We understand that there are those who cannot work, whose age or disability prevent them from integrating into a modern economy. This is why we must strengthen social infrastructure and social safety nets. It is our responsibility. It is our duty.
We will work with experts both at home and abroad to ensure sustainable environmental protection and resilience; because from our lands we must eat, from our waters we must drink, and from our air we must breathe!
But perhaps the most important current in this new wave of economic management is the commitment to good governance, accountability and transparency; this includes corporate social investment.
To modernise our economy, we are revolutionising our use of ICT and digital technology; across all industrial fields, within both the private and public sectors.
Of course, we do not act or exist in a vacuum. We are part of a global economy. And to some extent our success will depend on the pace of the global recovery from the Covid-19 pandemic, as well as international mineral prices and agriculture recovery.
However, what can be controlled must be controlled. Consolidating macroeconomic stability will be absolute vital in creating certainty and confidence in the economy by anchoring exchange rate and inflation. We must continue to curb all unbudgeted expenditures and strengthen the foreign exchange system.
Our goals can only be achieved with an empowered and emboldened private sector. We must be open and competitive, with sound macroeconomic policies anchored on fiscal discipline, monetary and financial sector stability, and a business-friendly environment which promotes both foreign and domestic investment.
We call on our friends — old and new — to be part of this transformation.
Our macroeconomic objectives for the next five years are bold, but achievable: An average annual real GDP growth rate of above five percent, while maintaining fiscal deficits averaging not more than three percent of GDP.
We must achieve and maintain single digit inflation while increasing international reserves to at least six months’ import cover by 2025.
Our markets must be open and attractive. Safe and secure. Competitive and liberal. We therefore look to establish a local market with a fair and truly competitive foreign exchange rate regime.
All this requires discipline. We must not fall into the debt-trap. Indeed, our current plans are to rigorously maintain public and publicly guaranteed external and domestic debt to GDP at below 70 percent of GDP. This will be no walk in the park.
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