Parliament passes 2020 – 2021 budget; aimed at MK2.2 trillion

By: Akometsi

Parliament has passed the K2.2 trillion 2020-21 national budget with minor amendments to some votes.

The passing of the budget means Parliament has allowed the Tonse Alliance government to spend on social services and development projects.

Before the budget was passed, members of Parliament took government to task to justify some allocations and praying for increased funding for some Ministries, Departments and Agencies.

The recurrent expenses are projected at K1.679 trillion comprising K523.7billion for Wages and Salaries; K376.0 billion for InterestPayments; K308.9 billion for Goods and Services; K266.0 billionfor Social Benefits; and K97.4 billion for SubventedOrganisations.

Development expenditure is projected
at K511.2 billion, consisting of K100.9 billion for domesticallyfinanced projects and K410.3 billion for foreign-financedprojects.

The budget has a fiscal deficit of K754.8 billion, which is expected to be financed by foreign borrowing amounting to K224.8 billion and K530.1 billion from domestic borrowing.

What are your thoughts on this article?

%d bloggers like this: