Gwengwe Budget Economic Recovery But Poor Left Behind

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Minister of Finance Hon Sosten Alfred Gwengwe has hinted that the financial plan has been aligned with the State of the Nation Address delivered by President Lazarus Chakwera recently.

Minister of Finance Sosten Gwengwe says government has completed construction of trauma centres in Dedza, Ntcheu and Balaka districts to assist people involved in road accidents on the M1 road.

He said this in his budget statement he is presenting at Parliament, adding the centres which will roll out soon have ambulances to ferry victims.

Finance Minister Sosten Gwengwe says the 2022/23 financial year used a total of K3.04 trillion against a planned K2.85 trillion

Gwengwe says the overspending resulted in a budget deficit of around K1.01trillion.

Finance Minister Gwengwe says construction of the M1 road in Lilongwe, which is being upgraded to duo-carriage, is now at 30% completion rate with majority of bridges on the road almost completed.

The road is being rehabilitated from Crossroads roundabout to Kanengo.

Finance Minister Sosten Gwengwe says Malawi’s debt stock was hovering at around 7.9 trillion kwacha as of December 2022.

He says Tonse led administration is currently working on a credible process to restructure the debt.

He says the budget has managed to provide prudent allocation to different sectors to meet the country’s economic targets.

Government has reaffirmed its commitment in enhancing the use of Integrated Financial Management Information System (IFMIS) ·

Finance Minister Sosten Gwengwe says they will consolidate gains of the system to ensure transperancy in all government payment processes.

He adds they will institute measures that will see the system effective to all government ministries and departments.

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