have saved becomes nothing.

So, I would like in this current budget, the Minister to encourage savings and also savings in real currency so that these monies can be used to lend to the productive sector and generate more wealth.

On the same note, I notice there is quite an allocation towards agriculture but you will find that the price for maize is very depressed, even that for wheat is not where it should be. I would like to encourage the Minister to relook at the funding model for grain procurement in that the State focuses on buying the strategic grain reserve and allow private players to finance the procurement of the rest of the crop. That will reduce the burden on the fiscus and also stimulate production and competitive pricing of the commodities.

The underfunding of BEAM and its non-disbursement, a lot has been said about that,  I will not repeat any of those. I want to thank you Madam Speaker for the opportunity and thank you very much for allowing me to speak.