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.