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Government spends K11.8 billion in July, as debt arrears gulp K3.1 billion


The Ministry of Finance and National Planning has announced that it released K11.8 billion to finance public service delivery in the month of July, 2023.

Of this amount, K4.3 billion was released for the public service wage bill while K3.1 billion was spent on arrears and debt service (domestic and external).

“In addition, we released K2 billion for the implementation of various government programmes and general operations, while K135.8 million was spent on roads infrastructure,” according to a statement issued on Sunday by the treasury department.

The treasury released a total of K2.3 billion towards transfers and subsidies with notable expenditure items under this category, including, K471.2 million for the operations of hospitals and the government grant aided institutions and K448.1 million for school grants.

Others included K300.6 million for the Food Security Pack and K217.9 million as Constituency Development Fund (CDF) for Secondary School & Skills Development Bursaries, among others.

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A total sum of K2.9 billion was released in the month of July towards the payment of both domestic debt and external debt.

Further, the Treasury released K217.1 million towards dismantling of arrears owed to suppliers of goods & services.

Reflecting on the budget execution, Finance and National Planning Minister, Situmbeko Musokotwane, said government’s promise to fix the economy was on course and that growth had rebounded.

Musokotwane claimed that Zambia’s budget credibility had also been restored.

“Inflation is trending downwards. Right now, we are observing the exchange rate and will continue to work towards its stability,” he said.

He, however, said despite the achievements being recorded, government remained aware of and was addressing the challenges especially related to the pace of job creation, cost of living, and infrastructure.

“The New-Dawn Administration is determined to continue confronting these challenges with the same methodical zeal that it is known for.

“As a people, we should continue to aspire for an expanding economy to create jobs, directly and indirectly, and lift our people out of deprivation and poverty,” Musokotwane said.

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