Business
Zambia 2012 budget: Big increase in social spending
Friday, November 11, 2011
Zambia’s new government unveiled an expansive 2012 budget on Friday, with big increases in social spending and farming subsidies to be paid for by a rise in mineral royalties and a debut US$500 million Eurobond.
In the first budget since September’s election upset, Finance Minister Alexander Chikwanda put flesh on the bones of new President Michael Sata’s promises to spread the benefits of strong growth in Africa’s biggest copper producer.
Overall spending would rise to 27.7 trillion kwacha (US$ 5.5 billion), or 26.5 percent of gross domestic product (GDP), from 21 percent in 2011, Chikwanda said.
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