News

COVID causes K27 billion gap

STEVEN MVULA
Lusaka
THE COVID-19 pandemic will cost Government K17 billion in loss of revenue, Minister of Finance Bwalya Ng’andu has said.
The global pandemic will also trigger a spending increase of more than K9 billion and a financing gap of almost K27 billion.
Dr Ng’andu says the disease has had a negative impact on the economy, which has resulted in Government increasing its expenditure.
“The negative impact of COVID-19 had filtered through the economy by way of health shocks, domestic economic restrictions and lockdowns, revenue losses, increased spending, reduced exports, capital flow reversals and lower commodity prices,” Dr Ng’andu said.
He was speaking yesterday during the National Development Coordinating Committee (NDCC) meeting.
This is according to a statement by Ministry of National Development Planning spokesperson Chibaula Silwamba.

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