Parliament approves K511bn provisional budget

Parliament has approved the K511, 269,522,794 provisional budget for the purpose of meeting expenditure necessary to carry out the services of the government in the next four months. 

Moving the financial resolution on Friday, Minister of Finance, Economic Planning and Development Joseph Mwanamvekha said the budget has been presented on an assumption of 8.0% inflation during the period under review and the exchange rate is expected to average MK750 to 0ne US dollar.

In an interview with YFM, Mwanamvekha said the Budget has been drafted considering the reduction in borrowing.

“We will try as much as possible to make sure that our debt is sustainable, and also to ensure that whatever we borrow we make sure that it properly used for intended purposes and also ensure that there is value for money,” assured Mwanamvekha.

Responding to the Budget, Malawi Congress Party (MCP) Spokesperson on Finance Sosten Gwengwe has advised government to regularly update the House on the country’s debt and turn the screw on all corrupt practices.

“There are two main concerns that as Malawi Congress Party we have tipped the new Minister of Finance to look seriously on issues of fraud and issues of corruption,” said Gwengwe.

Meanwhile, the United Democratic Front through its Spokesperson on Finance Rodrick Khumbanyiwa said spending of the allocated money should be done on intended purpose.

“Our plea to the Government is what I have said that the management of monetary should be properly managed, that’s the stand of UDF Party,” asserted Khumbanyiwa.

The moneys are from the  Consolidated Fund, and will enable Government to deliver services for a  period  of  four  months,  from  1st July  2019  to  31st October  2019  or  until  the  Appropriation  Act,  2019 comes  into  force.

According to the Finance Minister, only ongoing projects will be provided for in the Provisional Budget and that provisions  for  new  projects  will  be  made  in  the  main  2019/20 budget.

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