Financial Experts have observed that Zambia’s budget performance for the first quarter of 2020 was better than anticipated given the projected negative impact of COVID-19 on both revenue collection and expenditure requirements.
The Public Financial Management Consult says revenues, grants, and domestic financing totaled K18.1 billion and was above target by less than a percentage, with the majority of the tax instruments being above target except for Value Added Tax.
PFM-G Consult Senior Economist Bright Chizonde says on the expenditure size, the government spent a total of K17.4 billion, with non-discretionary
expenditure accounting for more than 90 percent.
Mr. Chizonde said there is however need for government to improve its fiscal discipline since the second quarter is projected to be more challenging.
He has noted that with the coming of the COVID-19, it is expected that the government’s fiscal position will worsen.
Mr. Chizonde said this notwithstanding, the negative impact on revenue during the first quarter of 2020 was minimized because a greater portion of the economy was still operational.
He said Government only experienced a decline in Value Added Tax while other tax instruments remained resilient.
On the expenditure side, Mr. Chizonde said debt servicing and resource requirements to combat COVID-19 were yet to increase adding that it must also be noted that the depreciation of the Kwacha, was only pronounced towards the end of the first quarter.
He said the Government should, therefore, take urgent steps to safeguard the fiscus in the second quarter since revenues are expected to reduce further while the exchange rate risk remains escalated.
Mr. Chizonde said in order to create fiscal space for combating COVID-19, the government should urgently put some construction projects on hold, further improve its operations and seek further external assistance.
It Is Increasingly Becoming Risk For Us To Sell Edgar Lungu As Our Candidate, Reveals Kampyongo.Defense minister Davies Chama with his Home Affairs counterpart Stephen Kampyongo during a joint press briefing in Lusaka.Home Affairs Minister Stephen Kampyongo on Friday evening was heard telling a few of his cabinet colleagues that it was increasingly becoming difficult for the PF to sell President Edgar Lungu as the candidate for 2021.
Kampyongo was on Friday evening having some beers with Justice Minister Given Lubinda, Livestock Minister Kampamba Mulenga, Higher Education Minister Nkandu Luo, Health Minister Chitalu Chilufya and three other unidentified officials at Roan and Sable in Kabulonga area.
Unknown to the group, there was someone among them who was sent by Lungu’s Special…
BMW Bally Must Win
ZNBC= Zambia Needs Bally Chapwafye
BOZ= Bally Of Zambia
BENZ= Bally Ena Ni Zii
BBC= Ba Bally Chapwafye
BALL= Bally Alikwata Leadership Lyonse.
TBN= Team Bally Nationwide.
CBC= Call Bally Chapwa
ZABS= Zambia Accepts Bally System.
CAB= Chapwa Asova Bally
BBQ= Bringing Bally Qualities.
BBA/BAC= Bally Brings Accountability/ Bally Allows Continuity
BCE= Bally Changes Economy
BC= Bally Chapwafye .
BMW= Bally Muntu Wesu
TB= Team Bally
ABSA= Ala Bally Supplies All
FNB= Fyonse Ni Bally
Lungu’s Running Mate Must Be Bemba, Not Inonge Wina, Says Paul Moonga
LUNGU’S RUNNING MATE MUST BE BEMBA, NOT INONGE WINA, SAYS PF LUSAKA PROVINCE CHAIRPERSON PAUL MONGA
President Edgar Lungu’s running mate in the 2021 general elections must come from Northern, Muchinga or Luapula provinces, says ruling PF Lusaka Province chairperson Paul Moonga.
And Moonga said all the stupid candidates and charlatans with a bit of money in PF must hold their fire, for thinking they can use that to challenge President Lungu for the party presidency at the general conference.
Moonga also said he is at pains seeing how his Tonga tribesmen behave in a tribal manner when looking at issues.
Speaking with Daily Revelation, Moonga said if he were in charge of PF, he would pick President Lungu for the party…
PAUL MOONGA IS ANOTHER *****. WHAT’S YOUR TAKE KZ CZ U ARE THE ONE DEFENDING EVERYTHING. WHAT IS THE STANCE OF DISPLINING THIS OLD RUG,STINKING FOOL WHOSE FULL OF HATE AND TRIBAL? PF,HONESTLY DOESN’T NEED TO BE KEEPING SUCH LOW CALIBER CHAPS.
ZAMBIANS WILL NOT ALLOW PF TO BUILD TOILETS ON THEIR HEADS
KAIZAR Zulu, and Edgar Lungu, *balila abena Zambia amasuku pa mitwe pafula,* (they have taken advantage of Zambians far too long) but, *teti bakule ifimbusu pamitwe yesu, pantu nabekuta amasuku* (they cannot built toilets on our heads because they a full).
What a pipe dream for Kaizar to think that ‘Patriotic Front will rule this country forever.’ Strictly speaking, the PF would need to kill all Zambians to win the presidential and general elections next year. Kaizar and Lungu should know this!
Just at whose command is the Zambia Army, Zambia Police and Electoral Commission of Zambia going to listen to Kaizar so that they work to favour PF in the 2021 elections? Lungu is already defeated!
Even if Kaizar is running this country…
Working GRZ!!!
Must be because of the decision not to impose a strict lockdown. That would have done serious collateral damage to the economy. At first I also thought lockdown was the best move but now I know better.
I think we have a problem with LT editors, the heading sounded as if it came from Finance Minister. I don’t want to hear it coming from PF backed consultant with questionable tracing. Who doesn’t know that our economy is worst performing one and i don’t expect the budget to be within the limits. Some of the expenditures are hidden and can only be taken serious if it comes Accountant General. Meanwhile Bally will fix the budget. PF must go!
Good performance but let’s not put money above people’s lives in these tough Covid 19 times.
YANGU TATA!!!