Government has defended its stance to keep the revenue collected from windfall tax in a stabilisation account at the Bank of Zambia.
Finance Minister, Situmbeko Musokotwane, says the revenue collected from windfall tax will be used when need arises.
Dr. Musokotwane was contributing to a debate on the report compiled by the Parliamentary committee on Estimates.
He also said government is considering extending the budget circle from nine months to twelve months.
Dr. Musokotwane said he has already communicated to Vice President, Gorge Kunda, about the issue.
Earlier, some Members of Parliament questioned government over the rationale of keeping money raised from windfall tax idle when the country is experiencing difficulties.
Zambezi West MP, Charles Kakoma, said it did not make sense for government to keep the money in a stabilisation account when farmers have no fertiliser.
Mr. Kakoma also wondered why government had engaged into fresh negotiations on the in windfall tax when parliament had mandated it to collect the revenue.
And the Parliamentary committee on Estimates is concerned about the poor revenue collection in the country.
The committee has observed that non tax revenue collection is still ranked lowly by some government ministries.
Chairperson of the Committee on Estimates, Batuke Imenda, says the move has resulted in low income and subsequent failure to implement government programmes.
Mr. Imenda also bemoaned the late release of funds to capital projects such as infrastructure development.
However, Mr. Imenda says the committee is happy that revenue collected from windfall tax has not been used.
[ZNBC]
Well lets wait and see and i hope by, when need arise, you mean genuine need…
Oh dear am #2
Hmmmmmmm! thank God its friday
Scramble for # 1?
indeed baby
To some degree my mind woders why keep some of the money when need arise, when there is already existing need…
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congratulations #1, it seems there are no stories any more, just back to the usual Z formaula of “this one said”, “and then he said”
Baby C yeah its Frioday, what do you have in mind?
1-3 pf power
This article ZNBC, how about facts?
1. How much money is there?
2. How does the stabilisation work?
Things like that
Sony Ericsson Phiri,
Yeah we are going to be going through cycles and hope we hit the rock and dig out some intresting and burning issues, otherwise the blog will forever be in the hands of Viagra Addict..
#7 try omelo mumba road or just outside ndeke hotel (if you are in Lsk)
#12 it makes me feel like phoning people in Z, asking them what’s going on, and posting my own news
But Spectator ba mudala it’s good you are back, we must link up for a beer when I come over next time
will have an early drink then later go home. got a number of skul assignments to do.
#7 no wonder u are addicted to that stuff!
Are u really serious about all this u are writting?u need deliverance my brother,u need Jesus in yo life ASAP,then next,u see a psycologist to check yo grey matter…then later on ALANGIZI to groom u bak into society….coz u are DEFINATELY LOST.
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15.Sony Ericsson Phiri
Mudala that will be legendary cant wait to link up for a drink am glad to be back, well Babyc wish we could link up for that drink am kind of feeling like guzzling today…
I fail to understand our politicians. They always think about themselves. They have just increased their salaries as before the elections they said no to the increment so that they could receive more votes. I hope everybody is watching them so that next time they will pay for this.
Where is the money for the increment coming from since government don´t have money? The Zambian students are suffering those who are studying abroad as they had there BCs increased 3 years ago. The dollar is losing it´s value each dear as food is getting expensive also.
#19 LOL guzzling I know the feeling still 1.5 hours for me
#20 hey, how is Havana?
“ZAMBIA Congress of Trade Unions (ZCTU) has welcomed the 15 per cent salary increment for Constitution office holders because civil servants were also awarded a similar increment.
ZCTU president, Leonard Hikaumba said in Kitwe yesterday that the labour movement was also happy with the scrapping of the responsibility allowances and the reduction in special and utility allowances.
He said the 15 per cent increment was in line with what civil servants were given, and that ZCTU had no objection to that.”
I don’t understand Leonard Hikaumba, he is the most retrogressive ZCTU Zambia has ever had! Anyway, he is NCC vice chairman. AKUDYA BWINO DADDY.
the estimates’ committee chairman’s name makes interesting reading!BATUKE! THAT’S AGOOD ONE,
Slash fund in the making!!!
