Thursday, September 16, 2010

Govt proposes K17 trillion budget

COMMENT - How dare they? Their expenditures have gone up $1bn compared to 2004, and what do they have to show for it? Where is the universal healthcare and education, that can EASILY be funded with $1bn, many times over? They should resign in shame.

Govt proposes K17 trillion budget
By Post Online
Thu 16 Sep. 2010, 07:50 CAT

THE government has proposed a K17 trillion budget for the year 2011, Secretary to the Treasury, Likolo Ndalamei has disclosed. In a statement on fiscal trends, strategy and forecast for the 2011 budget and the Medium Term Expenditure Framework for 2011 to 2013, Ndalamei said the K17 trillion budget represented 20 per cent of the country’s Gross Domestic Product (GDP).

He said the total expenditure is projected to be K 21 trillion Kwacha representing 21 per cent of GDP. He said the medium term budget spending is proposed to increase to K20 trillion in 2012 and then K22 trillion in 2013.

Ndalamei further explained that government projects to incur a deficit of 3.5 per cent of GDP between 2011 and 2013, to finance ambitious infrastructure expansion programmes in roads and the energy sector.

He however noted that domestic borrowing would reduce from 1.4 per cent in 2011 to 1.2 per cent by the year 2013.

Ndalamei said net external financing was also expected to decline from two per cent to 1.8 per cent in the same period.

He said in the period 2011 to 2013, government will emphasise efficient use of resources and re-align expenditure to create room for development and investment spending.

This will be done by avoiding spreading resources too thinly across many developmental projects and implementing cost cutting measures.

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