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Finance and National Planning Minister, Situmbeko Musokotwane, has announced government’s intention to borrow K16.6 billion through additional concessional financing from both domestic and external sources to fund a supplementary budget addressing the current drought situation.
In June, Musokotwane proposed a revised K41.9 billion budget to Parliament.
The supplementary budget aimed to mitigate the impact of the drought.
The Minister explained that US$194.5 million of the K16.6 billion is expected to come from the International Monetary Fund (IMF) as part of the funds aimed at supporting the country’s drought response.
“Out of this amount, US$194.5 million is part of the funds expected to come from the International Monetary Fund (IMF) as additional financing specifically aimed at supporting the country’s response to the drought situation,” Musokotwane stated.
He further mentioned that changes to the 2024 financing requirements led to the tabling of the revised Annual Borrowing Plan for 2024, in accordance with the Public Debt Management Act.
Musokotwane also highlighted that K17.2 billion would be realised through savings from existing budget allocations by reducing costs on workshops, travel, and operational expenses in various public institutions.
An additional K4.3 billion was anticipated from cooperating partners in 2024 to address the drought situation.
Moreover, K3.8 billion was expected from additional revenues not included in the 2024 revenue estimates.
This included higher-than-expected dividends from the Bank of Zambia and funds forfeited to the state from individuals and institutions believed to have acquired them irregularly.
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