There is a story going round that Rupiah Banda is claiming that Madonna’s adopted son from Malawi, David Banda RB’s son. The story goes on to state that he is making plans to fly to Madonna to see his child but he is afraid of flying because he might not come back alive.
The wolfs & jackals are happy with increments.These is nonsence how can u keep money wen in hospital panado is off shelf.Very useless & poor ideals.Why in we dont whites police service?
My my! Keep the money till we crash and burn? How do you save money when it can make a huge difference in circulation? This is the problem of changing horses midship. Finance should have been left intact! Its vital ministry which needs a focused,assertive,brilliant,eyes on the ball, Magande,not just any cadre! Finance is serious business!
ala mwandi!!
Musokotwani behave yourself. Dont behave like Magande,he used to boast that the government had money in the reserves,towards the end of the year.When a lot of projects in different sectors had not been attended too. Dont just say the money wil be released when need arise.There are so many problems mr,you hav to subdise fertiliser,do you have enough drugs in hospitals. Most roads are impassable,Lecturers at Unza want better conditions of service,etc.Use the money its not yours. Maybe when that money remains lying idle thats where complicated mathematics is done to benefit a few individuals.
Sarah i like you plz.Am seriousy!
Sarah plz!!
BO Situmbeko keep the money. The country should learn to build reserves and help itself when it is in a real crisis.
Musokotwane,dont just say stabilisation account.posako amano.
Sarah plz!
this is ridiculous – the govt is afraid of spending the money because they are aware of the possible illegality of how they got this money from the mines, i.e. breach of contract etc. They have already taken it so use it for crying out loud – zambia is in dire need of cash.
I think Situmbeko can also do a brilliant Job. He just need to explain in detail what he meant by his statement.
Otherwise he could be sharp.
Somebody please tell this Musokotwane that what he’s saying is rotten nonsense.Use the money when need arises?Is he blind?.Zambia is always in need.Just use the damn money.And about ZNBC.These guys are full of crap.radio ichengelo is by far better.
Sonny Ericsoon Phiri
You patronise Omelo Mumba and outside Ndeke Hotel yourself. How did you Know such places, you always give advice to people on the blog
Anyway, no more windfall tax, copper is below US$2.5/Ib. You have just made Zambia unattractive to FDI in the mining sector becoz of windfall tax. Maxwell Mwale, Musokwatane and RB, can you renegotiate ! PF cheated the late President , Magande and the former Mines minister Kalombo Mwansa to spearhead the windfall tax. And becoz of that, Zambia is no longer among the top 10 investiment destinations in Africa in the mining sector.
We should donate some of this money to the Somalian Government
#41 What Somalia needs is a responsible government not money.
But the Somali Community in Ndola donated a police station to the Zambian Government
Musokotwane advice RB on the need to diversify. Because depending on copper only,its not Safe.Start promoting agriculture.when the copper prices are low,then the economy shakes. And 1 day this copper wil be no more.
Looks like we need an economics class in here,
pls note monies from the stabilisation account are meant are for certian crucial macro economic interventions,
for example to defend and stabilise the Kwacha against a free fall,
i would urge you foulkes to do the same, please stash some money somewhere, have savings for a rainy day, no matter how it’s showering now,
you don’t wait for all your needs to disappear before beginning to save, that’s folly
In fact it’s time we had a strategic fuel reserve aswell, or national food reserve (not just maize) atleast not in the manner the FRA is structured
Wow..I’m really amused that we have many teachers of economics here. Icho, wise words. Its better to ask questions like, what situations is He talking about for example. To simply rant and say “woe is me, more of the same nonsense” is plain folly. Go to the U.S. and you’ll see american’s complaining about their economy even in times when its not that bad. People always complain. If you want to add some value to the people around you, in this context your nation. Do some thing, work hard. One of the reasons America industrialized and became a powerhouse economy is because they belived in the idea of thrift.
