Meal allowances for students in public universities to be re-introduced in 2023 – Finance Minister Dr. Situmbeko Musokotwane

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Musokotwane

NOTES FROM THE BUDGET

// feel free to contribute and we will add

1. Partial lockdown is still affecting global economy with estimated global economical growth rate of 3.2%

2. Zambia to grow by 3.6%. Agriculture has affected the growth rate. Weak performance was also noted in construction sector

3. Revenue has exceeded the expectation with the expenditure falling

4. Government has been releasing funds to ministry on a monthly basis as they require
5. Notable expenditures – census, cdf, pensioners

6. Budget deficit for 2022 was projected at just over 6% but was actually around 9%

7. Zambia is one of the shareholders (primary) in the IMF. The country owns part of the IMF ( we are rich guys).

8. IMF is currently supporting Zambia is engaging with creditors to reduce the debt to manageable level

9. Public debt is currently at just over $14bn

10. Debt level has been rising for two reasons. Projects started by the PF which still require funding as they had reached advanced stages. And Electricity power stations

11. Domestic debts – K72bn (about $4bn)

12. Inflation at its lowest for a long time. Currently at just over 9%.

13. Bank lent 13% more in 2022 than 2021

14. Export were $6bn during the first half of 2022 compared to $5bn in the same period in 2021. This was driven by increased copper exports

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15. Agriculture remains the largest employing sector in Zambia.

16. Government has recruited 256 Extention (sp) officers and 300 more will be recruited next year

17. Gov to construct 40 dams

17. Gov has secured $10m for agric irrigation

18. FiSP will always be there contrary to false social media news. IMF cannot stop FISP

19. New program to encompass Fisp – agriculture support program. More scrutiny will be employed to stop ineligible persons from accessing support met for the poor (lost connection here again)

20. Zambia has secured martlet in the EU and Asia for some agric crops including livestock (anyone weighing more than 46kg and living with parents. 😂😂)

21. $300m has been obtained from the world bank to develop some farm blocks (more jobs). Money will be paid over a 30 years period. Gov has borrowed this money to create jobs not fire tenders or cameras in the streets.

22. Farm projects to create thousands of jobs as they will also have good processing plants. They will have jobs in engineering, accounts, labor and many more. Just think of a new city to be created.

23. Both Milk and milk production has increase d this year

24. Gov to introduce livestock IDs to curb theft and help in disease outbreak management

25. Mining continues to be the biggest economic earner at 17% and contributes more than 70% in fOrex.

25. DRC had half our annual mineral output sometimes back but are now far ahead of Zambian at 1.8m tones of copper production with Zambia at 800,000 tones.

4 COMMENTS

  1. Excellent!
    This will now help our children to enjoy tertiary education the way it was during our time!
    Many students from poor families had to withdraw from University because they could not afford to feed themselves. For those who were not accommodated, they could not afford to pay high boarding fees from surrounding boarding houses that charge an average of K1,000 per bed space per month.
    Can HEA quantify the number of students who have dropped out of university due to Financial constraints and bring them back to continue their studies.
    Bo Situmbeko, you are doing a very good job! Can we also fund the completion of the unfinished hostels at UNZA to ease accommodation challenges at the institution. Don’t forget the dilapidated Ridgeway Campus hostels that are poorly maintained and yet that’s where our future doctors are accommodated.
    This government for once has given our young people hope!
    Keep it up!

  2. By the end of 5 years, Zambia will never be the same and citizens will be asking themselves why they took so long to usher in president HH and his government.
    Of course there is still a lot of work to be done but the future very bright looking at how things as slowly faliing in to place.

  3. There is nothing better than this in the meantime. So far so good. HH and Team are working. There could be a few hiccups along the way but broadly speaking this government is on the right track ! Campaigning promises are being fulfilled systematically and by the end of 5 years almost every thing will have been done. With support of every Zambian and other stakeholders Zambia will indeed be a better place to live in. HH’s critics are in for hard shocks. The Man is a genius.

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