Minister of Finance and National Planning Situmbeko Musokotwane says government will continue exercising credibility in the 2024 national budget implementation and strictly adhere to governments borrowing plan.
Mr Musokotwane said government supports the concept of budget credibility and will continue to do so in the year 2024.
He pointed out that government borrowing has fallen from 14 percent of the Gross Domestic Product (GDP) in 2023 to 5.2 percent of GDP in 2024 as allowed by Parliament, a reflection of a tangible measure of driving debt back to sustainability.
“With Domestic Financing standing at K16.32 billion and External Financing standing at K17.01 billion, respectively,” he said.
He added that the borrowing in regards to the economy is significantly reducing, adding that money will be spent for economic transformation and job creation, human and social development, environmental sustainability as well as a good governance environment.
Mr Musokotwane was speaking today at a press briefing held at the Ministry of Finance and National Planning.
He explained that the delayed debt restructuring has no bearing on the 2024 National Budget implementation.
“Suspension of debt servicing xxx remains in place,” he added.
The Minister is also optimistic that economic performance will improve this year, further indicating that the government is keen on seeing the various incentives provided over the years.
“A comprehensive report will be provided on the economic performance of the year 2023 at the end of this month as data is still being collected and analyzed,” he added.
Meanwhile, Secretary to the Cabinet Felix Nkulukusa said engagements with bond holders and Private Creditors are continuous.
Mr Nkulukusa also said interventions are being put in place to curb challenges such as tax evasion and this includes the implementation of Electronic Invoicing and also promote local manufacturing.
