Parliament passes six loan bills
Parliament on Monday passed six loan authorization bills presented by Finance Minister Ken Kandodo.
The House approved the Bill which Finance Minister presented requiring government to get a credit in form of a MK980 million loan from Opec Fund for International Development for rehabilitation of Kamuzu International Airport in the capital.
Parliament also approved a Bill allowing government to borrow US$34 FROM Africa Development Fund meant to rehabilitate Blantyre-Zomba road.
Kandodo was also approved by the House on bill to borrow MK12 billion from China for the construction of an international conference.
Lawmakers also approved a bill allowing government to get a US$12 loan from Arab Bank for Economic Development in Africa for development of Thyolo-Makwasa-Bangula road.
Parliament will on Tuesday continue debating on three loan bills.
The Finance Minister is expected to deliver a national budget on Friday in the national assembly. The appropriation act, 2009 is expected to come into force by July 28.
National Assembly last week passed a resolution authorizing the Minister of Finance to withdraw K75.5 billion from the Consolidated Fund for the purpose of meeting expenditure necessary to carry on the services of government from July 1, 2009 to October 31, 2009.
Malawi’s financial year starts on July 1 and ends on June 30 the following year.
Tagged with: budget, Kandodo, parliament
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