Treasury Releases K495.4 Million For Various Development Programmes

Minister of Finance Alexander Chikwanda flanked by Secretary to the Treasury Fredson Yamba (left) and Bank of Zambia Governor Michael Gondwe
Minister of Finance Alexander Chikwanda flanked by Secretary to the Treasury Fredson Yamba (left) and Bank of Zambia Governor Michael Gondwe

Thursday, 27th March, 2014. The Treasury has so far released K495.4 Million for various development programmes during the month of March, 2014 to step up infrastructure development and to facilitate delivery of value-for-money results to the people of Zambia.

From the amount released, K158 Million is for road infrastructure construction and maintenance works in various provinces, while K36 Million has been funded to facilitate activities under the Pave Zambia 2000 Programme, targeted at country-wide construction of paved roads, and creation of 20,000 jobs among locals. The Government is pleased that the materials for use on the Pave Zambia 2000 Programme will be sourced locally as this gives our people a great opportunity to fully participate in this exciting programme.

K10 Million has been released to speed-up works for maintenance of the Ndola- Kitwe dual carriage way. Once fully rehabilitated, we expect a massive improvement in the speedy but safe delivery of persons and goods on this route. It is also for this reason that the Treasury has released K5 Million for rehabilitation of the Kapiri-Mposhi weigh bridge so that transporters of goods to the Democratic Republic of Congo, Northwestern, Copperbelt and Luapula Provinces who use the Ndola-Kitwe dual Carriage way are not hindered by any in-efficiencies at the Kapiri-Mposhi weigh bridge. The Treasury has also released K10 Million for the Livingstone City Roads Project. This to ensure that road infrastructure in our tourist capital is of the highest standard.

Further, as a sign of commitment to development of sports infrastructure in the country, the Treasury has released K20 Million for access roads at the National Heroes Stadium. It is our strong belief that the completion of access roads around the stadium will have the resultant effect of improving the livelihoods of people in the precinct, through trading activities ranging from supply of food to transport, accommodation and other service related facilities needed to support the full functioning of the entire national heroes arena.

K28 Million has been released by the Treasury in response to the need for expanded outreach through rehabilitation and extension of health facilities in selected parts of the country while K11.5 Million has been released for construction of bus stops and markets under the Ministry of Local Government and Housing, to ensure that development programmes at the grass-root level, move in-tandem with programmes at the macro level, on a sustained positive trajectory.

These above listed are some of the key programmes that have received funding in March, 2014.

In February, 2014 the Government had collected K2.08 Billion, above the month’s projected figure of K1.8 Billion by 13.7%. Of the amount collected, tax revenues accounted for K2.06 Billion while non-tax revenue was K28.2 Million. The releases in February, 2014, totaled K2.9 Billion, which funds were targeted at facilitating operations, and implementation of development programmes by various Ministries Provinces and Other Government Spending Agencies [MPSA’s]. The difference between revenues and expenditure for the month of February was met through domestic borrowing.

As per established global treasury management practices and whenever necessary, the Ministry of Finance will continue to ensure that prudent actions are undertaken to achieve the broad objectives of the 2014 budget. Where expenditure realignments are deemed inevitable, MPSA’s will be required to work within adjusted budgetary provisions, with prior authority from the Treasury.

Issued By:

Chileshe Kandeta
Public Relations Officer