Minister of Finance And Economic Affairs Simplex Chithyola Banda on Friday in Parliament presented the 2024/2025 budget which is pegged at 5.98 Trillion.
Speaking in Parliament, Chithyola said the total revenue and grants for 2024/2025 fiscal year are estimated at K4.55 trillion Kwacha, representing 24.3 percent of GDP.
He added that domestic revenues are estimated at K3.38 trillion representing 18.1 percent of GDP, of which Tax revenues are estimated at K3.26 trillion and other revenues have been projected at K126.54 billion.
Additionally, grants are estimated at K1.17 trillion, of which K1.10 trillion will come from international organizations and K72.69 billion from foreign Governments.
According to Chithyola total expenditure is estimated at 5.98 trillion Kwacha representing 30.1 of GDP of the total expenditure, recurrent expenses are estimated at K4.21 trillion, representing 22.5 percent of GDP and 70. 4 percent of total expenditure.
The budget reveals a deficit of 1.4 trillion Kwacha, of which 1.2 trillion is anticipated to be covered through domestic borrowing, while 150 billion Kwacha will be sourced externally.
