MCP tipped on new budget

Polytechnic based economics Professor Betchani Tchereni has backed the proposal by the Malawi Congress Party – MCP to withdraw the 2020/2021 national budget presented by the former Democratic Progressive Party led administration.

Interim Leader of Opposition Lobin Lowe recently told YFM that MCP will propose for a revised national budget if it will come out victorious in fresh presidential poll.

Commenting on the development, Professor Tchereni said it is possible for the coming government to propose its Budget.

“It’s very practical, it is possible, it can happen and it should happen pretty much because the Budget was brought into Parliament by another administration and when they go to Parliament, tables will turn,” he said.

“You do not defend that which does not belong to you, you do not have to explain that .does not belong to you, we should also remember that the Budget represents the vision, the trajectory through which you want economy to take.”

Professor Tchereni has however cautioned the next government to work against time on developing the new budget or a provisional one as the 2020 fiscal year is coming to an end.

“If we do not have a budget, whatever the expenditure is going to happen from July 1 it is happening illegally, because we need something that has been passed and approved by parliament,” he said.

According to Finance Minister Joseph Mwanamvekha, the total expenditure for 2020/2021 fiscal year is projected at K2.023 trillion, representing 28.3 percent of Gross Domestic Product (GDP) and an increase of 9.9 percent over the 2019/2020 mid-year revised estimate.

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