Parliament nods to Chithyola’s maiden budget

Parliament has adopted the 2024/2025 K5.9 trillion national budget.

Speaking to YONECO FM, finance minister Simplex Chithyola Banda said the adoption of his maiden budget is an indication of the House`s support and confidence the legislators have in government.

He said: “I am more than happy because in a record time, this could be probably the first budget to be passed in less than one and half days, so I am extremely happy.”

Chithyola Banda added that he is optimistic that the financial blueprint will achieve its intended objectives towards uplifting the livelihood of Malawians.

Of the total expenditure, recurrent expenses are estimated at K4.21 trillion, representing 22.5 percent of Gross Domestic Product (GDP) and 70.4 percent of total expenditure.

Commenting on the development, the main opposition Democratic Progressive Party (DPP) through its leader Mary Navicha said the opposition is expecting the financial plan to address various economic challenges Malawians are currently facing.

Said Navicha: “As opposition side, we have done the needful, we have done our part and what is remaining is implementation on their side, so we are just waiting to see what will happen on the ground.

“We are expecting this budget to address the issues that are affecting our people, as you are aware our people are suffering so we are expecting this budget to address those issues.”

According to Chithyola Banda the budget’s overall balance is estimated at a deficit of K1.43 trillion, which is 7.6 percent of GDP.

The finance minister told the august House that the deficit will be financed through domestic borrowing amounting to K1.28 trillion, representing 6.0 percent of GDP and K150 billion foreign borrowing.

The agriculture sector has been allocated a total of K497.75 billion, representing 8.3 percent of the total budget as Chithyola Banda has described the sector as the economy’s backbone and a pillar for economic recovery.

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