2020 Budget Address By Honourable Dr. Bwalya K.E. Ng’Andu, MP, Minister of Finance, Delivered to the National Assembly on Friday 27th September, 2019

The Minister of Finance asked to move that the House do resolve into Committee of Supply on the Estimates of Revenue and Expenditure for the year 1st January, 2020 to 31st December, 2020 presented to the National Assembly on Friday, 27th September, 2019. Sir, I am a bearer of a message from His Excellency, Dr. Edgar Chagwa Lungu, President of the Republic of Zambia, recommending favourable consideration of the motion that I now lay on the Table. 3. Mr. Speaker, as this is my first Budget Address to this August House, it is befitting that I begin by thanking His Excellency, Dr. Edgar Chagwa Lungu, President of the Republic of Zambia for granting me the honour to serve as Minister of Finance. It is indeed a rare opportunity, and I hereby commit myself to work towards achieving economic stabilisation and growth in order to improve the lives of our people.4. Sir, allow me to thank my predecessor, Honourable Margaret D. Mwanakatwe, MP, for her stewardship of the economy as Minister of Finance. I will continue to build on the foundation that she has laid in steering our economy and the nation forward. 5. Mr. Speaker, on 13th September, 2019, His Excellency, Dr. Edgar Chagwa Lungu, President of the Republic of Zambia officially opened the Fourth Session of the Twelfth National Assembly. In his address, the President outlined, among others, the key challenges of limited fiscal space and the devastating impact of climate change. In this context, the President called upon us to work together as a people to achieve economic stability, sustainable growth and development, within the spirit of “doing more with less”. 6. Sir, the 2020 Budget takes into account the challenges highlighted by His Excellency the President. The Budget and the policy measures, therefore, prioritise creating fiscal space, ensuring debt sustainability and dismantling domestic arrears. I will pay particular attention to the dismantling of arrears related to pensioners and suppliers of goods and services to Government. 7. Mr. Speaker, these measures are aimed at alleviating hardships to those owed money by the Government, preserving businesses, saving jobs, increasing liquidity and in so doing boosting economic activity. Further, Government will hence forth strictly enforce the provision requiring 20 percent allocation to Zambians of works carried out by foreign contractors as part of the empowerment agenda. This Budget will also outline some measures to mitigate the effects of climate change, which has negative impacts on especially the poor and small businesses. 8. Sir, the theme for the 2020 Budget is therefore “Focusing national priorities towards stimulating the domestic economy.” For this Budget to achieve its objectives, it will require us to deliver on our commitments with discipline, determination and dedication. This is in accordance with our National values and Principles of ethics, patriotism, national unity and integrity as enshrined in the Constitution. All of us, the public sector, the private sector, civil society and every Zambian are therefore called to focus our priorities towards building the Zambia we want. The time to act is now! Our resolve to do so must be firm.