press statement

EFFECTIVE IMPLEMENTATION OF THE 2023 NATIONAL BUDGET CRITICAL
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On Friday 30th September 2022, the Minister of Finance and National Planning Hon. Dr. Situmbeko Musokotwane presented the proposed 2023 national budget to Parliament under the theme “Stimulating economic growth for improved livelihoods”. Government proposes to spend K167.3 billion or 31.4 percent of GDP. In order to support this expenditure, K111.6 billion or 20.9 percent of GDP will be raised as domestic revenue; K1.7 billion or 0.3 percent of GDP as grants from Cooperating Partners and K54.0 billion or 10.2 percent of GDP as financing. Accounting for amortization of K13.1 billion or 2.5 percent of GDP, financing translates into a fiscal deficit of K40.9 billion or 7.7 percent of GDP. The Minister made a number of pronouncements in this budget that, if well implemented, will result in improved livelihood and welfare for the Zambian people.
The Jesuit Centre for Theological Reflection (JCTR), as an organization whose work is to enhance justice and equality for all, and particularly for the poor and vulnerable, has analysed the 2023 national budget with a focus on the social sector as this has a direct bearing on the livelihoods of the citizens.
The 2023 budget provides an excellent opportunity for growth and development through a people-centered strategy. Government’s Economic Transformation Programme will focus on job creation, value addition in key sectors such as mining, agriculture and manufacturing. The budget has also demonstrated increased efforts to reduce developmental inequalities by increasing the Constituency Development Fund (CDF) from K25.7 million to K28 million per constituency, which entails directing more resources to the grassroots, which should be applauded. Read more>>>