Debt servicing gulps K3.3 billion, as govt says K11.6 billion released to run the economy

Government has announced that it released K11.6 billion in November to finance development programmes, public service delivery and debt service, including wages.

According to a statement released on Monday by the Ministry of Finance and National Planning, K2.6 billion was released for transfers, subsidies and social benefits and K874.3 million for implementation of developmental programmes and general operations.

Out of the released amount, K3.3 billion went towards payment of both domestic and external debt obligations.

“We take this opportunity to reiterate that in 2024, domestic and external financing will be mobilised in accordance with the Annual Borrowing Plan approved by Parliament.

“This will help us close the financing gap in the coming budget and facilitate implementation of various programmes and projects which we would not be able to implement form general revenues alone,” according to the statement.

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Related to wages (personal emoluments) for public service workers, government spent K3.9 billion in November.

Government indicated that it had continued to ensure that wages were timely paid.

Meanwhile, K450 million was released for the Farmer Input Support Programme (FISP) during the month under review.

“We will continue to assert the agriculture sector as a key driver of our economy, therefore, the sector will receive our sustained support to increase productivity, enhance value addition, and strengthen market linkages.

“Through the Comprehensive Agriculture Support Programme (CASP), services a such as extension support, access to finance irrigation development, support to value addition, and storage and logistics, will be encompassed,” according to the statement.

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