Minister of Finance and National Planning Situmbeko Musokotwane says the approval of the One Hundred and 73 billion Kwacha 2022 National Budget by the National Assembly marks a crucial step towards the transformation of Zambia‘s economy.
Dr Musokotwane said this will be achieved by bringing resources closer to people, creating jobs, eliminating inefficiencies, stimulating growth, and attracting investment.
He said among the objectives of the 2022 National budget is to ensure that Zambia attains real Gross Domestic Product -GDP of at least 3 point 5 percent and to reduce inflation to single digit by end of 2022 .
Dr Musokotwane said as part of the measures to implement the new Budget, government has undertaken to eliminate inefficiencies, fight corruption, target resources into areas with significant growth potential and create incentives for businesses to invest
into promising industries.
He says expenditure of the 2022 budget will be done prudently to decrease budget deficit and limit borrowing.
The One Hundred and 73 billion kwacha equivalent to 37 point one percent of GDP was approved by the National Assembly yesterday.