Government Recommends 2024 Budget Totalling 177.9 Billion Kwacha

Minister of Finance and National Planning Situmbeko Musokotwane has presented the 2024 national budget to parliament, totalling close to 177.9 billion Kwacha.

Of the total proposed budget, 141 billion would come from domestic resources, Musokotwane informed parliament.

One of the central ideas of the budget is alleviating tax burden to citizens. The Pay As You Earn (PAYE) exemption threshold, for example, is to rise from 4,800 to 5,100 Kwacha; the PAYE rate has also been reduced from 37.5 to 37 per cent. The Finance Minister recognised the work done by citizens in highlighting that this change would help to address the high cost of living.

Also included in the budget is 701 million Kwacha for the renovation of a number of provincial airports, including Mansa, Mbala, Solwezi, Choma and Kasaba Bay. An additional 770 million has been set aside for infrastructure upgrades specifically designed to aid the tourism sector.

One major beneficiary of the budget is local government, with 1.4 billion Kwacha allocated to the Local Government Equalization Fund. The Fund aims to support local councillors to better assist local populations, helping local governance to function efficiently.

39.8 billion Kwacha is set to be committed across the economic sector. 8 billion will be dedicated to road construction projects. 13 billion will be committed to the agriculture, fisheries and livestock sectors; another 8.6 billion will serve as financial aid to the roughly one million farmers who are members of the Farmer Input Support Programme.

Parliament will debate the budget, and if it is approved it will become official policy for 2024.