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Tuesday, June 2, 2020

Finance Minister Bwalya Ng’andu unveiles a K106.0 billion 2020 budget

Headlines Finance Minister Bwalya Ng’andu unveiles a K106.0 billion 2020 budget

Finance Minister Dr Bwalya Kanyanta Emmanuel Ng'andu, MP, will present the 2020 National Budget Address to Parliament starting @ 14:00 Hrs this afternoon.
Finance Minister Dr Bwalya Kanyanta Emmanuel Ng’andu, MP

Finance Minister Bwalya Ng’andu has unveiled a K106.0 billion 2020, national budget representing32.4 percent of GDP an increase from this year’s K86.6 Billion Financial plan.

Of this amount, K72.0 billion, representing 22.0 percent of GDP will come from domestic revenues, while the balance will be raised through domestic and external financing.

Unveiling the budget in Parliament this afternoon, Dr Ng’andu said as a key strategy to stimulate economic activity, he has increased the allocation towards dismantling of arrears to K2.3 billion in 2020 from K437 million in 2019.

Further, Dr Ng’andu said Government will reduce borrowing from the domestic market to 1.1 percent of GDP from 1.4 percent of GDP in 2019.

He said Fiscal deficit is projected to reduce to 5.5 percent of GDP in 2020 from 6.5 percent in 2019, a clear demonstration of Government’s resolve to restore fiscal health and stabilize the economy.

Dr Ng’andu has proposed to spend K44.1 billion for General Public Services with notable expenditures under this category being K33.7 billion for debt obligations and K2.3 billion for dismantling of arrears to unlock the much needed liquidity in the market.

He said to empower our local authorities; he has allocated K1.2 billion for the Local Government Equalization Fund with K249.6 million allocated for the Constituency Development Fund for the implementation of projects identified by local communities to address their immediate development needs.

Dr. Ng’andu has further allocated K636.0 million towards redemption of the Eurobond, K135.0 million towards voter registration and other election related expenditures and K100.6 million for any unforeseen and unavoidable expenditures while K100.0 million has been allocated to the compensation Fund.

On Economic Affairs, the Minister has proposed propose to spend K21.8 billion under Economic Affairs function of which K10.6 billion is for road infrastructure, K1.1 billion for the Farmer Input Support Programme and K660.0 million towards the purchase of strategic food reserves.

To enhance livestock and fisheries production and productivity, the Minister has proposed to spend K225.6 million which will facilitate enhanced animal and fisheries breeding and stock improvement, disease control measures, as well as research and development among others.

He said to support the adoption of climate smart agricultural technologies; K97.9 million has been allocated for extension services for crop, livestock and fish production.

Dr Ng’andu has allocated K1.1 billion for investment in energy power infrastructure to diversify and boost the electricity generation capacity and to increase access to electricity in rural areas, he has allocated K166.3 million to the Rural Electrification Fund.

In the education sector he has proposed to spend total of K13.1 billion in 2020 increase access and improve the quality of education and skills training at all levels out of which K7.0 billion has been allocated to primary education and K2.2 billion to secondary education while for university education, he proposed to spend K2.0 billion out of which K557.0 million is for student loans.

The Finance Minister has also allocated a total of K9.4 billion to the health function representing an increase of 16 percent from the 2019 allocation.

He said of this amount, he has propose to spend K5.0 billion for primary health service delivery which includes health promotion, disease prevention and treatment, K2.9 billion has been allocated for hospital services such as curative, rehabilitative and palliative care services.

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  1. I will only comment when I read the whole budget speech. I am not a party cadre who comments on anything based on the party of who has said it come from. Napita mukwaii.

    • Just go for Chibuku, no one will read that PF budget.
      Last budget I scrolled through was of Mutati, the rest I just delete them.

