Monday, February 6Malawi's top news source

Government Spent K600 Billion Settling Debts

The ministry of finance and Economic affairs says the country has spent over six hundred billion kwacha in settling national debt.

Sosten Gwengwe, minister responsible made the the revelation in Mzuzu at the ministerial pre-budget consultation meeting for the 2023/2024 fiscal year.

According to Gwengwe, currently there is no balance between the expenditure and revenue collection.

He added that the 2023/2024 budget should dwell on debt sustainability with much attention given to balancing revenue and expenditure for economic growth.

Concurring with Gwengwe, Dr McDonald Mafuta Mwale, secretary to the treasury said the national budget is a tool for development and can only be achieved by putting in place right implementation policies.

However, Moses Mkandawire from Nyika Institute said corruption has also negatively affected the implementation of budget in Malawi.

He also proposed the review of the Affordable Input Program saying it is really draining public resources

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