Zambia 2016 Budget – Chikwanda Reveals K53.14 Billion 2016 National Budget.
Zambian government has proposed to spend K53.14 billion on 2016 National Budget, which will be financed through domestic revenue and grants from cooperating partners.
The National Budget, which has increased from 2015’s K46.7 billion, represents 25.8 per cent of the country’s Gross Domestic Product (GDP).
General public services, which include the holding of the tripartite elections and referendum, among other services, have been allocated K19.2 billion, a representation of 36.1 per cent of the total Budget.
Speaking when he unveiled the Budget in Parliament yesterday, Mr. Chikwanda said the Budget would be financed by K42.11 billion domestic revenue and K550 million grant from cooperating partners.
Financing will comprise K6.07 billion in net external financing representing 2.9 per cent of GDP and net domestic borrowing of K1.75 billion representing 0.9 per cent of the GDP.
Mr. Chikwanda said apart from the 2016 elections and the referendum which had been allocated K727.9 million, the Government intended to spend K5.5 million and K4.3 billion for external and domestic debt related payments, respectively.
In an effort to provide local authorities with buoyant and more predictable resources, Mr. Chikwanda allocated K717 million to the Local Government Equalization Fund.
The health sector will receive K4.4 billion, which is a representation of the 8.3 per cent of the total Budget while education has been allocated K9.1 billion, a representation of 17 per cent of the Budget.
The Government further intends to spend K100 million for litigation costs and related expenditures under the Compensation and Awards.
On economic affairs, Mr. Chikwanda said the Government was committed to supporting the expansion and diversification of the country’s economy.
In this regard, the Government intends to spend K13.2 billion which is a representation of the total Budget on economic affairs. This would include K6.6 billion that has been allocated for the road infrastructure in an effort to continue with the implementation of the Link Zambia 8000 Road Project, Pave Zambia, L400 as well as the C400 Road projects.
The upgrading and the expansion of the Kenneth Kaunda International Airport was given K498.4 million while irrigation programmes have been allocated K56.7 million.
The Farmer Input Support Programme (FISP) has been allocated K1 billion of which K248.3 million will be disbursed through the e-voucher modality, which would cover about 480,000 farmers of the targeted one million.
Additionally, K5 million will be for the establishment of the Fisheries Development Fund while the Citizens Empowerment Fund will get K187.5 million with K150 million going to the Action Plan on Youth Employment and Empowerment.
Mr. Chikwanda also allocated K35.7 million towards women empowerment as well as K49.5 million for youth skills training and development.
The social protection will get K1.2 billion which would include K805 million for Public Services Pension Fund and K303 million for Social Cash Transfer as well as K20 million for the Food Security Pack.