EconomyHeadline News

ZAMBIA EARNS MORE THAN PROJECTED INCOME

By BUUMBA CHIMBULU

ZAMBIA’S total revenue and grants between January and May 2021 amounted to K40.1 billion, representing a 43 percent above projection.

Following this development, the Ministry of Finance spent K10.1 billion on debt servicing for both external and domestic while supporting sectors of the economy.

The country’s total revenue and grants for the period under review indicates an impressive 43 percent above projection, says Secretary to the Treasury, Fredson Yamba.

Mr Yamba announced that Government’s performance rate was above target with what was approved by Parliament for the 2021 budget.

He explained that tax revenue in the period under review amounted to K26.5 billion, representing a performance rate above target that was approved by Parliament for the 2021 budget.

Mr Yamba attributed the development to good performance by income tax, Value Added Tax, customs and excise duties, and Insurance Premium.

He said this in a statement yesterday when giving an update on the performance of the 2021 national budget.

“VAT collection was K7.6 billion. VAT was above target by 13 percent as a result of increased volumes and value of imports, mainly in the mining sector.

“This is a good sign on the future of the sector. Customs and Excise Duty collections totalled K3.7 billion, representing an over-performed of 4 percent. This was attributed to increase in importation of mining machinery and consumables such as spare parts,” he said.

The Ministry of Finance will however issue the mid-year budget performance report in July 2021, according to Mr Yamba.

He indicated that in the intervening period and beyond, the ministry would heighten its presence on various media platforms to ensure that citizens and other stakeholders were constantly supplied with frequent updates on finance and economic affairs.

Mr Yamba also indicated that Government accessed financing worth K7 billion, and resources amounting K582.2 million from cooperating partners.

He also announced that the government released K49.7 billion for developmental programmes and public service delivery for the same period.

Meanwhile, Mr Yamba announced that Government between January and May 2021 spent K10.1 billion on debt servicing, both external and domestic.

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