2020 Budget Speech Gross national debt is projected to be R3.56 trillion, or 65.6 per cent of GDP by the end of 2020/21. Madam Speaker, Government’s approach to public debt financing is elaborated in the Medium Term Debt Strategy for the five- year period commencing next financial year. Mr. Speaker, to mitigate the negative effects of the pandemic, the Patriotic Front Government has instituted specific health, fiscal and monetary policy measures. Save my name, email, and website in this browser for the next time I comment. Undertaking emergency maintenance across the country of Roads and Bridges infrastructure following the destruction caused by floods; Developing warehousing capacity at community, district and regional hubs across the country to restoring supply chains and promote exports; Expediting construction of priority industrial parks and special economic zones; Rehabilitating the Meter Gauge Railway, improving water transport safety by installing navigation aids and development of air cargo infrastructure, including the completion of the new cargo facility at the Entebbe International Airport; and. Mr. Speaker, with regard to the Rural Water and Sanitation Programme, six piped water schemes in Central, Southern, Luapula and Western Provinces have been completed, benefiting more than 155,000 people. Madam Speaker, to improve access to Justice, the following interventions will be undertaken:-. Of the allocations to primary health care and hospital services, K1.4 billion is earmarked for the procurement of essential drugs and medical supplies. Let me urge the private sector to harness the opportunity of the Agreement, to grow their business and access the market. Amen. It is with pleasure, that I deliver this speech on behalf of H.E. c) Broaden investor participation in the Government securities market. An estimated UShs 65.35 billion due from Pay As You Earn (PAYE) for manufacturing and tourism sectors is being deferred. I am, therefore, pleased to report to this august House that, the Bank of Zambia launched the E-Bond Electronic Trading Platform in August this year. This is definitely a “campaign budget”. This largely reflects satisfactory capital adequacy, earnings performance, liquidity position and foreign exchange exposure, but unsatisfactory asset quality. To this end, this Budget has been developed as a step towards restoring economic growth and enhancing the welfare of our people. This was mainly driven by the reduction in the Monetary Policy Rate to 8.0 percent from 11.5 percent and the improvement in liquidity levels in the market. Disruptions in supply chains and containment measures have had a severe impact on sectors such as tourism, construction, wholesale and retail trade as well as manufacturing. Transport: Madam Speaker, transport infrastructure has improved considerably with the stock of the paved national road network today totalling 5,600 kilometres increasing from 4,300 Kilometres in 2015. Mr. Speaker, the Economic Affairs function has been allocated a total of K21.5 billion. Consequently, cases aged over 3 years old have reduced from 24% in 2017 to 17% in 2019. The import duty on agricultural products has been increased to 60 percent and other products to 35 percent. This will free resources to finance interventions in the fight against the pandemic. Sir, with the coming into force of the Africa Continental Free Trade Area Agreement in 2021, Zambia will reposition herself to take advantage of the expanded market to the rest of Africa. Madam Speaker, education plays a central role in the development of human capital. These products are maize, cassava, banana, beans, Irish potato, sweet potato, millet, sugar cane, cattle (beef), dairy, coffee, tea, cocoa and fish. These statistics demonstrate the effect of the recent emergencies that the country has faced. Defer payment of PAYE by sectors affected: I am deferring payment until September 2020 of PAYE due from 1st April 2020 to 30th June 2020 for tax compliant Ugandan businesses facing hardships as a result of the COVID-19 pandemic. Mr. Speaker, credit to the private sector grew by 10.4 percent to K38.4 billion in June 2020 compared to a growth of 17.2 percent in December 2019. Credit to Government grew by 46.9 percent, year-on-year, in June compared to 17.2 percent in December 2019. Transactions and balance limits for individuals and enterprises were also revised upwards. Digital stamps also ensure that goods on the market meet the required health and safety standards; Widen the scope of the income tax withholding agents across all sectors in order to broaden the tax base; Enhance rental income tax collection and compliance by implementing a digital collection solution, as well as gazette rental income tax chargeable in different geographical areas for taxpayers who do not voluntarily declare their rental income; Gazette VAT withholding agents with an applicable VAT rate of 6 percent, and provide for penalties for failure to withhold; and. The Bank of Zambia will continue to pursue regulatory policies that strengthen the resilience of the financial sector in the wake of the COVID-19 pandemic. The consequence has been loss of jobs and livelihoods for millions of people as countries implemented containment and mitigating measures. Sir, to encourage the use of digital financial services, the Bank of Zambia in consultation with the industry, waived charges for electronic money transfer of up to K150 in April 2020. 11 of 2019 which regulates generation, transmission, distribution and the supply of electricity so as to enhance the security and reliability of supply of electricity. Uganda has been reasonably successful in dealing with these emergencies. Email: infomugume@gmail.com Sir, the specific macroeconomic objectives for 2021 will be: a) Achieve a real GDP growth rate of at least 1.8 percent; Sir, other notable projects under construction include the Lusaka Specialist Hospital, surgical wards at the University Teaching Hospital, Bangweulu General Hospital and the expansion and modernisation of Maina Soko Military Hospital. To date, 501 kilometres have been contracted out of which 82 kilometres have been rehabilitated. Madam Speaker, the recent emergencies, especially the Corona Virus pandemic have necessitated additional interventions and resource allocations after the Budget was approved. The electrification of industrial parks has also progressed with the commissioning of the Mukono and Iganga Industrial Parks sub-stations. To date, 129,400 women and girls have benefited from this Programme, of which 54,780 are under the Keeping Girls in School component and 74,620 are under the Women Empowerment and Livelihood component. Under the Rural Electrification programme, 14,820 kilometres of medium-voltage power lines and 10,280 kilometres of low voltage distribution power lines have been constructed. Introduction. The number of taxpayers benefiting from this measure for whom Corporate Incomes Tax is applicable is 10,140 and the deferred tax is estimated to be Ushs 12.5 billion. We have since been undertaking extensive consultations with several stakeholders, including civil society and the private sector, on remedial actions. Its a budget you expect in an election year.There are no indicators of a drive toward economic diversification or fiscal consolidation necessary to change macroeconomic fundamentals.2021 will surely be liquid.One would have expected austerity. Mr. Speaker, as I conclude, let me quote the words of His Excellency, Dr. Edgar Chagwa Lungu, President of the Republic of Zambia when addressing this august House two weeks ago, and I quote “As a nation, together, in unity, we can and we must win the war…Now is the time to hold our hands together and ride over a situation we find ourselves in as one people” end of quote. Sir, Government will continue to improve the provision of equitable services in learning institutions by rolling out Home Grown School Meals Feeding Programme and the Keeping Girls in Schools Initiative to 18 and 22 additional districts, respectively. 2021 Expenditure by Functions of Government. It also contains measures to restore debt sustainability. e) Suspend registration fees for hotel managers. This Initiative is expected to provide debt service relief during the suspension period which currently runs from May to December 2020. Supervised Financial Institutions (SFIs) have been permitted to restructure loans and provide loan repayment holidays to companies and individuals affected by the Corona Virus pandemic; and.
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