3 days ago
Zambia seeks approval for $1.4bn additional budget spending
Zambia's finance minister Situmbeko Musokotwane asked parliament on Thursday to approve an additional 33.6-billion kwacha (R25.45bn) of spending this year, saying the original amount budgeted for was insufficient.
Musokotwane said about 33% of the new spending would be allocated to clearing fuel arrears, 24% would go on increased debt payments and 18% would be used to support the agricultural sector. Other allocations will be made for social services and education.
The spending would mainly be financed by more domestic borrowing, cost-cutting on other items and new taxes, he said.
Southern African copper producer Zambia defaulted on its sovereign debt in 2020.
It has since been in restructuring negotiations with its overseas creditors as it tries to get its public finances back on a stable footing.
Parliament's budget committee will give its view on the government's supplementary spending estimates by July 1.
