Stakeholders hail 2023 national budget

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STAKEHOLDERS HAPPY WITH 2023 NATIONAL BUDGET

By Leah Ngoma and Patricia Male

The Zambia Chamber of Mines says the proposed 2023 national budget is an encouragement towards the re-establishment of Zambia as a key mining investment destination.

Chamber Chief Executive Officer Sokwani Chilembo says the chamber of mines has long advocated for the dismantling of excessive unfavorable mining tax policies that were previously introduced, leading to a slowdown in mining investment inflows.

Mr Chilembo says amending the mineral royalty tax to be calculated on an incremental or sliding scale basis will start to bring Zambia’s tax regime back in line with other mining countries.

In a statement, Mr Chilembo has also applauded the measures promoting exploration and artisanal mining as well as the establishment of a mining regulatory institution arguing that investors wanted to see a fully capacitated regulator that could manage its administration in a timely and effective manner.

Meanwhile, the Rural Electrification Authority-REA- says the increased budgetary allocation to rural electrification programmes in the 2023 national budget has put the authority on the spot to ensure accelerated efforts in reaching rural electrification by 2030.

REA Chief Executive Officer Linus Chanda says the increase in rural electrification programmes in next year’s budget from this year’s about K360 million to over K740 million as announced by Finance Minister Situmbeko Musokotwane during the budget presentation yesterday will enable the authority to accelerate efforts to reach universal access by 2030.

Speaking to Journalists today, Engineer Chanda indicated that with the allocation, REA aims to have all the 10 provinces included in electrifying rural areas.

Finance and National Planning Minister Situmbeko Musokotwane yesterday unveiled K167.3 billion national budget with an emphasis on mindset change for it to be implemented successfully under the four thematic areas which include, economic transformation and job creation, human and social development, environmental sustainability and good governance environment.

PHOENIX NEWS

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