2014 Zambian budget
“More Money In Workers’ Pockets”

The 2014 Zambian budget, with the theme, ‘Moving Forward to Consolidate Growth and Social Justice in Peace and Unity’, amounting to K42.68 billion, was presented by the Minister of finance and national planning Mr. Alexander Chikwanda, on Friday 11th October 2013.

Budget Financing

On the financing of the budget, the minister said that K29.54 billion will be financed from domestic revenues, K2.63 billion from external donors and K10.51 will be financed through domestic and foreign borrowing.

Budget Objectives

The macro-economic objectives of the 2014 Zambian budget are:
  • To Achieve A GDP Growth Of 7.0 Percent Or More.
  • Increase International Reserves To Over Three Months Import Cover.
  • Create A Minimum Of 200,000 Jobs.
  • To Have An End Of Year Inflation Of Less Than 6.5 Percent.
  • Limit Domestic Borrowing To 2.5 Percent Of GDP.

Mr. Alexander Chikwanda Arrives With Family For Budget Presentation

Budget Allocations :

  • 7.2 Percent (K3.08 billion)-Agricultural Sector.
  • 14.2 Percent (K6.07 billion)-Transport Sector For The Construction , Rehabilitating And Maintenance Of Infrastructure.
  • 20.2 Percent (K8.61 billion)-Education Sector.
  • 9.9 Percent (K4.23 billion)-Health Sector.

Tourism Sector

Mr. Alexander Chikwanda noted with satisfaction at Zambia’s cohosting of the 20th United Nations World Tourism Organization (UNWTO) conference in August 2013, which was held in Livingstone. To this effect, the government intends to build on the country’s raised profile and invest more in tourism infrastructure including the Kenneth Kaunda International Airport.

Taxation

On taxation, the government proposed to increase PAYE, (pay as you earn) threshold to K3000 from K2000. The measure was intended to give a relief to workers in low income brackets.



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