# 45 i completely agree with your analysis1 We need such people like you to educate arm chair criques. By the way did you know that you can listen to ZNBC radio four online- right now am listening to 10pm news. Shortage of mealie meal i Senanga! The Kwach has continued depreciating etc.
**Asians have also recently taken on that same ideal, that really has been part of human civilization for millenia. The idea of working hard and saving in order to make wealth. Thus you see the Asians are some of the biggest buyers of U.S. bonds and treasury bills. What zambians need to do as a whole is not to depend on the government for every thing. Work hard, keep the government accountable for its actions, save your money and make wise investments. The Government can not force local investors to invest money they don’t have. Hence the need for a developed financial system or prudent entrepreneurs who can build their way up. It starts from the grass roots.
**Foreign Investment. This is not a hard one, zambians aren’t exactly very very rich. There is land, there is labour, but there is not much capital. So what do we do? We attract capital and make use of the other factors of production we already have. Ok, some people say ask God to bless the nation so that it gets better off. You have poor theology. God regards the nations as His enemies, have you not read the second psalm? Do you not know that God’s interest is not to make nations wealthy but to have them come to him and become disciples of Jesus? There is a distinct correlation between wealth in this world and wickedness. Hence several times Paul warns agains the love of money.
**Christians should not pray for their nations to become wealthy at the expense of the Gospel. Capitalism has increasingly become excessively consumeristic, its the engine of the U.S. economy. A never ending desire to have meanigless stuff, for the moments pleasure. This love for commodities and money is reflected in some of the false teachings coming out of america and flooding africa, the prosperity nonsense where if you don’t tithe God won’t bless you. As if the blood of Christ is not enough, give to the church or the flood gates of heaven will not open on you. As if we do not have all spiritual blessings in the heavenlies through christ. We should Give by all means, but in Love.
For any interested check out infowars.com
its pretty interesting…..and i have a blog if u want to pay a visit
ourpatienthope.wordpress.com
or another one peopleunboxed.com
cheers
We also need to capitalize on Saving our country’s financial resources. We need to be convinced as Zambian people why we need over 135 MP’s when they don’t add value to the country’s development, they are just a liability.Why not just have 9/18 that is one or two for each province that would save alot on the taxpayers money. They are paid an average of K117,000,000 per year equivalent to $40,000 per year for zero work. If we slashed about 120 or more positions the country would save an average of $5,000,000 equivalent to K20,000,000,000 this would either be channeled to those reserves or boost local investors or for developmental ventures such as schools, hospitals, agriculture,etc. tourism
They will use the money when needs arise???..The hospitals and schools are a joke…thousands of street kids etc..are these not needs enough to use the money????
contd The USA has 1 or 2 senators for each state let’s consider that with our MP’s.We also need to look at other offices which are a big liability to the country’s financial resources and scrap them off.That would save us a lot of tax payers money.Some of the offices are duplication of financial resources and work E.g this Constitution revision exercise which always takes place every time a new Government is in place,that is why we have these MP’s , they should be accessible to the electorate and receive our recommendations and table them in Parliament,We elected them,to debate matters in parliament intelligently and pass amendments.Zambian’s let’s not be taken for granted.God bless Zambia
Zambians do you think this Situmbeko is smarter than Magande?Has he got a convincing CV or maybe he is just one those who are gud at writing papers like the poverty reductions papers.We have alot this type here at the world bank and do you think someone who is an economist at world bank can deliver?i think maybe he can be a gud lecture somewhere but an a minister.Time will tell.
contd ,another way to save money on this constitution revison exercise is why not have the voters during elections when they are voting for leaders also vote on critical matters that need to be adopted or amended in our constitution, this would save alot of taxpayers money and help channel this money for other developmental ventures or into the country’s reserve.I am very convinced there are alot of ways we can save our nation’s money which we are currently wasting through unproductive spending.
#26 YOU ARE A LIAR.
Zambian politicians make me sick…they behave like kids who does not know what they are doing and they don’t care because they know u will vote for them again and again.
