Saturday, April 20, 2024

Zambia managed to raise K23.8 billion against a projection budget of K23.4 billion in the first quarter

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Minister of Finance and National Planning Situmbeko Musokotwane has announced that the country managed to raise total revenues and grants amounting to k23.8 billion against a projection budget of k23.4 billion in the first quarter of the national budget implementation.

Dr Musokotwane says Zambia also recorded tax revenue amounting to k19.1 billion while non-tax revenues and grants amounted to k4.5billion and k195.1 million, respectively, within the same period under review.

Speaking when he officiated at the economic and budget implementation performance review symposium for the first quarter, Dr Musokotwane says income tax collections and insurance premium levy were above target, while value-added tax (vat), custom and excuse duties and export duties were below target.

He disclosed that non-tax revenue collections and grants were below target by 13.6 per cent and 57.2 per cent, respectively.

Dr Musokotwane said that total expenditures during the period under review amounted to k33.5 billion against a target of k33.2 billion and that the total financing was k10.1 billion relative to the target of k9.8 billion.

Dr. Musokotwane further revealed that about k5.3 billion was borrowed from the domestic market through the issuance of government securities, k4.1 billion was drawn from the special drawing rights allocation and k730.1 million was a carryover from 2021.

Speaking at the same event, minister of Energy Peter Kapala assured that the new dawn government will ensure that all players in the petroleum world market are happy to play their role in sustainable supplies of fuel to the economy and to the Zambian citizens at manageable prices in view of geopolitical tension in Europe that is having spiral effects on the global economy.

And Bankers Association of Zambia chairperson Mizinga Melu urged the government to prioritize the integrated payment system especially as the country is moving toward a cashless society using digital means, and Jesuit Centre for Theological Reflection (JCTR) Executive Director Alex Muyebe commended Government for the progress made in addressing the country’s debt situation, while Zambia Chambers of Commerce and Industry president Chabuka Kawsha said the various progressive implementations will boost investor confidence in the country

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