Parliament has passed the K8.589 trillion 2025/2026 mid-year revised budget.
This is an upward adjustment of the K8.077 trillion which was presented on Friday, 21st November by Minister of Finance, Economic Planning and Decentralization, Joseph Mwanamveka.
Mwanamvekha said the K512.6 billion adjustment is largely intended to address expenditure pressures experienced in the first half of the fiscal year, including a K98.5 billion increase in wages and salaries
“The increase allocations of State Residents funds from 67 billion kwacha to 89 billion kwacha adding that the funds will be used to renovate all the State Residents,” says Mwanamveka
Commenting, economic expert who was also one of the presidential candidates in 2025 general elections has faulted the just passed K8.589 trillion mid-year budget review.
Speaking in an interview with Radio Islam, Millard Tobias says being the first budget for the new administration he expected it to help in reversing the situation.
According to Tobias, “passing the midyear budget review without making any amendments is a shame on parliamentarians considering the increased tax burden on citizens which comes at a time when citizens are facing economic hardships.”
Tobias, adds that there is need for fiscal consolidation to create space for strategic investments in key areas with public debt around 21.6 trillion kwacha.
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