The increase in the threshold could, thus, increase the disposable income for journalists and lessen the economic burden on them. This is important because financial freedom constitutes one of the two main components of press freedom. A compromise in financial freedom could affect editorial independence and judgment of the journalist. It is for this reason that several stakeholders earlier in the same year welcomed the government’s intentions of promulgating a minimum wage for journalists in order to prevent adverse conditions of service 34. Another notable pronouncement in the Budget was the standard-rating of the supply of booklets and newspapers to increase the VAT tax base. Such a move could affect media as it has the potential to increase the cover price of newspapers which were the most affected media during the COVID-19 pandemic 35. Such a move will increase the operational costs of print media outlets which are currently faced by competition from online media which are not under any specific tax regime. Further, a media product is considered as a public good essential for the functioning of democracy. Some schools of thought argue against heavy taxation of media products as this presents a form of censorship 36. Overall, the 2022 budget did not provide direct incentives for media development like those extended to other sectors such as agriculture 37. Tax and non-tax incentives are important for media development especially in view of the negative economic environment in which the media operated in the last year as well as the first and second quarters of 2021 without a stimulus package. It is, therefore, important for government to recognise the sector as a critical facilitator of the governance process requiring a conducive operating landscape. The economic environment in the fourth quarter generally posted a positive picture given the favourable performance of most economic variables such as the currency exchange rates, yearon-year inflation, interest rates, business opportunities and absence of electricity load management. These factors alleviated the cost of operation for media houses with increased advertising from companies that recorded new business opportunities and increased consumer See State of the Media, Quarter 1, 2021. See also http://www.daily-mail.co.zm/minimum-wages-plannedfor-journalists-ict-workers/ 35 See the 2020 Free Press Initiative survey on the impact of COVID-19 on Zambia’s news media, media houses, particularly newspapers, which were identified as being most affected by the effects of the COVID-19 pandemic. See also data in Banda, F. (2004) Newspapers and magazines in Zambia-a question of sustainability. Lusaka: MISA who analysed the viability of a newspaper enterprise in Zambia. Effects of financial difficulty were evident during the quarter under review. For example, the Industrial Development Cooperation was reported by the Daily Nation on 23rd December to have secured funding for downsizing of staff at the Times of Zambia Newspaper which was in financial distress and placed under the Zambia Daily Mail Management. 36 See McQuail, D. (1994). Mass Communication Theory: an introduction-third edition. London: SAGE. 37 Tax on selected agricultural equipment and accessories was zero-rated 34 29