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Alba Iulia
Saturday, October 31, 2020

Government attributes 2020 budget underperformance to COVID-19

Economy Government attributes 2020 budget underperformance to COVID-19

The government says the 2020 National Budget has underperformed largely due to the impact of the COVID-19 pandemic.

Minister of Finance Bwalya Ng’andu said subdued economic activities resulting in revenues and grants projected to close at K65.9 billion below the target of K75 billion.

Presenting the proposed 2021 national budget in parliament today, Dr Ng’andu noted that total expenditure amounted to K72.1 billion below the target of K99 billion due to underperformance of revenues and disbursements on foreign financed projects.

Dr Ng’andu pointed out that imports of goods declined in the first half to US$2.3 billion from US$3.3 billion compared to the same period in 2019.

He attributed the decline in imports to depreciation of the kwacha and supply chain disruptions due to the COVID-19 pandemic.

Dr Ng’andu noted that while copper production increased to 523,000 metric tonnes from 449,000, copper export earnings were lower at US$2.3 billion compared to US$2.7 billion.

The minister stated that exports in the first half of 2020 declined to US$762.4 million from US$929.5 million compared to 2019 in the same period.

Dr Ngandu also said the country’s gross international reserves declined to US$1.38 billion from US$1.45 billion at the end of December 2019.

He noted that the kwacha depreciated to K19.95 against the US dollar as at September 22, 2020 from K14.05 as at end of December 2019.

8 COMMENTS

  1. NO SIR
    IN 1964 THE GDP OF ZAMBIA WAS EQUAL THAT OF SOUTH KOREA
    TODAY SOUTH Korea’s GDP IS OVER 1600 BILLION US DOLLARS WHILE ZAMBIA’S IS AROUND 20 BILLION US DOLLARS.
    WE HAVE BEEN IN DEEP SLUMBER BECAUSE OUR ECONOMIC MODEL HAS BEEN WRONG STARTING FROM KK’s MISGUIDED SOCIALISM TO TODAY’S NAMBY PAMBY CAPITALISM FOR FOREIGN COMPANIES NOT FOR ZAMBIA’S GREATER GOOD.
    WE SHOULD HAVE AN INDABA FOR THE REVAMPING OF THE ECONOMY!!

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  2. NO SIR!!
    IN 1964 THE GDP OF ZAMBIA WAS EQUAL THAT OF SOUTH KOREA
    TODAY SOUTH Korea’s GDP IS OVER 1600 BILLION US DOLLARS WHILE ZAMBIA’S IS AROUND 20 BILLION US DOLLARS.
    WE HAVE BEEN IN DEEP SLUMBER BECAUSE OUR ECONOMIC MODEL HAS BEEN WRONG STARTING FROM KK’s MISGUIDED SOCIALISM TO TODAY’S NAMBY PAMBY CAPITALISM FOR FOREIGN COMPANIES NOT FOR ZAMBIA’S GREATER GOOD.
    WE SHOULD HAVE AN INDABA FOR THE REVAMPING OF THE ECONOMY!!

  3. Why is PF behaving as though Zambia is worst affected Country by Covid 19? Zambia didn’t even experience Total Lockdown. Countries like South Africa are the ones that should have been making the of noise that PF is making. Zambia’s economy was already performing poorly even before Covid 19. Careless borrowing is our challenge.

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  4. Look all nations have been affected by covid. You don’t need to have the highest deaths to be affected. Remember we are a global village and just as an example, in Zambia we rely alot on tourism revenue. The fact that we cannot tap into this revenue means we are losing alot of forex. What is disappointing is the fact that after hh praised our budget he decided to delete his Facebook post and repost a negative one after his supporters questioned his support. This shows that hh is not a strong leader.

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  5. flag Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans

    Always a junkie country with clueless people whose main job is to steal and deplete the treasury of its resources. Of course they were always going to blame COVID-19 when we all know the economy was already in free fall even before the Coronavirus. Ask them if their personal wealth has also fallen… I bet it has tripled this year because COVID-19 was always going to be an opportunity for them.
    A landlocked country full of natural resources reduced to a 4th world junkie… pathetic!

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  6. flag Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans

    Fake wannabe Kaizar Zulu, you are on record bragging about how your sh**hole country was doing much better with COVID-19 and laughing at developed countries whose survival you depend on. Little did you know that the free aid money would be reduced or stopped altogether. You can’thave ot both ways. You need to think and use all the energy you dedicate to masquerading as Kaizar Zulu to think.

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  7. I feel sorry for Covid19 mwe…..the economy had already hit rock bottom before covid stepped in but has now become a scapegoat.

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