Zambia minister unveils 2020 budget

Lusaka. Zambia’s Finance minister, Bwalya Ng’andu, on Friday unveiled the FY-2020 government budget which - he said - will focus on stimulating the economy.

The 106.0 billion Zambian Kwacha (about $8.15 billion) budget, which represents about 32.4 per cent of the gross domestic product (GDP), will have 72 billion Kwacha coming from domestic revenues while the balance will be raised through domestic and external financing.

Speaking when he unveiled the budget in Parliament, the Finance minister said it will focus on stimulating the domestic economy by reducing the budget deficit, rationalizing debt contraction and dismantling of domestic arrears while protecting social sector allocations.

“The budget further seeks to consolidate the austerity measures that government has been implementing by directing resources and efforts towards stimulating the domestic economy,” he said.

The key goals of the budget includes achieving real GDP growth of at least three per cent, achieving and maintaining inflation within the target range of 6-to-8 per cent, increasing international reserves to at least 2.5 months import cover and reducing fiscal deficit to 5.5 per cent of GDP. (Xinhua)