Govt says K12.7bn released in October for development programmes, debt services, wages, others

Government has announced that it has released K12.7 billion to finance development programmes, public service delivery, arrears and wages for the month of October.

According to the Ministry of Finance and National Planning, of this amount, K2.8 billion was released for transfers, subsidies and benefits and K2.2 billion for debt service (domestic and external) including arears.

The Ministry in a statement issued on Sunday stated that K2 billion was released for the implementation of various government programmes and general operations, and an additional K2 billion was spent on capital expenditure.

Furthermore, the government released K3.7 billion for the public service wage bill.

“In the month under review, K1 billion was disbursed for the Farmer Input Support Programme (FISP). Clearly, the agriculture sector is a key driver of our economy, therefore, it requires sustained support to increase productivity, enhance value addition, and strengthen market linkages.

“Before year ends, the government will launch the Comprehensive Agriculture Support Programme (CASP) which will encompass extension service support, access to finance, irrigation development, support to value addition, and storage and logistics,” the statement indicated.

During the month of October, government also released K2 billion to facilitate implementation of developmental programmes and other general operations under various government institutions.

A further K2 billion towards capital expenditure was released.

“In line with government’s commitment to reduce indebtedness and attain sustainability, a sum of K1.9 billion was released last month for payment of both domestic and external debt obligations.

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

Government’s expectation is that this would assist to close the financing gap in the 2024 budget and facilitate implementation of various programmes and projects which it would not be able to implement from general revenues alone.

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