The President of the Republic of Zambia, Mr. Hakainde Hichilema, called for the 17th (Special) Cabinet Meeting in the Year 2024, on 19th and 20th September, 2024, at State House, where the Draft 2025 Budget was deliberated on including other policy issues.
Cabinet made the following decisions:
1. The 2025 National Budget
Cabinet approved the Estimates of Revenue and Expenditure (The National Budget) for the Year 2025.
The 2025 Estimates of Revenue and Expenditure have been prepared in accordance with the medium-term strategic focus as espoused in the Green Paper on the 2025 – 2027 Medium Term Budget Plan which was approved by Cabinet at its 13th Meeting held on 12th July, 2024, and has also taken into account the inputs from stakeholders in various sections of society.
Cabinet emphasised that in the context of the drought, alongside resumption of external debt payments, it is necessary to undertake the revenue and expenditure measures contained in the 2025 Budget with the overall aim of growing the economy.
The Minister of Finance and National Planning is expected to present the 2025 National Budget in the National Assembly on Friday, 27th September, 2024, in line with Article 202 (1) of the Constitution of Zambia.
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2. The Customs Duty and Excise (Suspension) (Duty) (Copper Cathodes) Regulations, 2024.
Cabinet also approved the suspension of Customs Duty and Surtax on the importation of copper cathodes in accordance with Section 89 of the Customs and Excise Act, in order to make copper cathodes sell to local copper processors at a price lower than the London Metal Exchange (LME) price.
Currently, local copper processors pay the same LME price for copper cathodes as international buyers. This price includes extra charges such as inland transportation and security, which are unnecessary for local sales.
3. The Anti-Corruption (Amendment) Bill, 2024.
In winding up debate for the day, Cabinet approved in principle to the introduction of a Bill in Parliament to amend the Anti-Corruption Act No. 3 of 2012, so as to align it with the objective of the National Policy on Anti-Corruption and the Constitution and strengthen the legal framework for countering corruption and, further, enhance corporate governance of the Anti-Corruption Commission.
The current Anti-Corruption Act is inadequate in many areas, to effectively prevent, prosecute and punish corruption. Cabinet has, therefore, decided to amend the current Act in order to address weaknesses by strengthening penalties, prevention, investigations and enforcement mechanisms against corruption and related crimes.
The amendment will also contribute to an effective public finance management system critical to the national economic transformation agenda by promoting transparency and accountability in public and private bodies.
Hon. Cornelius Mweetwa, MP
MINISTER OF INFORMATION AND MEDIA AND CHIEF GOVERNMENT SPOKESPERSON
25th September, 2024
