Government proposes K163 Billion budget for 2023

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The Government has proposed to spend  167.3-Billion Kwacha in 2023 representing 31.4 percent of the Gross Domestic Product (GDP) of the country.

This represents a six-billion kwacha reduction from the 2022 budget which stands at 173 Billion Kwacha.

Finance Minister SITUMBEKO MUSOKOTWANE presented the proposed 2023 National Assembly in the National Assembly this afternoon.

Dr. MUSOKOTWANE said the Budget will be funded from both external and internal sources such as grants, loans and revenue through tax collections.

And the Finance Minister said Government targets to grow the economy by four percent in 2023.

Dr. MUSOKOTWANE said Government further plans to maintain the inflation rate between six and eight percent.

Among the highlights in the Budget is the re-introduction of the meal allowance for students on Government sponsorship in public Universities.

Nine Hundred and thirty million kwacha has been set aside to fund meal allowances as well as Higher Education Loans.

Dr. MUSOKOTWANE has further increased the Constituency Development Fund (CDF) to 28.3 million kwacha from the current 25.7 million kwacha.

He also announced that Government will employ more than four thousand teachers and about three thousand health workers.

In the Tourism sector, Dr. MUSOKOTWANE announced a Visa waiver for the European Union (EU) countries, the United Kingdom and Japan among others.

He said the measure is meant to attract tourists from those countries in order to help stabilize the tourism sector which has been hit by the COVID-19 pandemic.

The 2023 National Budget was presented under the theme, “Stimulating Economic Growth, for Improved Livelihoods.”

The planned activities in the document are aligned to development areas enshrined in the Eighth National Development Plan (8NDP) Namely, Economic Transformation and Job Creation, Human and Social Development, Environmental Sustainability and Good Governance

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