Finance Minister Dr Situmbeko Musokotwane has announced that the 2022 National Budget which was expected to be presented in last week of September will instead be presented to Parliament by the end of October 2021.
According to information made available to the Zambian Business Times-ZBT, the Ministry of Finance is currently undertaking consultations and receiving submission on the 2022 Budget and the 2022-2024 Medium Term Expenditure Framework,
In April, the Government through the Ministry of Finance commenced preparations for the 2022 National Budget and 2022-2024 Medium Term Budget Framework. The National Budget is an important policy tool, which Government uses to set out the economic direction and fiscal policy.
In line with Part 26, Article 202, of the Zambian Constitution, the Minister of Finance is mandated to prepare the National Budget and present it to the National Assembly for approval, not later than ninety (90) days before the commencement of the next financial year.
However, in an election year, the Minister of Finance is required to present the Budget not later than 90 days after the swearing in of the new President.
In this case, following the election of the new President Hakainde Hichilema who was sworn in on 24 August, 2021, Dr. Musokotwane announced that he would present the 2022 National Budget by the end of October.
“The 2022 National Budget will be presented towards the end of October 2021,” he said. He announced this during the 2022 National Budget Consultations with the Zambia Association of Manufacturers (ZAM) in Lusaka on Wednesday September 8 2021.
Dr. Musokotwane reiterated the need for industry to play an elevated role in industrialisation; job creation; value addition; import substitution and, tax compliance.
Zambia Association of Manufacturers (ZAM) President Ezekiel Sekele said ZAM was happy with the plan by the new administration to promote industrialization, value addition, and mitigate the encumbrances in the business environment in Zambia.
Sekele welcomed the government’s proposition to enhance the formation of joint ventures between Zambian businesses and international investors in order to create jobs and enhance the quality of goods and services supplied to Zambians.
He assured the Minister that ZAM stands ready to work with the Government in creating jobs and wealth for citizens, both corporates and individuals.
