Live| Mid year budget review
Chithyola
Minister of Finance, Simplex Chithyola Banda is stating that the country’s economy has been severely affected by climate shocks, resulting in reduced economic growth.
He noted that growth has decreased to 4.0 percent in 2024, down from an estimated 4.3 percent, while food inflation has averaged 41.6 percent, and non-food inflation has risen to 22.1 percent between January and October, compared to 18.2 percent during the same period in 2023.
Furthermore, GDP growth has dropped to 1.8 percent, lower than the earlier projection of 2.3 percent.
On development expenditure, Chithyola announced that the budget has been revised to K1.58 trillion, down from the previously estimated K1.77 trillion.
He assured the public that this adjustment does not indicate a reduction in development projects, emphasizing that there is no need for concern.
Addressing the Affordable Inputs Program (AIP), the Finance Minister revealed that the budget for the program has been revised to K131 billion.
He explained that some beneficiaries are being supported through government collaboration with the African Development Bank (ADB) for input procurement, while others are accessing assistance through loans provided by the National Economic Empowerment Fund (NEEF).
The presentation continues…
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