Monday, July 15, 2024

Malawi 2022/2023 pro-poor budget passed unanimously

Finance Minister Sosten Gwengwe


The Malawi Parliament on Wednesday–without much ado–passed the 2022/2023 national financial budget which stands at K2.84 trillion.

Before it was passed, there was scrutiny and approval of votes for different ministries and government departments.

“The budget has been passed after looking into votes from about 13 ministries and government departments without amendments,” Leader of the House, Richard Chimwendo Banda, said.

Banda hailed the parliamentarians for being active during committee of supply meetings.

In the budget, among others, government increased Constituency Development Fund (CDF) from K40 million to K100 million and allocated K500 million for the construction of houses for people with albinism across the country.

Finance minister Sosten Gwengwe presented the budget in Parliament on February 18, 2022 which has been described by economic pundits as a recovery budget.

Of the K2.84 trillion, recurrent expenses are estimated at K2.019 trillion while development expenditure is programmed at K820.67 billion.

The 2022/2023 budget is Gwengwe’s first under his tutelage but third of its kind by the Tonse Alliance-led administration.

The fiscal plan aspires to achieve fiscal consolidation, strengthen public debt management, ensure fiscal discipline and keep Malawi on track towards achieving the Malawi 2063 vision.

The budget, which hinges on reducing public debt stock—seen at K5.5 trillion as at mid-2021—is viewed by experts as people-centric as it has been aligned to three priority areas of wealth creation, job creation and food security.

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