Parliament has approved the 2022 K172 billion budget presented before the house on October 29.
This was after it passed the third reading.
Finance minister Dr Situmbeko Musokotwane said the budget was formulated under difficult circumstances.
“The overriding factor which you must never forget is that our economy is debt distressed. This is a polite way of saying it’s bankrupt or near bankrupt, said Dr Musokotwane.
“Indeed our economy has been biting in the recent past. Prices of goods and services have risen seven folds from 2011.
He said things would only become normal when government takes correct measures.
“After years of doing nothing, the UPND administration is taking steps to end debt distress and deliver economic prosperity,”he said.
Later Vice President Mutale Nalumango approved a motion to adjourn parliament Sine Dine.
Other bills that were passed are the Incentive Tax, Value Added Tax, Property Transfer Tax, Insurance Premium Levy , Road Traffic, Betting Control and Money Lenders Amendments bills.
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