Minister of Finance and National Planning Dr. Situmbeko Musokotwane is delighted to see Parliament approve the 2022 National Budget.
Parliament on Thursday approved the 2022 National Budget and accompanying legislation.
The approved K173.0 billion 2022 National Budget is equivalent to 37.1% of Zambia’s Gross Domestic Product (GDP), surpassing the 2021 budget which equaled 32.6% of GDP forecast for the ending year.
The Ministry of Finance believes the approval of the Budget marks a crucial step towards the transformation of Zambia’s economy by bringing resources closer to people, creating jobs, eliminating inefficiencies, stimulating growth, and attracting investment.
The Budget was presented to Parliament on 29th October 2021 by Dr. Musokotwane.
The Minister of Finance has reiterated that the 2022 National Budget is an investment into Zambia’s future.
Dr. Musokoktwane said the budget is an ambitious yet realistic, supporting the New Dawn Government’s path towards Zambia’s economic transformation
“This Budget is an investment in our country’s future. It is ambitious yet realistic, supporting the New Dawn Government’s path towards Zambia’s economic transformation,” he said in a statement released by the Ministry of Finance on Friday.
“With this budget and all accompanying legislative changes, we will accelerate Zambia’s economic development, enhance job creation, promote local industries, and maximise opportunities for business and our youth,” Dr. Musokotwane said.
“This is a budget that ensures every Zambian can benefit from the rich endowment of our country,” the Liuwa Member of Parliament said.
According to the Ministry of Finance, policies that support Zambia’s human development are a central part of the 2022 National Budget and the Government can now take steps to invest in education, health, and social protection.
The Ministry has argued that as part of the new Budget, the Government has undertaken to eliminate inefficiencies, fight corruption, target resources into areas with significant growth potential and create incentives for businesses to invest into promising industries.
The key macroeconomic objectives that the 2022 National Budget seeks to achieve include attaining GDP of at least 3.5 percent, reducing inflation to single digit by end-2022 and to target band of 6-8% over the mid-term.
The Ministry of Finance is further seeking to maintain international reserves of at least 3 months of import cover, increase domestic revenue to not less than 21.0 percent of GDP, reduce the fiscal deficit to not more than 6.7 percent of GDP; and limit domestic borrowing to no more than 5.2 percent of GDP.