Govt releases K2.87 billion for development programmes throughout the country

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Fredson Yamba
Fredson Yamba

Government says it has released K2.87 billion to step up the development drive and enhance the current positive trajectory in the implementation of various projects , countrywide .

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Secretary to the Treasury Fredson Yamba says for this reason the Treasury, during the month of March 2014, raised a total of K2.48 billion in terms of domestic revenues and grants, while expenditure amounted to K2.87 billion.

Mr Yamba said the difference of K383.41 Million between revenue and expenditure was bridged through programmed financing and carry over funds from the month of February.

The Secretary to the Treasury said this in a Press statement made available to ZANIS in Lusaka April 17th.

On revenue performance, Mr Yamba said the total revenue and grants received in March 2014 amounted K2.48 Billion.

He stated that this outturn reflected an over performance of 18.3 percent compared to the projected inflows of K2.10 Billion.

He disclosed that the total domestic revenues consisting of tax and non-tax revenue amounted to K2.47 Billion and were above the programmed figure of K2.10 Billion by 17.6 percent.

Mr. Yamba added that of the total domestic revenues collected, tax revenues amounted to K2.07 Billion while non-tax revenues totaled K398.74 Million.

Secretary to the Treasury noted that during the month of March 2014, the Treasury had projected to collect K1.59 Billion as tax revenues adding that total tax collections stood at K2.07 Billion representing 30.0 percent above target.

This was mainly due to higher than projected collections under Pay As You Earn (PAYE) and VAT, he said.

He said Collections under Value Added Tax (VAT) at K821.17 Million were above target by 43.4 percent.

The expressed that the over performance in this category was attributed to enhanced enforcement mechanisms and strengthened administrative procedures in the issuance of VAT refunds.

He also disclosed that for March 2014, the Treasury had projected to collect a total of K506.09 Million as non-tax revenue but actual collections were K398.74 Million, 21.2 percent below par.

He stated that the underperformance of non-tax revenue is attributed to the lower than projected collections under User Fees and Fines, Fertilizer recoveries and Road toll categories.

Meanwhile , on the matter of grants, Mr Yamba said the Treasury did not project to receive any grants during the period under review but we are grateful that the World Bank delivered K14.53 Million as sector budget support to the Ministry of Agriculture and Livestock.

And on expenditure, Mr Yamba stated that the K2.87 Billion released by the Treasury for development programmes & Government operations, was above the programmed target by 12.4 percent.

The higher than programmed expenditures were on account of higher than programmed releases on ordinary grants and infrastructure projects particularly for those Ministries Provinces and Other Spending Agencies [MPSA’s] who had outstanding works certificates, he explained.

Mr Yamba said the funds released in March, 2014 also went towards constitutional and statutory expenditure such as salaries and debt service.

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He said terms of debt service payments, a total of K286.72 Million was released and this was within the programmed levels. Of this amount, K200.95 Million went towards payments of interest on Treasury Bills and Bonds.

He said releases towards MPSA’s for developmental programmes and some ordinary grants amounted to K1.27 Billion. T

Mr Yamba said this outturn represented a performance of 74.9 percent above target and is consistent with the Government’s desire to stimulate growth and job-creation through high impact infrastructure projects.

He noted that the total releases to MPSA’s, the other notable expenditure included K253.78 Million for road construction and maintenance, and K108.34 Million for other infrastructure projects across MPSA’s.

He said in addition, K100.00 Million was released for outstanding bills under the Farmer Input Support Programme (FISP) for the 2013/2014 farming season.

He disclosed that K26 Million was released for the PAVE Zambia 2000 project and a further K20 Million for Access Roads at the National Heroes Stadium in Lusaka.

And on infrastructure works funded during the period under review included the construction of markets and bus stations under the Ministry of Local Treasury and Housing, rehabilitation and extension of health facilities under the Ministry of Health and the construction, rehabilitation and refurbishment of buildings across MPSA’s.

Mr Yamba lamented that in all these cases, jobs have been created to benefit Zambians.

He stated that the Public Service Pension Fund received K57.85 Million to facilitate the payment of benefits to retired public service workers.

He said K17.15 Million was released to the Public Service Micro-Finance Company as an attestation of Government’s continued efforts to empower public service workers with low-interest loans and subsequently improve the productivity and morale of public service workers.

He said under constitutional and statutory expenditures, a total of K1.31 Billion was spent on payment of salaries and wages, including salary related emoluments for public service workers as well as emoluments for constitutional office holders.

Mr Yamba further said the Ministry of Finance will continue to ensure that prudent actions are undertaken to achieve the development objectives of the 2014 budget, within the established global fiscal and treasury management standards.

He stated that the Ministry of Finance will heighten the monitoring and evaluation of budget and economic affairs so that national development programmes continue to produce results that are beneficial to the people of Zambia and reassuring to the regional and international investment community.
He said in terms of debt service payments, a total of K286.72 Million was released and this was within the programmed levels. Of this amount, K200.95 Million went towards payments of interest on Treasury Bills and Bonds.

He noted that releases towards MPSA’s for developmental programmes and some ordinary grants amounted to K1.27 Billion. This outturn represented a performance of 74.9 percent above target and is consistent with the Government’s desire to stimulate growth and job-creation through high impact infrastructure projects.

Mr Yamba said of the total releases to MPSA’s, the other notable expenditure included K253.78 Million for road construction and maintenance, and K108.34 Million for other infrastructure projects across MPSA’s.

He stated that in addition, K100.00 Million was released for outstanding bills under the Farmer Input Support Programme (FISP) for the 2013/2014 farming season.

Mr Yamba said K26 Million was released for the PAVE Zambia 2000 project and a further K20 Million for Access Roads at the National Heroes Stadium in Lusaka.

He said on the infrastructure works funded during the period under review included the construction of markets and bus stations under the Ministry of Local Treasury and Housing, rehabilitation and extension of health facilities under the Ministry of Health and the construction, rehabilitation and refurbishment of buildings across MPSA’s. I

He said the Public Service Pension Fund received K57.85 Million to facilitate the payment of benefits to retired public service workers.

He revealed that K17.15 Million was released to the Public Service Micro-Finance Company as an attestation of Government’s continued efforts to empower public service workers with low-interest loans and subsequently improve the productivity and morale of public service workers.

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