    • @Chichi, you are better off not reading the budget. It useless, hopeless and depressing. It should have been dubbed the Dununa reverse budget. God save us from these clueless PF

    • Stop using metaphors. Ati
      “while the balance will be raised through domestic and external financing”
      The truth ba Bwalya is “for the balance we will organise national prayers and hope manna can fall from heaven. We will also send emissaries with begging bowls to Europe”

    • Sounds good I’m happy with his allocation to education, we need our young generation to be more educated, we need them to develop skills that will allow them to become more productive and contribute more to the development of the country. Also ba mudala ba Bwalya please remove any allocation to the buying of luxury SUVs of which we are just killing ourselves and which promote a culture of vanity and pomposity amongst all kind of govt officers be they ministers, DCs, PSs, or even MPs both ruling and opposition party.

  2. 106.B, I don’t understand those numbers anymore. 106.B like a radio station.
    There is a huge inflation, because those PF kwachas can’t be put in MMD numbers. The MMD kwacha will be trillions, like impossible number.

  3. Now wait for the part where they tell you that

    “…. of the so and so billion which was expected to be sourced from donner funds, GRZ has had to adjust due to the none committal of donner……..”

  4. Stop using metaphors. Ati
    “while the balance will be raised through domestic and external financing”
    The truth ba Bwalya is “for the balance we will organise national prayers (domestic fimofimo) and hope manna can fall from heaven. We will also send emissaries with begging bowls to Europe (niye external financing)

  5. Budget yafipuba nififine… Nga ama bonzo ya Bantu tapali…. Worst govt in the world full of dander 106.3b

  6. If this really is K106 billion, it’s very little for a country’s budget (£6 billion?) Then you will have half of it spent by ministers in travels, allowances, false claims, corrupted and siphoned.

  7. Uganda which has a similar size GDP as Zambia still has a larger budget than Zambia. This tells me Lungu’s GRZ is not effiecient in its tax mobilization.

    • Uganda also has a population of 41m compared to Zambia’s 16m. Making Zambia’s gdp per capita double that of Uganda and more efficient…

  8. This budget I observe is meant to create stability in our economy. You can’t have a massive budget when your economy is under pressure. It’s a very simple but meaningful budget. By the way lets give him some chance to try and repairs the damages he has just been there for few weeks. Too much watching Nigerian films where things are fixed overnight both miraculously and or magically. this is real life bwana.

  9. This is the most useless budget ever.please learn to life within your means. The Man proposes to spend K106.0Billion when he can only raise K72.0Billion in domestic revenues leaving a deficit of K34.0Billion.
    He then decides that he will borrow the K34.0Billion domestically or externally. This deficit translates to US$2.6Billion . This is un sustainable in both medium to long term. A look at the pricing for Government bonds explains this:
    2years – 29.5%
    3years -29.75%
    5 years -32.0%
    7years -25.0%
    10years -28.0%
    15 years -20.0%
    That the minister wants to increase the national debt by another USD2.6Billion , given the high interest rates on domestic debt is shocking. Please live within your means , you are chocking the Nation. Lets have some financial hygiene.

  10. A tough time for Zambians ahead in 2020, R33 billion in debt obligation out of a R72 billion domestic revenue base and a proposed R34 billion additional debt raising is the classical personal finance death trap of “debt paying off debt”. This is completely unsustainable and will result in further poverty growth. If that R33 billion was spent within the country we would have a growing economy.

    A society gets the government they deserve.

  11. Assuming the budget is reasonable, the elephant in the room remains the boss himself, his propensity to think that he knows it all. The boss will soon overturn everything in that budget by word of mouth at his rallies. Look out today, he is travelling to CB, at Ndola airport he will announce projects or expenditures that Hon Dr Ng’andu never imagined in his budget. And yet the boss saw the budget at cabinet level before Ng’andu took it to parliament. Looks like our boss’s biggest strength is spending.

  12. This is not making sence to, equally what mwanakatwe gave never made any sence. tell us first what were the achievements and failures in the last budget by this one who drinks too much lagers, mwana****** if money was enough or not. Dr Ngandu pay retirees at pensions board. councils retirees are now funded.

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