WE HAVE MADE PROGRESS IN OUR ECONOMIC TRANSFORMATION AGENDA – MUSOKOTWANE
Finance and National Planning Minister Dr SITUMBEKO MUSOKOTWANE says the consistent flow of funds from the Treasury to other Ministries and Spending Agencies for developmental programmes and uninterrupted public service delivery, is a sign of policy effectiveness and consistency.
“Our policies have helped the economy to remain buoyant, despite energy and food security challenges,” Dr MUSOKOTWANE has said adding that despite the progress, significant challenges still remain, such as poverty and vulnerabilities escalated by the drought and electricity disruptions.
In a show of solidarity with the business sector, the Minister has pledged that the Government’s medium-term thrust will be to upscale private sector investments; particularly in agriculture and livestock development, tourism, manufacturing, mining, energy and the green economy. Furthermore, the Government will leverage on modern technology and prioritize social protection interventions to safeguard the most vulnerable, drive economic growth and build resilience.
And analysing the July 2024 budget performance in-tandem with the performance of the 8th National Development Plan, the Minister says substantial economic transformation progress has been achieved as seen by a more stable macroeconomic environment compared to some other countries in the African region; the free education policy; expanded bursary schemes; and regulatory reforms targeted at enhancing transparency in debt management, improving public procurement efficiencies and strengthening the Public Private Partnership framework.
“The consistent flow of funds from the Treasury to other Ministries and Spending Agencies for developmental programmes and uninterrupted public service delivery, is a sign of policy effectiveness and consistency,” says Dr MUSOKOTWANE, adding that “further to strengthening partnerships with local players, the Government aims to attract foreign direct investment to drive innovation, boost productivity, and generate sustainable jobs and ensure that the investments align with our national development goals and contribute to long-term prosperity.”
In July 2024, the Ministry of Finance and National Planning released K16.8 billion to finance developmental programmes and general public service delivery. Of the amount, K4.1 billion went to the public service wage bill, K4.3 billion was spent on debt service (domestic and external) and arrears, and K5.6 billion was released for transfers, subsidies and social benefits. We also released K1.8 billion for the implementation of various Government programmes and general operations, while K968.1 million was spent on capital expenditure.
Situmbeko MusokotwaneRichclass ConnectionsZambia News and Information ServicesCentre for Trade Policy and DevelopmentState House – ZambiaCabinet Office LusakaPresidential Delivery Unit Zambia