In a special two-day session held on 19th and 20th September 2024, President Hakainde Hichilema convened the 17th Cabinet Meeting of the year at State House to deliberate on critical issues, including the Draft 2025 National Budget. The meeting resulted in key decisions aimed at bolstering economic growth, addressing local copper market challenges, and intensifying the fight against corruption.This is according to a press release issued by Hon. Cornelius Mweetwa, MP,Minister of Information and Media and Chief Government Spokesperson
1. Approval of the 2025 National Budget
One of the major outcomes of the meeting was the approval of the 2025 National Budget. The Cabinet endorsed the Estimates of Revenue and Expenditure for the upcoming year, aligning them with Zambia’s medium-term strategic goals as outlined in the 2025-2027 Medium Term Budget Plan. The budget incorporates input from various stakeholders across different sectors of society and considers the country’s current economic challenges, including drought conditions and the resumption of external debt payments.
The 2025 Budget aims to stimulate economic growth through key revenue and expenditure measures. The Minister of Finance and National Planning is expected to present the finalized budget to the National Assembly on Friday, 27th September 2024, in line with Article 202 (1) of the Zambian Constitution.
2. Suspension of Customs Duty on Copper Cathodes
In an effort to support local copper processors, the Cabinet approved the Customs Duty and Excise (Suspension) (Duty) (Copper Cathodes) Regulations, 2024. This decision suspends customs duties and surtax on copper cathode imports, enabling local processors to purchase copper at prices lower than the London Metal Exchange (LME) rate, which is typically inflated by additional costs like inland transportation and security charges. The move is expected to enhance competitiveness for local copper processors and contribute to the broader economic growth agenda.
3. Amendments to the Anti-Corruption Act
In a major step toward strengthening Zambia’s anti-corruption framework, the Cabinet approved, in principle, amendments to the Anti-Corruption Act No. 3 of 2012. The proposed changes will align the Act with the National Policy on Anti-Corruption and the Zambian Constitution, enhancing the operational capacity of the Anti-Corruption Commission (ACC).
The amendments aim to address several shortcomings in the current law by introducing stricter penalties, improving prevention measures, and enhancing investigative and enforcement mechanisms. The goal is to bolster transparency and accountability across both public and private sectors, contributing to effective public finance management—a critical pillar of the government’s economic transformation agenda.
The amendments will be tabled in Parliament as part of a broader initiative to promote good corporate governance and ensure that Zambia’s institutions are better equipped to tackle corruption.
The ACC certainly needs strengthening. But that strengthening cannot be achieved under the current arrangement of reporting to the president. Instead, an independent board should superintend over it.
Curtains on walls, but there is no windows. Mu Zambia.
Key Policy measures…HH will go down as the worst President ever….and he is destroying Zambia and everyone is watching….WE NEED A SERIOUS REVOLUTION IN ZAMBIA BEFORE THINGS GET OUT OF HAND
Those are strong words
People within his party must ask him to step down as they will speak on our behalf
With the crisis we in that budget will be way out
Too much power in one man’s hand is dangerous. Give an African power & he thinks he is a god. upnd has been given a rope (power) to hang themselves with & they have done a great job at that!!!!
Only a lazy person will keep on complaining everyday because they do not know that the money is hiding in problems that society have, example electricity or loadshedding , these are clear businesses opportunities . If you solve one then you make money, by the way people did you know that any existing company in world was formed to solve a particular problem , if there is no problem to solve then we will be all poor because you cannot make any money at all
Has budget approval made any difference to
The lives of Zambians? How much extra has
Been allocated to Energy sector?
We just love mulomo in Zambia…all grocery shops in Lusaka are owned by foreigners. these small businesses make a huge difference to the growth of the economy. We have rented out these shops and we are just consumers. Manufacturing is owned by foreigners, retail foreigners consumer zambians. the we expect things to improve. lets run these shops in our neighborhood and see change. Even if we put Jesus as president of this country but as long as we dont participate in these small businesses nothing is going to improve. Lets stop mulomo we have a very good environment to do business in this country.
@ Muntu
Very good points and exactly that is where we are missing it, I salute you.
Has the budget 2025 been presented to Parliament?….thought we were still dealing with a vote of thanks of his speech at opening of this session of Parliament?
How many people has nakachinda or emmanuel mwamba employed? They’re just waiting to be paid by lungu.what a shame
Poor Budget Options that is optimistic will lead to elevated levels of debt and little impact on manufacturing and other sectors
Project all rates and prices and see the impact on unemployment and economic activities
CDF increase without individual councils increaseing own revenues will simply be increasing the primary deficits
See the impact of budget over the 10period and see Debt levels inflation and cost of living or personal consumption expenditures still remain elevated over the budget planning periods