Minister of Finance and Economic Planning Simplex Chithyola Banda has described the 2025-2026 Pre-Budget Consultation Meetings as crucial for fostering economic stability and growth, especially when the economy faces significant challenges.
He made the remarks on Monday at the opening of the 2025-2026 Pre-Budget Consultation meeting at the Bingu International Convention Centre in Lilongwe.
Chithyola emphasised that, given the current economic climate, it is essential for Malawians to collaborate in identifying key areas for the budget to focus on, promoting sustainable economic growth and resilience for the betterment of the people.
He noted that the past year has seen both notable progress and significant challenges, saying domestically, the country has worked tirelessly to stabilise inflation, strengthen its currency, and improve public service delivery.
“However, we continue to face persistent economic hurdles. Globally, the world is navigating the adverse impacts of geopolitical tensions, fluctuating commodity prices, and the negative effects of climate change,” he added.
He stated that such consultative meetings will provide a platform for all stakeholders, including the business community, non-governmental organisations, faith-based organisations, youth representatives, academia, and the public, to present their views and proposals on the 2025/26 National Budget.
“Government has laid out a framework for the 2025/26 budget which aims to drive the economy towards stability. The preliminary framework is designed to enhance fiscal consolidation while positively supporting the financial sector. My Ministry is still in discussions with the International Monetary Fund (IMF) regarding the possibility of disbursing resources through the Extended Credit Facility (ECF),” Chithyola said.
He highlighted that Government plans to implement the upcoming budget using revenue generated from taxes and other sources, rather than relying on borrowing.
Principal Secretary for Administration in the Ministry of Finance and Economic Affairs, Heatherwick Njati encouraged the participants to constructively contribute to the consultation process.
“The budget can only produce the desired and needed results if we get our National priorities right and identify clear and impactful attainable goals on the onset.
The budget can only produce results if it is prepared and implemented collaboratively.
Among those in attendance are the Director General for the National Planning Committee Dr Thomas Munthali, the Commissioner General of Malawi Revenue Authority, Daniel Dominic Daka and representatives from various Civil Society Organisations.
The meeting is the first in a series of national consultative meetings planned across all regions of the country. Similar meetings will be held in Mzuzu on Tuesday, January 14, and Friday, January 17, 2025, in Blantyre.
