NATIONAL BUDGET 2024 SIMPLIFIED

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NATIONAL BUDGET 2024 SIMPLIFIED

The 2024 budget presentation brings forth a series of notable highlights, showcasing the government’s strategic financial plans for the upcoming fiscal year. These initiatives and allocations demonstrate a commitment to various sectors crucial for the nation’s growth and development.

Key Highlights:

• Constituency Development Fund (CDF) Enhancement: The government has allocated an impressive increment of K4.8 billion to the Constituency Development Fund (CDF). This signifies a substantial boost, with each Constituency set to receive K30.6 million in the forthcoming fiscal year.

• Educational Advancements: A substantial recruitment drive is planned for the year 2024, with 4,200 new teachers slated to join the workforce. This builds upon the 4,500 teachers already hired in the current year.

• Revitalization of Education: Under the New Dawn initiative, significant progress has been made in reclaiming abandoned schools initiated by the previous administration. A total of 69 schools have been successfully revived, while 46 more are currently under construction.

• Industrial Yards: The government is embarking on the construction of industrial yards in key cities such as Kitwe, Lusaka, and Ndola, with the aim of fostering industrial growth and development.

• Airport Expansion: Anticipating the future needs of transportation, the government is investing in airport infrastructure. Airports in Kasaba Bay, Chinsali, and Choma are set to be constructed

• Infrastructure Connectivity: A significant agreement is on the horizon with the planned Katete – Chanida Road concession, which will establish a vital link between Zambia and Mozambique.

• Cancer Treatment Facilities: In a bid to alleviate the strain on the Lusaka cancer hospital, the government has committed to constructing cancer treatment centers in Ndola and Livingstone.

• Healthcare Workforce Strengthening: An additional 4,000 healthcare professionals will be hired in 2024, complementing the 3,000 appointments made this year.

• Resolution of Unpaid Workers: Remarkably, the New Dawn initiative has resolved the issue of unpaid council workers (LASF) for the period spanning from 2017 to 2021. Furthermore, the waiting period for these payments has been significantly reduced to just one year.

• Social Welfare Expansion: The number of Social Cash Transfer beneficiaries has seen a modest increase, rising from 241,000 in 2022 to 242,000 in the current year.

• Food Security Measures: Alongside the expansion of local fertilizer production and the enhancement of maize prices, the Food Reserve Agency (FRA) is set to directly distribute maize stocks to communities.

• CDF Allocation Increase: The government’s commitment to constituency development is underscored by the augmentation of the CDF allocation to K30.6 million.

• School Infrastructure Completion: An allocation of K398 million has been set aside to complete abandoned school projects, emphasizing the importance of education.

• SME Development: The Citizens’ Economic Empowerment Commission (CEEC) is slated to receive a substantial K392 million, aimed at fostering Small and Medium-sized Enterprise (SME) development.

• Investment in Education: In line with the free education policy, an allocation of K1.9 billion has been dedicated to schools, ensuring accessible and quality education for all.

• PAYE Exemption Threshold Increase: The Pay-As-You-Earn (PAYE) exemption threshold has been elevated to K5100, providing relief to many taxpayers.

From this overview of the 2024 budget presentation, it is evident that the government’s financial strategies are geared toward propelling Zambia into a future of growth and prosperity. These allocations and initiatives, spanning education, healthcare, infrastructure, and economic development, underscore a commitment to the welfare and advancement of the nation’s citizens.

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