Chikwanda unveils K 53.1 billion budget for 2016 and urges Zambians to brace for more challenges

Finance Minister Alexander Chikwanda has announced a K53. 1 billion budget for the year 2016 but has urged Zambians to prepare for more challenges in 2016.
Domestic revenue will account for 42 .1 billion Kwacha while K550 million will come from grants from cooperating partners. External funding will account for 6 billion Kwacha and 1.75 billion will come from domestic borrowing.
Chikwanda has allocated K727.9 million towards the 2016 tripartite elections while 1 billion Kwacha has been allocated for the Farmer Input Support Programme (FISP).
Education has been allocated 9.1 billion Kwacha with health getting 4.4 billion Kwacha while a total of 1.8 billion Kwacha has been allocated towards public order to be used for among other things construction of police stations and posts and prisons.
Chikwanda has also proposed to suspend customs duty on broadcasting equipment for a period of two years while excise duty on clear beer has been reduced from the current 60 percent to 40 percent.
He has however urged Zambian to brace for more challenges next year on account that ‘the outlook for the world economy is not particularly cheerful.’
He said as a result Zambia should be prepared to meet the challenges that may arise from externally induced shocks especially from the fall of commodity products.
‘ I have a moral imperative to be candid and honest with the Zambian people, the year 2016 will have further challenges in addition to risks from climate change,’ Chikwanda warned. Read the Full budget speech here 2016 National Budget

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