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Alba Iulia
Saturday, October 31, 2020

PMRC praises Government for Measures to Cushion the Impact of the COVID-19 pandemic on the Economy

Columns PMRC praises Government for Measures to Cushion the Impact of the...

The Policy Monitoring and Research Centre (PMRC) has praised the government for putting up several measures to cushion the impact of the COVID-19 pandemic on the economy.

PMRC Executive Director Bernadette Zulu has observed that it is estimated that in the current fiscal year, the pandemic will have a sustained adverse impact on the economy, leading to a downward drift in projected growth from 3 percent to -4.2 %.

Mrs. Zulu noted that the unplanned adjustments due to COVID-19 have severely impacted the country’s fiscal health with the budget performance for the period January to June 2020 registering a total revenue collection and grants amounting to K32.2 billion, 5.1 % below the 34 billion projection.

She explained that regarding expenditure, the Treasury released a total of K46.8 billion which was 7% below the projection for January to June.

On revenue performance, she said income tax collection during the period amounted to K14.3 billion against a target of 13.3 billion while K6.7 billion was collected from Pay As You Earn (PAYE).

Mrs. Zulu added that Value Added Tax (VAT) collection amounted to K6.06 billion against a target of K9.11 billion representing an amount 33.5% below the target.

Customs and Excise Duty collections were less by 15.3 % resulting in K3.53 billion collected against the projection of K4.17 billion.

On expenditure performance during the period under review, personal emoluments accounted for 26.7 % total expenditure which represents an amount of 1.1 % above the projection.

She explained that the treasury released K3.7 billion to finance general government-wide operations representing 7.9% of total expenditure, while K12.5 billion was released to cater for salaries, third-party payments and overseas allowances for staff representing Zambia abroad.

And Mrs. Zulu has further noted that during the period under review, K14.3 billion was released for debt service with external debt service amounting to K6.3 billion with principal repayments amounting to K3.3 billion while domestic debt totaled K8 billion which included K1.9 billion principal repayments on government securities.

She said in the same period releases under the social benefits category amounted to K602 million, where K550 million was released to finance the pension gap fund against an initial projection of K82.5 million.

This is contained in statement issued to ZANIS in Lusaka today by PMCR Executive Director Bernadette Zulu

10 COMMENTS

  1. But the Chosen One has gone through thick and thin..From droughts to army worms, and then again to great floods that threatened to wipe out the agricultural produce in most parts of the country; And to the most feared Corona Virus which threatened to bring the world’s economy to its knees…But in all these hellish conditions, he managed to secure a bumper harvest for Mother Zambia.. Long live the Chosen one..

  2. Hi Bernadette baby. Kale. We thank you for the kind words. We are doing our best to protect our people. We thank you for acknowledging our efforts. We need meet for lunch once I am back from by election strategizing.

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  3. I dont know why you waste space on your page posting the nonsense from this empty tin of a girl…she is no different to those fooools that call themselves YALI.

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  4. Let’s get one thing clear, the economy was in steady decline well before covid came in, and the bank governor who just left his positioned confirmed this. Incompetence being the main reason, not vaboza ati climate change.

  5. @Tarino…… kikikikkki ati she behaves like Tayali. Ba Tayali bena lithole, he even failed to love ka Ethiopian lamb.
    Anyway, Berna is not empty, atleast she has useful full heavy chest.

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  6. Ma Phd researcher yanangu. In an L-Shaped Recovery that we are in how’s what GRZ has done going to improve anything aside from making it worse by doing Double-Dip recession in the next coming years?

  7. I don’t understand who tells African women that they should have European hair to look presentable……..

    The worst inferiority complex in the history of mankind

  8. Africa is spending billions of dollars on skin lightening cream and fake hair. I wonder what our educated ladies learn in school.

Comments are closed.

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