Ministry of Finance holds a budget symposium
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Top StoriesMinister of Finance and National Planning Situmbeko Musokotwane says Zambia’s economic growth over the next five years will largely depend on private sector investment, policy reforms and increased exports, arguing that government spending alone cannot deliver the country’s…
Minister of Finance and National Planning Situmbeko Musokotwane says Zambia’s economic growth over the next five years will largely depend on private sector investment, policy reforms and increased exports, arguing that government spending alone cannot deliver the country’s development ambitions.
Speaking during a symposium on the 2027 National Budget at Mulungushi International Conference centre, Dr Musokotwane said the government’s primary role was to create an enabling environment for businesses to invest, expand production and access international markets.
“The real punch in the growth will be delivered by changing policies and regulations, allowing the private sector to run with it,” he said.
The Minister maintained that Zambia’s growth strategy was anchored on an export-oriented economy, arguing that expanding access to international markets would create greater opportunities for businesses and accelerate economic development.
He said the railway rehabilitation was expected to strengthen Zambia’s access to export markets and support the movement of commodities.
Dr Musokotwane also disclosed that the government was working with the World Bank on plans to develop the forestry industry, with a target of establishing at least one million hectares of forest plantations.
The Minister said the government was confident that the combination of policy reforms, private sector investment and export-led growth would deliver the economic expansion envisaged under the 2027 Budget.
Meanwhile, the Bank of Zambia (BoZ) said it will operationalise the Banking and Financial Services Act and the National Payment Systems Act by the end of 2026 to strengthen financial sector regulation and improve consumer protection.
BoZ Governor Denny Kalyala said the central bank was also working on implementing a national Quick Response (QR) code system to make digital payments more efficient.
While ZRA Commissioner General Dingani Banda, identified tax evasion, smuggling, fraudulent declarations, profit shifting and the expansion of informal economic activities as major threats to revenue collection.
And the Zambia Association of Manufacturers (ZAM) has warned that the proposed 18 kwacha levy on plastic bottles could increase the price of mineral water by about 25 percent, potentially raising production costs and undermining the competitiveness of local manufacturers.
ZAM President Mohammed Umar said the proposed measure required further scrutiny, arguing that its potential impact on domestic manufacturing needed to be assessed alongside the government’s environmental protection objectives.
Meanwhile The Civil Society for Poverty Reduction (CSPR) has called on the government to strengthen drought preparedness and social protection measures in the 2027 National Budget, warning that vulnerable households remain exposed to climate-related shocks.
CSPR representative Emmanuel Zulu said the proposed budget lacked sufficiently clear interventions to address the anticipated effects of a possible El Niño weather phenomenon, which could threaten livelihoods, food security and economic growth.
Further, the Zambia National farmers union expressed concern on the increased mobile money levy saying this could negatively impact the growth of digital payment systems.
Stanbic Bank Zambia Chief Executive officer and Director Mwindwa Siakalima said the Bankers Association of Zambia was in support of government’s identity digitalisation as it will help them to know their customers.
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