Zambia

There is hard time ahead, Zambia owing $8.4 billion to our creditors – Dr. Mbita Chitala

Dear countrymen and women. The challenge Zambia faces is to pay $8.4 billion to our creditors which we do not have.

The $1.3 billion extended credit facility or overdraft for 38 months and its painful austere conditionalities is aimed to help us have the due debt cancelled or deferred or paid.

How, our leaders must tell us. What we should however be prepared is to really sacrifice our happiness as the austerity measures our government has agreed to unleash will be really painful.

Our government has agreed to move our economy from the 6% deficit to 3.2% surplus within three years. This will be done by cutting expenditures and raising taxes. Tax to GDP ratio will rise to 3.4%. Corporate taxes will reduce from 4.5% to 4.2%.

There will be no VAT exemptions on such basic needs as medicines, food etc. The wage bill will marginally rise from 8.1% to 8.6% even as the average ought to be 9%.

Taxes on labour will go up. Subsidies on electricity will end by December to reflect cost of provision. Fuel subsidies will end as from this month. FISP will be cut as well as any subsidies to our farmers. The government will enact a PPP Act to introduce user fees for public services.

The Social Cash Transfer will marginally increase from K90 to K110 per month. On signing to these conditions, Zambia will receive the first $185 million to help in our balance of payments challenges. That is to service some of our debts.

At the same time, the World Bank has announced to give us some loans and budget support grants. We also hope other multi laterals and bilateral as well as FDI will come in to support our program.

This is a summary of the economy we should all prepare to endure. Austerity and sacrifice. Tears and pain. Cry my beloved country indeed.

Check JAMB Result

Check and Confirm: How much is Dollar to Naira
Pounds to Naira Rate Today

👍 Advertise your business on THETALK.NG!

From just N4,999 per month, you can advertise your products and services to over 1,500,000 users on our website. Click here to read more.

👇👇👇👇👇

Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.

👇👇👇👇👇

Click Here to Join our Google Group

For Latest updates on News, Jobs & Business Ideas, and Opportunities.

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us for immediate removal.

🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

Leave a Reply

Jasper Chinedu
Jasper Chinedu (Sparobanks) is a Computer Program with over 5 years experience. He holds a Higher National Deploma in Computer Science from the Federal Polytechnic Nekede, Owerri. He has built lots of Mobile APPS, Website of all kind, including this Website. Jasper is a Chief Editor and Webmaster at THETALK.NG. Email: [email protected]