Finance and National Planning Minister, Dr. Situmbeko Musokotwane, has revealed that the Zambian government is set to introduce a series of incentives in the 2024 national budget aimed at stimulating economic growth and increasing revenue generation.
Speaking at the National Symposium on the Proposed 2024 National Budget in Lusaka, Dr. Musokotwane emphasized the importance of these incentives across various sectors, noting that they play a crucial role in bolstering the nation’s economy while contributing to the Treasury’s financial resources.
Furthermore, Dr. Musokotwane highlighted the need for agricultural farm blocks in the country to embrace technology as a means to enhance productivity and promote increased exports of agricultural products. This move is in line with the government’s broader strategy to develop and modernize the agricultural sector.
The Finance Minister also underscored the government’s commitment to budget credibility, emphasizing that they have diligently adhered to spending limits approved by Parliament, ensuring fiscal responsibility and transparency in financial management.
Dr. Musokotwane stressed the importance of focusing on sectors where Zambia has a comparative advantage, such as agriculture and mining, to drive economic growth and sustainable development.
In addition to Dr. Musokotwane’s remarks, Bank of Zambia Deputy Governor Francis Chipimo outlined the central bank’s objectives for the coming year. He expressed the Bank’s commitment to reducing inflation from the current double-digit rate of over 12 percent to a target range of 6-8 percent. The Bank of Zambia will also maintain a flexible exchange rate regime to support the implementation of the 2024 national budget.
Dr. Chipimo further revealed plans to introduce a Credit Guarantee Scheme, designed to facilitate SMEs’ access to finance at affordable rates, a move aimed at promoting economic inclusivity and entrepreneurship.
Zambia Revenue Authority (ZRA) Commissioner General, Dingani Banda, disclosed the authority’s revenue collection goals. He stated that ZRA expects to collect 125 billion kwacha, a significant increase from the current projection of 103 billion kwacha. Value Added Tax (VAT) is expected to account for a larger portion of this revenue. Banda emphasized that ZRA’s focus has shifted towards collecting more revenue from consumption taxes rather than Pay-As-You-Earn (PAYE) taxes, as had been the traditional norm.
Secretary to the Treasury, Felix Nkulukusa, highlighted the 2024 national budget’s focus on addressing the rising poverty levels in the country while concurrently promoting increased investment. Mr. Nkulukusa emphasized that the government is committed to pursuing long-term economic growth rather than quick-fix solutions.
At the same event, the U.S. Agency for International Development (USAID) in Zambia expressed the importance of increased investments in critical sectors such as education and health for Zambia’s sustained growth. Peter Wiebler, the USAID Zambia Head of Mission, reiterated the United States’ commitment to partnering with Zambia in implementing the 2024 budget to advance the nation’s development goals.
Dr. Musokotwane had previously presented the proposed 2024 national budget, which outlines a planned expenditure of 177.9 billion kwacha. The budget reflects the government’s comprehensive strategy to promote economic growth, reduce poverty, and enhance fiscal responsibility.
Situmbeko makes vague statements, apart from being contradictory. Just a few days ago he instructed ZRA to be ruthless. This means that SMEs and workers won’t have any breathing space as foreign companies continue to enjoy tax holidays. And when he asks farm blocks to embrace technology, what does he mean? Farm blocks don’t exist. So he’s asking small scale farmers whom he hasn’t given FISP to embrace Syngenta and Monsanto’s genetic engineered production processes that would in turn cause them to lose the vast regional market. He’s a brainless idioot!
Just accept you have failed. The man you called chakolwa and teased about not having a vision, did a far much better job at managing the economy than that one who hallucinate with graphs
Your ECL sat in the Office with no oratory skills or vision
In fact he was a puppet on a string
And yet he managed to ensure affordable mealie meal prices whilst embarking on a historical infrastructure development initiative. What has hh achieved apart from flying around Kiki
This is an illegal budget and I hope MPs will take government to task. The Auditor General by constitution is supposed to clear government over the last expenditure before the new budget proposals can be announced.
PF were crude thieves
Upnd are white collar thieves.
For as long as you are letting white people mine in this country for free, whatever you are talking about is rubbish. HH is a puppet for white people and Zambians are being exploited for the government that can not get hold of its resources.
@Ayatollah, you are the brainless idioot.
There you go again, writing on matters that is too complex and sophisticated for you to understand.
I fully comprehended and understood what he was saying and it made sense.
Don’t forget, the budget is open for debate and every input is important before is is approved by government. It is true some pronouncements the minister makes leave much to be desired. They lack clarity; they are controversial; and they are incongruently conflicting.
I feel very sorry for Situmbeko because this time around, he’ll go to prison when he’s old and tired. Last time he survived the bicycle scandal and the Varun tax holidays. He’s not fit to hold that position. HH must drop him the earliest the better
@KCI, please tell me a Zambian or a black person who has the money to invest in minining in Zambia.
Do you know how much I have or let alone any other zambian?
Taxing mobile money, MM, transactions will only make it expensive to access money. MM carriers will transfer costs same way banks do, to us who are already overburdened by taxes. It is a stranglehold on Zambians. Most farmers and Social Cash Transfer players frequently use MM. Last year, Hon. Musokotwane treated mines with kids gloves by offering tax holidays for 10 years, with eyes set on the over ambitious 3 million tonnes of copper output per year. Was the objective achieved? Nay. But farmers must be taxed in stead! Aren’t farmers producers and economy drivers? Don’t they need seasonal exempts on fuel duty and VAT and farm inputs? Maybe not. It sounds to me like Paya Farmer mentality.
Incentives to foreigners
1) Has the economy improved. No; 2) Are those vehicles withdrawn from ministers early this year sold to feed the poor? No; 3) Is Power loadshedding over? No; 4) Is that presidential jet sold off to give back to the poor? No; 5) Has the debt realignment championed by the IMF loan been signed and sealed? No; 6) Is the Kwacha still depreciating? Yes; 7) Have interest rate and inflation in single digits? No; 8) Is the Lobito pipeline operational. No; 9) Do we have strategic fuel reserves to cushion impact on sharp petroleum price changes? No, it is GLOBAL; 10) Is the cost of living better now? No, even in Zimbabwe they are struggling. GLOBAL.
We don’t need Kawana or Chushi to explain any government programmes because we have own cognitive power.