Highvie Hamududu, president of the Opposition Party for National Unity and Progress, is calling on the government to prioritize a balanced 2024 national budget. The goal is to address the issue of debt accumulation and contraction, which has become a growing concern. By taking a balanced approach, the government can work towards reducing the debt burden and ensuring a more stable financial future for the country.
According to Mr. Hamududu, a former Chairperson of the Expanded Parliamentary Committee on Estimates, a balanced budget is crucial for a country facing an unsustainable debt burden. It not only safeguards the future generations but also helps to maintain low interest rates.
If state resources continue to be directed towards interest payments, there will be a decrease in available funds for crucial investments in areas that promote economic growth. It is important to find a balance in budget allocation to ensure long-term financial stability.
Experts are urging for a balanced budget in 2024 to address the issue of accumulating debt. According to Mr. Hamududu, continuously implementing a budget deficit can lead to increased borrowing, higher interest payments, and reduced reinvestment, ultimately resulting in lower revenue in the future. It is crucial to prioritize a balanced budget to prevent further financial strain and ensure long-term stability.
Economists and financial experts are urging for a balanced budget in 2024 to address the mounting debt accumulation. They emphasize that a stable fiscal outlook is crucial for a flourishing economy, and taking steps towards a sustainable fiscal path will foster an environment of growth, opportunity, and prosperity. By prioritizing a balanced budget, the nation can lay a strong foundation for a brighter economic future.