Independent move is required to change the way things is done over there ..let join hands in order to change the system that has imprisoned us since 1991…enlist for the ” change”…will n’t only talk instead will act.
If I had a relative who is a politician, i would be worried….?
Brick and Lace will be performing at the Big Brother Grand Finale this sunday at 19:00 hrs. I know am off topic, please forgive me.
Where is everybody?
LT, have you ever considered setting up a seperate forum for social blogging/chat? I mean no offense to anyone but some of the stuff posted on this forum is kind of off.
Meanwhile people are dying of cholera and MMD is keeping money until the need for giving themselves car loans arises. schools, colleges and Universities are in dire need of money to stay afloat yet Situmbeko is seeing no need. I bet some of these people shud visit UTH mortury and lets see if they will be the same. Ilanunka mochali yaba pa UTH pantu abantu bamo balibola beyond recognition. Yet they see no need
According to what i know,albinosm is simply a genetical abnormality.I dont understand why people should be made to believe that,they can be used in rituals.By using some parts of their bodies. We have to save the lives of albinos.Hence the need for the following to be ready to go to Tanzania,as we declare war on the witchdoctors: Spectator,pumpy, Maestro or ubuntu whatever,Luapula Fish,Sony Errickson,Engine, Wewewe,Mulozi wa Niti and tonga. If we dont go there guy the albinos wil go into extinction.
Sarah,plz i like you .
My contribution is rigged ,too bad!
Iwe ka Chewe are you gay. Sarah is male and akonda yakumboyo. Stop this thing of yours on this blog.Useless bemba kaponya
Whites-only’ resort Jolly Boys Backpackers Livingstone
Action must be taken against the controversial “whites-only” Jolly Boys Backpackers in Livingstone.
If The Zambia National Tourist Board and Ministry of Tourism are not taking action on continued racial practices at Jolly Boys Backpackers then our country is going no where in the tourism industry.
There is mistreatment of black guests at the resort and unnecessary accusations. Black guests are not given equal treatment as whites when they visit the resort. Iam not sure if the Human Rights Commission has attempted to investigate the reports, but the owners have used corrupt practices to stop almost every incident reported.
T
“Finance Minister, Situmbeko Musokotwane, says the revenue collected from windfall tax will be used when need arises.”
Yes, we all know when that need will arise, like when MPs and Ministers need extra allawances to facilitate carrying out their duties more effectivley and without hindarence for the sake of the zambian pipo and the effective development of Zambia, so thatea citizens can live well and be thankeefull to the ministers for doing a good job and aloso see thatee RB cares for theya safety and happyness .
GRZ spokesman.
Today is Saturday I am sure my dear friend Anonymous is busy strumming a dry guitar and singing PF redemption song
“Lekeni Sata ateke,chintichintu umwene” with with an upturned hut on the floor begging for some pennies. This is at victoria station in the subway.
Proposed Minimum Salaries for various Categories in Government:
Ministers – K 20 million or US $ 5,500 per month
Deputy Ministers/PSs/ Chief Executives in Statutory Bodies – K 17 million or US $ 4,500 per month
Directors, Senior Doctors, Phd Senior Lecturers – K 15 million or US $ 3,500 per month
Middle management supervisory staff K 10 – K 12 million.
Policeman/ teacher with degree and minimum 4 years experience K 8 – K 10 million per month.
This is just an average and if you MMMD cadres are reading this blog, do ,your homework if you are to survive in 2011 elections. This is what PF was making noise about. Impact is that motivation will be up, corruption will atleast decline
Stumbenomics=vodoo economics. For your own info, that money will all be blown on Chritmass and Newyear eve. We know these things!!
Wow. Do some of you guys listen to yourselves. Stumbenomics=vodoo economics..Wow, thats very mature. I see why we go so far..
Lets see more constructive criticism put forth. Stuff thats actually feasible.
where are the going to keep that windfall?lets hope it will not grow long legs after afew months.Is this the money they want pay themselves?