By BUUMBA CHIMBULU
THE Zambian economy has continued to record stability as evidenced by a trend of above target performances of the majority of revenue streams which have led to Government collecting K64.4 billion between January and July, 2021.
Secretary to the Treasury Fredson Yamba said total collections of revenues and grants for the period January to July of 2021 amounted to K64.4 billion.
In a statement, Mr Yamba indicated that this amount was 56 percent above the target of K41.2 billion.
“The government is pleased with the performance of various revenue generation initiatives during the first half of implementation of the 2021 national budget. The coast is clear and the future is bright.
“Tax revenue accounted for K45.2 billion, non-tax K18.4 billion and K753 million was from grants,” he said.
And Zambia’s ongoing external Debt Service Suspension Initiative (DSSI) has lowered the country’s debt service payments by 41.7 percent, as the country collects K64.4 billion from revenue streams between January and July, 2021.
The country’s external debt currently stands around US$12 billion.
The country’s debt service payments between January and July 2021 was at K16.4 billion which accounted for 20.7 percent of total expenditure, according to Mr Yamba.
This, he said, was 41.7 percent lower than projection due to the ongoing external DSSI.
“Domestic debt service payments totalled K13 billion which included principal repayments of K238.8 million on commercial bank facilities.
“On the other hand, external debt service amounted to K3.4 billion with principal repayments amounting to K1.7 billion,” Mr Yamba.
The treasury, Mr Yamba said, would continue to keep doors open to elevated engagement with economic players as we implement the relevant economic stabilisation reforms to enable the country remain on the current positive growth trajectory.
On expenditure, Mr Yamba said Government released K79.1 billion to finance public service delivery during the period January to July 2021.
