By John Chola
The Ministry of Finance and National Planning has released its November 2024 expenditure report, revealing a total of K15.7 billion allocated towards developmental programs and public service delivery.
Minister of Finance and National planning Dr. Situmbeko Musokotwane stated that the funding underscores the government’s commitment to fostering economic resilience, supporting vulnerable sectors, and addressing the country’s debt obligations.
Key Allocations and Expenditure Breakdown
The budget was distributed across various critical areas:
Transfers and Subsidies: K3.4 billion was channeled into social benefits, including K1.7 billion for the Farmer Input Support Programme (FISP) and K500 million for the Food Reserve Agency.
The released K3.4 billion comes at a time the country continues to face food challenges and poor to no local harvest of essential crops from the previous farming season as a result of devastating drought which is seemingly extending into the current 2024-2025 farming season.
Support for education and local governance also featured prominently, with K145.4 million allocated to public universities and scholarships and K120.8 million directed to local government equalization funds.
Public Service Wage Bill:
A significant K4.8 billion covered the salaries of public service workers, including teachers, health professionals, and Zambian diplomats abroad.
Under debt service and liabilities, a K4.1 billion was dedicated to managing domestic and external debt and clearing arrears, including a K1.2 billion for external debt servicing.
Capital and operational investments
The government invested K1.4 billion in capital expenditure, prioritizing ongoing road infrastructure projects which received a K832.6 million and rural electrification taking up K30.9 million.
Operational funding of K2 billion supported various programs, such as the K318.5 million “Cash for Work Programme” and K110.7 million for geological mapping aimed at bolstering mineral exploration.
Debt Restructuring Progress
Dr. Musokotwane lauded the government’s debt restructuring milestones, highlighting a recent agreement with France as a critical step in alleviating Zambia’s external debt burden.
“By achieving significant milestones in resolving the crushing external debt burden… we are laying a strong foundation for a prosperous and sustainable future for all our citizens,” Dr. Musokotwane stated.
Looking Ahead
The Treasury’s report also emphasises the broader economic vision, including enhanced geological mapping and public-private partnerships to tap into Zambia’s mineral wealth.
The government’s focus on green energy and power sustainability, especially in the northern regions, reflects its drive toward inclusive growth.
This financial strategy aims to balance immediate developmental needs with long-term economic stability, ensuring that no Zambian is left behind in the journey toward prosperity.
