The Cabinet has today begun discussing 2011 national budget in its meetings and during working sessions of the cabinet. In its today’s meeting, the members of the Cabinet held wide-ranging discussions on transition to programme budgeting and the items to include in next year’s budget.
The President, in his radio address on Friday, 17 September, revealed that the government was following principles of programme budgeting to formulate next year’s budget.
The Cabinet decided to hold working sessions next three days to discuss 2011 budget.
In addition to the budget, the Cabinet also discussed its decision on 20 October 2009 to establish a small and medium enterprise (SME) bank to facilitate small and medium enterprises easy access to finance and capital.
After discussing a paper presented by the Ministry of Economic Development on the matter, members recommended the President to incorporate activities of a SME bank in the postal banking system that is to be introduced soon.