The overall objective is to realize a higher and sustainable growth of the economy in a more equitable environment, accompanied by increased employment opportunities. The financial services sector will play a key role in mobilizing the savings and investments required to implement the MTP. It will implement the Flagship Projects identified under Vision as well as other key policies and programmes over the next five years. A large part of the financing and investment of the programmes and projects is expected to come from the private sector through the Public Private Partnerships PPPs.
The plan calls for increased levels of savings and investment to facilitate the growth and development envisaged by The ratio of investment to GDP is targeted to rise by 10 percentage points in the next five years while that of domestic savings to GDP is targeted to increase from the current 16 per cent to 26 per cent over the same time period. Other than high growth, the MTP places a premium on faster job creation, poverty reduction, improved income distribution and gender equity while also ensuring that balance is attained in development across all regions of the country.
Additionally, the strategy identifies policy, legal, and institutional reforms that are required to be implemented in each sector to facilitate the implementation of the programmes and projects over the next five years. In this regard, the government will ensure that the requisite legislation is passed and necessary public sector reforms effected expeditiously.
In light of the current concerns about global warming and the need to ensure sustainable growth which safeguards the health of the environment, the government has taken on board these issues with environmental sustainability being factored in as a cross cutting issue in all the MTP sectors.
The economy recovered from a low growth of 0. As a result of the strong growth performance, real per-capita income have increased at an annual average rate of 3 per cent over the recent period while poverty declined from Despite the achievements made in reviving economic growth and meeting many of the ERS targets, the country is still confronted with major developmental challenges.
