Friday, August 19News That Matters
Shadow

Mwanamveka Cast Doubt On National Budget Effectiveness

Share the story

Opposition Democratic Progressive Party is casting doubts on the expected success of the 2.8 trillion-kwacha national budget which was passed yesterday in parliament.

Parliamentarians approved the national financial plan which will run until 31st March 2023.

The passing of the Budget, came after the House has scrutinized allocations going towards government ministries, Departments, and Agencies.

Earlier on, Sosten Gwengwe, minister of finance expressed excitement and congratulated the House for passing the Budget.

He has since expressed optimism that the Budget will be implemented.

‘’We have done a bug task today and every budget is measured by the extent to which it is implemented. That is why we as the government has planned to extensively implement this budget’’ said Gwengwe.

But Joseph Mwanamvekha spokesperson for Opposition DPP on matters of finance has expressed doubts that the Budget will be implemented, citing the struggling economy as the reason.

He has since described the Budget as a weaker one.

One of the highlights of the national budget was the scrapping off of a 16.5 % VAT on cooking oil.

In the budget, Gwengwe said government anticipates a gross domestic product (GDP) growth of 4.1 percent and 4.0 percent in 2023, average inflation of 9.1 percent, a policy rate of 12.0 percent, and tax refunds of 3.0 percent of total tax revenue collection.

The minister also said the government will aim to entrench macro-economic stability, enhance the country’s resilience to external shocks, and fast-track economic recovery during the post-Covid-19 pandemic period.

Related News
Mwanamveka Granted Bail

Senior Resident Magistrate Wanangwa Nyirenda has granted bail to former Minister of Finance Joseph Mwanamvekha. Mwananvekha was arrested by the Read more

Mwanamveka Fault Government On Economic Crisis

Former Minister of Finance in the Democratic Progressive Party (DPP) Joseph Mwanamvekha says the 25 percent devaluation on the kwacha Read more

Peter Mutharika itches for Malawi’s 2025 presidential bid

Despite his old age to lead the party ahead of 2025 general elections, Former President Peter Mutharika has reaffirmed his Read more

ESCOM Loadshedding Irks Parliament

Parliament has adopted a report of the Parliamentary Committee on Public Accounts which has exposed the Electricity Supply Corporation of Read more

Hilal Afrika Embarked On A Borehole Drilling Project

In a bid to alleviate challenges that communities in hard-to-reach areas encounter to access clean, portable water; charitable organisation Hilal Read more

25% Devaluation Necessarily Evil- Gwengwe

Minister of Finance , Sosten Gwengwe has today told Parliament that the 25 percent devaluation effected two months ago was Read more

Malawi Have Enough Maize- Lowe

The country has adequate stocks of maize and therefore people should not panic. Minister Of Agriculture Lobin Lowe has given Read more

Chakwera Launch National Youth Service

President Dr Lazarus Chakwera says the National Youth Service (NYS) will make a difference to the nation when the youths Read more

Chakwera Commissions Mangochi Police Staff Houses

President Dr Lazarus Chakwera says his administration is putting more effort into rebuilding the broken foundation it inherited from the Read more


Share the story

Leave a Reply

Your email address will not be published.