… As Gvt saves US$1billion in the first year
Staff Reporter
President Emmerson Mnangagwa has said that the value for money policy which was introduced by Treasury following the inaugural Zimbabwe Economic Development Conference (ZEDCON) has helped Government push up its annual savings by 30%, while the prioritization of local players in the awarding of infrastructure projects saw Government saving approximately US$1 billion, the Harare Post can report.
President Mnangagwa made these remarks while officially opening the second edition of ZEDCON which is being held in the resort town of Victoria Falls.
He said the Second Republic would continue supporting local business entities ahead of foreign players tapping on internal resources for funding purposes.
“In the past we would flight international tenders for the construction of roads and dams. For instance, the Beitbridge-Harare Road, when we did an international tender, it was going to cost us US$2.1 billion. But using our domestic companies, it has only cost us US$925 million. Another billion is off. Let us have confidence in ourselves.
“This time around, we said we must modernize our roads. We settled on five domestic companies. There is no foreign tender. This shows that we ignored our internal capacities amongst us. We must develop these capacities of our own people,” he said.
President Mnangagwa said Government would continue to implement the value for money concept without fear or favour as part of Treasury’s efforts to curb the ills of over pricing.
“We must find ways for value for money methods. I am glad to let you know that this concept has assisted in a big way to cut Government expenditure. Our people were over pricing,” he said.
President Mnangagwa also said Government would continue to strengthen mechanisms to enhance revenue collection.
“On its part, my Government will continue to strengthen mechanisms to enhance revenue collection, which remains the most sustainable source of public financing. This includes ensuring efficient, equitable, transparent, and accountable use of public funds towards increasing voluntary tax compliance,” he said.
