Africa-Press – Zambia. The government says it will address the issue surrounding the operations of Konkola Copper Mine ( KCM ) and Mopani Copper Mine ( MCM) within the quickest possible time. Finance and National Planning Minister Situmbeko Musokotwane says this is because a huge amount of capital is required to resuscitate the two mines.
Speaking at the post-budget symposium in Lusaka, Dr. Musokotwane disclosed that discussions to bring a lasting solution to the matter are already underway adding that the general public will in due course be informed on the way forward.
Government has through Zambia Consolidated Copper Mines Investment Holding ( ZCCM-IH) taken over Mopani Copper Mines and is in the process of identifying an equity partner while KCM is in liquidation.
Meanwhile, the Minister said the government is currently subsidizing fuel to the tune of 21 million United States dollars on a monthly basis. Dr. Musokotwane admitted that government is in dilemma regarding the issue of fuel.
Getting fuel from Indeni is expensive in comparison with purchasing finished oil produce from the Port of Dar es Salaam through the TAZAMA pipeline. “If we want cheaper fuel, then of course it means that we cannot buy from Indeni but If we want Indeni it means we must accept more expensive fuel, these are the choices we have to make,” he said.
Members of the audience following the proceedings of the Post Budget Townhall Symposium at Mulungushi International Conference Centre in Lusaka on Monday, November 1,2021 -Picture by THOMAS NSAMA/ZANIS
Meanwhile, the government has defended its decision to increase the Pay As You Earn (PAYE) tax threshold to 4, 500 kwacha in the 2022 National Budget, an increment of only 500 kwacha.
Speaking at a post-budget symposium in Lusaka yesterday, Minister of Finance and National Planning Situmbeko Musokotwane explained that the budget was too tight, noting that the demand for areas needing resourcing his high.
The Minister noted that it is for this reason that in the area of education, that the most efficient way to handle the issue, was to make secondary school education free for all scholars.
Dr Musoktwane revealed that even though the tax threshold was increased by only 500 kwacha, implementing the free education policy, will cushion the spending burden of workers.
He said adjusting the tax band beyond the set threshold can only benefit those in formal employment alone at the expense of groupings that do not have formal jobs.
“If we adjust the tax, we are not benefiting them in any way band (those who are not in formal employment). We actually thought that by making education free, we are targeting a bigger group of people to be beneficiaries, a low level civil servant out there who was previously paying school fees for the children, in one go, you have given money to them.” Dr Musokotwane explained.
And Dr Musokotwane said the move by government to stop importing desks in next year’s budget, will create employment. He disclosed that youths will be trained in craft skills to enable them the expertise to carry out such works.
Dr Musokotwane appealed to banks to soften conditions for youths to acquire loans in order for them to carry out projects in their localities. “A loan of 10, 15 thousand kwacha can a do a lot to enable a youth to take up a contact to make hundred desks in the constituency, in the ward, this is where the jobs will go,” he said.
Finance Minister Situmbeko Musokotwane speaks with Saro Agro Industrial limited Managing Director Ashok Oza (L) shortly after the Post Budget Townhall Symposium at Mulungushi International Conference Centre in Lusaka on Monday, November 1,2021 -Picture by THOMAS NSAMA/ZANIS
Finance Minister Situmbeko Musokotwane interracts with Bankers Association of Zambia Chief Executive officer Leonard Mwanza (L) shortly after the Post Budget Townhall Symposium at Mulungushi International Conference Centre in Lusaka on Monday, November 1,2021 -Picture by THOMAS NSAMA/ZANIS
Finance Minister Situmbeko Musokotwane speaks with Noel Nkoma shortly after the Post Budget Townhall Symposium at Mulungushi International Conference Centre in Lusaka on Monday, November 1,2021 -Picture by THOMAS NSAMA/ZANIS
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