Finance Minister Dr. Bwalya Ng’andu has revised Zambia’s economic growth for 2020 to 2 percent.
He announced during a news briefing that because of Covid19, growth is now projected to be lower at around 2 percent despite the anticipated significant recovery in the agricultural sector.
He stated that the tourism, mining, manufacturing, construction as well as wholesale and retail trade sectors are projected to slow down on account of the pandemic.
Finance Minister Dr. Bwalya Ng’andu said in order to provide relief to Businesses, the government has announced it will suspend excise duty on imported ethanol for use in alcohol-based sanitizers and other medicine-related activities subject to guidelines to be issued by the Zambia Revenue Authority.
Finance Minister Dr Bwalya Ng’andu said in order to provide relief to Businesses in the wake of the COVID-19 outbreak in Zambia, the government will also remove provisions of SI 90 relating to claim of VAT on imported spare parts, lubricants, and stationery to ease pressure on companies.
Addressing a media briefing in Lusaka today, Dr Ng’andu said Government will further suspend import duties on the importation of concentrates in the mining sector to ease pressure on the sector and also suspend export duty on precious metals and crocodile skin.
The Minister has projected a slowdown in the country’s economic growth and reductions in revenue collection due to the outbreak of the dreaded COVID-19 pandemic although inflation will remain between 6 and 8 percent.
And the Finance Minister said the lockdown in South Africa will largely affect imports as that country is a major trading partner of Zambia.
Meanwhile, Dr. Ng’andu said the Zambian Government is in the process of making applications to multilateral partner organizations for COVID-19 support.
He said the International Monetary Fund is making available a total of 50 billion US dollars to affected countries via rapid disbursing emergency facilities while the World Bank Group has approved support of up to 14 billion US dollars under a fast track COVID-19 Facility.
Dr. Ng’andu added that the Zambian Government will release K2.5 billion to reduce domestic arrears owed to domestic suppliers of goods and services, reduce outstanding arrears to pensioners under Public Service Pension Fund and retirees under Ministry of Justice and reduce outstanding third-party arrears and other employee related commitments.
Dr. Ng’andu said in addition, K140 million will be released to pay local contractors in the road sector.
Lusaka Times, This is unprecedented, LT has resolved to shut out commentaries on national matters. The most reasonable step is to cease your bublications unless under guidance of the PF regime.
Why is it only Ministry of Finance talking, what about National Planning? Isn’t this why Kateka did the split? Economoc projections should go as far as next year December.
Also govt should pay those of us who supplied them various services and goods so as to help us plan better as SMEs.
Thanks ba minister for informing us after carrying out informed research. A lot of upnd sadists were criticising you for not doing anything. They are so ignorant that they don’t understand the importance of quality information over fast quantity rhetoric like their economics text book president hh.
Is that mask similar to what HH wore when he received a backlash from PF Kardashians? Bwana minister, in all fairness, the country’s economic growth will be zero or negative. The other day you failed to project the impact of COVIC-19 on the economy, how come today you are here lieing about GDP?
The minister was giving a speech to very important people including a myriad of journalists. Therefore it is vital that he prevents the possible spread to those people and also protects himself.HH was just giving a speech in his backyard to himself and his son was probably taking the video. So what risk is there?
#1 MunaDekhane what are you on about?
So everyone is now wearing masks in Zambia? Covid-19 is not an airborne disease mwe bantu! Why not be innovative and start constructing transparent booths to shield public speakers from coughing or sneezing instead? We might just begin to see a rise in suffocations compared to viral infections. Otherwise, it is good to see government doing it’s part to alleviate the stress of businesses. However, it is not only tourism, trade or industries that need relief, don’t forget the farmers! You only remember them when it’s harvest time.
Thoughts and prayers for boris Johnson who has tested positive for Corona virus. His excellency will soon send out a communique to his counter part. Bane let us learn to social distance. This virus does not discriminate. Kz. At OP headquarters
It was already bad before the coronavirus pandemic. It’s just going to get worse now. Lots of sound advice was dolled out whn the PF govt was spending like there was no tomorrow. It was all spurned and chaps such as Miles Sampa as deputy finance minister even celebrated being a bond debtor. They fired Felix Nkulukusa from his job. Where are we now?
Politicians are looking like idyots in masks. They all want to follow HH.
Finance minister Bwalya is misleading Zambians bcoz the original forecast was just 2% even without Covid-19 pandemic effects.Tis a convenient way of hiding the grim truth.
Bwalya Ngándu is the only untainted Minister the rest are something else. If we inspect their homes we’ll find cartons of donated hand sanitizers as if they don’t get huge allowances and other perks.That’s how mediocre they are. Govt tenders are now the preserve of cadres and those chaps shouting ECL2021. PF aligned MPs have already collected CVs for teachers, since when did MPs become HR officers? PF is a disaster. I sympathize with Bwalya Ngándu, he’s trying under very difficult circumstances, he’s working with vampires
Time to think outside the box and speed up the “fwaka yachingoni” project. It’s it’s obvious we will need a truckload of money to repair damage of corona virus. Tym to legalize the weed, besides they will be lots of pipo with mental issues from stress.
So we have a Finance Minister who doesnt know that Coronavirus is not airbone….he looks like an ***** addressing journalist wearing a mask….which school did this Minister go to
No wonder the Zambian Economy is dead….Finance Minister is very dull…ask him why wearing a mask….
Construction is not only about roads.
Gorvernment ministries owe other contractors who have done building works for its various construction projects including defence _ MoD.
So it is not right to apportion money 140million for local ROAD contractors only . Why only road contractors and not other contractors?
Can this be looked into.
Nine Chale, WHO announced last week that the coronavirus IS airborne.
So someone whispered to the BOZ governor that he should not have said the effect on the economy is not known! This is scary. Really, 2%? Wishful thinking
Bwana Minister, the economy will contract this year! The best case scenario is no growth (0%)! You told us long before covid -19 that growth would be in the region of 2-3% down from your projected 4-5%! We always keep in mind whatever you politicians tell us but even more importantly we read about global economics and listen to what global economic experts tell us about economic projections for specific nations. We don’t depend on ZNBC for valuable information such as this boss
Now they will have an excuse to blame everything on covid-19.
So all those Chinese, Italians, etc we are shown moving around in masks are idyots according to some self acclaimed sages on this fora. Does it mean there’s no doctor or indeed any science person to advise the politicians on the need or not there of covering up? Am no science person but even basic school knowledge tells me viruses are too small enough to have versatility of thriving in a myriad of environments. I really don’t see how a virus cannot ride on a molecule of water vapour or particle of sand in air. May be prof Luo can help
Looking like sheer id.iots behind those st.upid masks. Awe shuwa mwe!
Reduce PAY on private and public sector workers to enable Zambians be prepared with protective stock, household food security and other essentials in case of a lockdowns. The aforementioned measure have no direct effect on people. America will be paying out cash hand outs to individuals, but you are still workers high taxing. this is when our taxes should be beneficial
shaka March 28, 2020 At 6:17 pm
Reduce PAY on private and public sector workers to enable Zambians be prepared with protective stock, household food security and other essentials in case of lockdowns. The aforementioned measures have no direct effect on people. America will be paying out cash hand outs to individuals, but you are still high taxing the workers. this is when our taxes should be beneficial.
Guys your need to research more on corona virus. its actual both airborne and waterborne.
This is a positive move and well done. However, your will need also to think of reducing pay as you earn or direct tax on income from 37.5% to around 20% for the rest of the year in order to give direct stimulus package to employees looking at the fact that there is no money to be given directly to family from the government. This will increase money in circulation considering the slow economic activities in the during this turbulent times. Key acting timely as that is the role of government to address economic or systems failure like it is the case now. KZ, it is difficult to understand why you think providing alternative thinking it is equivalent to opposition. Anyways you are free to think as you wish.