White Paper on Medium term Budget Plan released
By Mwila Nsofu
The Ministry of Finance and National Planning has released the White Paper on the Medium-Term Budget Plan covering the period 2025-2027.
The White Paper follows the approval of the 2025 National Budget by the National Assembly, and is intended to enhance transparency, and promote the credibility of the budgeting process.
Secretary to the Treasury, FELIX NKULUKUSA says the White Paper has been prepared at a time when there is less than two years remaining for implementation of the Eighth National Development Plan -8NDP, 2022-2026.
And in a statement to ZNBC News today, Mr NKULUKUSA said the White Paper sets a strategic tone and foundation to strengthen the resilience of the economy, and promote higher growth, projected at more than 6 percent per annum.
He said fiscal policy will be contractionary, with the fiscal deficit projected at 0.7 percent of GDP by 2027 from 3.1 percent of GDP in 2025.
Mr. NKULUKUSA said domestic revenues are projected at no less than 21.2 percent of GDP by 2027.
He said this will be achieved by enhancing tax policies and leveraging on technology to strengthen tax administration and improve tax compliance.
Mr. NKULUKUSA said expenditures are projected at 24.8 percent of GDP in 2027 from 26.6 percent of GDP in 2025, on account of expenditure rationalization and reduction of leakages.
He said social sector spending will continue to be a priority and that Government will also utilise Public Private Partnerships to finance developmental projects, especially those related to infrastructure.
Meanwhile, Mr. NKULUKUSA said as it meets its financing requirements over the medium term, Government will access more resources from external sources through concessional financing, in line with the tenets of debt restructuring and the 2024 – 2026 Medium Term Debt Strategy.
He said as the effects of climate change become more pronounced and to enhance public service delivery, Government will continue promoting the integration of risk management in business processes and across the public sector.
Mr. NKULUKUSA said this will be achieved through the establishment of risk management systems to facilitate the assessment and management of risks.
