ZAMBIA’S CABINET APPROVES 2024 BUDGET AND STRATEGIC MINERALS DECLARATION, EXPANDS FOREIGN MISSIONS, AND HOSTS KEY AGRICULTURAL CONFERENCE
The President of the Republic of Zambia, Mr. Hakainde Hichilema, presided over the 15th Cabinet Meeting of 2023 on Tuesday, September 5, 2023, at State House. Cabinet endorsed the Estimates of Revenue and Expenditure (The National Budget) for the fiscal year 2024. These estimates align with The Budget Policy Concept Paper on the 2024-2026 Medium Term Budget Plan, previously approved by Cabinet at its 11th Meeting on July 12, 2023. The Minister of Finance and National Planning is scheduled to present the 2024 National Budget in the National Assembly on Friday, September 29, 2023, in accordance with Article 202 (1) of the Constitution of Zambia.
Cabinet granted approval for the categorization of critical minerals, encompassing copper, cobalt, lithium, tin, graphite, coltan, manganese, nickel, Rare Earth Elements (REEs), gold, sugilite, emeralds, diamonds, and other minerals as strategic assets vital to accelerating Zambia’s development. This declaration initiates the formulation of a strategic plan for critical minerals, encouraging both governmental and private sector engagement in unlocking investments across the mineral value chain. The ultimate goal is to generate employment opportunities and foster greater exploitation of these resources, contributing significantly to the national treasury and overall national development.
Cabinet authorized the establishment of a Resident Embassy in Abu Dhabi, UAE, aiming to bolster bilateral relations and stimulate economic and political collaboration between Zambia and the UAE. The UAE, comprising seven Emirates, is recognized for its diverse economy and its role as a global trade and transport hub.
Cabinet also greenlit the establishment of another Resident Embassy in Doha, Qatar, with the objective of enhancing bilateral relations and cooperation across various economic sectors between Zambia and Qatar. Qatar boasts one of the world’s highest GDPs per capita and significant natural resources, including vast gas reserves and a thriving petrochemical industry.
Cabinet approved Zambia’s hosting of the 19th CAADP-PP, scheduled from November 1 to 3, 2023. This aligns with Zambia’s strategic goal of becoming a regional agricultural hub, satisfying domestic and regional food demand, and diversifying agricultural production. Hosting the 19th CAADP-PP event presents an opportunity for Member States and stakeholders to engage, share best practices, and promote inclusive economic growth, smallholder farmer support, food production, and the eradication of hunger across the African continent.
