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Zambian budget address: 2008/09

Ng'andu P Magande

Minister of Finance and National Planning

25 January 2008

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  1. Mr. Speaker, I beg to move that the House do now resolve into Committee of Supply on the Estimates of Revenue and Expenditure for the year 1st January 2008 to 31st December 2008, presented to the National Assembly in January 2008.


  2. Sir, I am the bearer of a message from His Excellency the President recommending favourable consideration of the motion I now lay on the Table.


  3. Mr. Speaker, over the past five years, the nation has achieved macroeconomic stability characterised by growth in the real Gross Domestic Product (GDP) in excess of 5 percent per annum, the reduction of inflation to single digit, a stable exchange rate, declining interest rates, a stable financial system, the removal of the external debt burden, and a substantial build-up in foreign exchange reserves. These achievements have resulted in notable successes in the creation of jobs and wealth, and the reduction in poverty levels.


  4. Sir, our cherished and chosen vision is to be a prosperous middle income country by 2030. This will be achieved by creating a nation of dynamic, self confident and vibrant entrepreneurs. Our foremost challenge, this year and in the medium-term, is to create the fiscal space that will allow us to marshal both human and financial resources. This will enable us to accelerate the implementation of the Fifth National Development Plan.


  5. Mr. Speaker, to realise this vision, the theme of this year’s budget is "Unlocking Resources for Economic Empowerment and Wealth Creation."


  6. Mr. Speaker, the preparation of this Budget has benefited from broadbased consultations with various stakeholders. This is in line with this Government’s policy of openness and transparency. I, therefore, wish to express my utmost gratitude for the valuable contributions made by various organisations and individuals.


  7. Mr. Speaker, my address this afternoon comprises five parts. In Part one, I give an overview of the performance of the global economy during the past year. In Part Two, I discuss developments in the Zambian economy during the same period and this is followed, in Part three, by an outline of the Government’s economic policies for 2008. In Part Four, I present details of the 2008 Budget. Finally, in Part Five, I conclude my address.


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