CABINET APPROVES KEY BUDGET PRINCIPLES
…. that will guide the formulation of the 2024 – 2026 Medium Term Budget Plan and the 2024 National Budget
Lusaka… Friday June 16, 2023
Cabinet has approved the key budget principles that will guide the formulation of the 2024 – 2026 Medium Term Budget Plan and the 2024 National Budget as set out in the Budget Policy Concept Paper.
Acting Minister of Information and Media Hon Makozo Chikote in a statement issued to the media says as outlined in the Concept Paper, looking at the Macroeconomic, Fiscal and Financing Objectives for the period 2024-2026, government intends, among other measures, to increase Gross Domestic Product (GDP) and also sustain inflation to single digits.
Hon Chikote says in the case of Domestic Revenue Mobilisation and Financing Strategy, Cabinet agreed to enhance domestic resource mobilisation and that priority will be placed on enhancing compliance as well as accelerating the implementation of the Electronic Invoicing System.
“In order to ease the debt service burden, it is in the interest of Government that going forward, consideration will be on concessional financing while at the same time, accelerate the dismantling of domestic arrears to unlock liquidity in the economy. In terms of Expenditure Policy, Government intends to ensure fiscal consolidation and to direct resources to areas that will facilitate growth of the economy while protecting social spending. During the period, Government will place emphasis on the implementation of the Decentralisation Policy which was recently launched by His Excellency the President, Mr. Hakainde Hichilema as doing so, will enhance socio – economic development among the citizens especially at the Constituency and District levels,” he said.
The Medium-Term Budget Plan 2024 – 2026 is the blue-print on how Government resources shall be allocated during this period and it is a reflection of the New Dawn Government’s aspirations and policy direction, to bring about sustained economic growth and prosperity for the nation.
“African Continental Free Trade Area (AfCFTA) Youth Symposium: Cabinet approved the hosting of the African Continental Free Trade Area (AfCFTA) Youth Symposium from 19th to 21st July, 2023 in Lusaka. The AfCFTA Youth Symposium will draw participants from all the 53 Member States of AfCFTA. This will provide a platform for Zambian youths to create networks and gather information on trade-related opportunities under the AfCFTA,” he added.
“Africa Music, Art and Cultural Exhibition: Cabinet approved the hosting of the Africa Music, Art and Cultural Exhibition to be held in Lusaka from 20th to 23rd June, 2023, in order to promote Zambia’s cultural and creative industries and at the same time, market Zambia’s art, culture and heritage both nationally and internationally. The event will bring together African youth and students, youth-led organisations, chambers of commerce of different countries, key movie industry actors, content creators, music artists, local and international universities, development partners and technology companies. This will promote and give young people a platform to advertise and showcase their innovations, inventions and businesses to an audience in pursuit of investors and partnerships.”
Hon Chikote also disclosed that Cabinet approved the hosting of the 76th Executive Committee Session of AARDO in Lusaka from 19th to 23rd June, 2023.
“The AARDO programmes focus on youth empowerment and entrepreneurship, poverty alleviation, women empowerment, decentralisation and sustainable agriculture. Zambia is the coordinator for Southern Africa Regional Office of the AARDO,” he indicated.
“Appointment of Boards:…Public Service Pensions Fund Board of Directors: Cabinet approved the appointment of a nine (9) Member Public Service Pension Fund (PSPF) Board of Directors. The PSPF is a creation of an Act of Parliament under Cap 260 of the laws of Zambia, Act No. 35 of 1996. The appointment of the Board of Directors will, therefore, ensure proper financial and administrative management of the Pension Fund in accordance with the requirements of the law.”
The Minister said Cabinet, in winding up deliberations for the day, also approved a nine (9) Member Livestock Development Trust Board which is a Statutory Institute under the Ministry of Fisheries and Livestock, established under the Land Perpetual Succession Act Cap. 186 of the laws of Zambia.