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
These bills are necessary, they are aimed at developing infrastructure in the country and having been outstanding for long time in parliament. MPs do not need to spend so much time debating a bill for the sake of debate, if there is no problem with a bill, let it be passed even without any debate. Majority of the MPs in this august house are learned pple not what we have had previously. Ask the British or other developed nations, they are also borrowing heavily as well and it is expected anywhere in the world that any monies borrowed by the current govt will be repaid in future by the govt then. Your children will pay taxes some of which will be used to repay these loans but at the same time they will have good infrastructure all over the country hence living a better life than you guys. Get a life and let parliament do its business. Kuzolowera munthu wakuba uja ndi munthu wakupha uja eti?
mps of gvt and opposition to scruthnise things. They are there debate, ibelieve one mp could had rise en raise this issue of bill already passed.
MWAYAMBIRA WA THYOLO EEEEEEEEEEEEEEETI, TISAMUKIRA KU THYOLO. WHT ABT CP-KA ROAD WHICH REQUIRES 12BILLION, MACHINA AKUCHEDWA!
amwene kandodo you are borrowing funds to rehabillitate KIA, but mr finance minister why cant you think to borrow to rehabillitate that Chilumba airport. nde mwati nseu wa thyolo-makwasa-bangulaso? osayamba wa rumphi-nyika-chitipa bwanji? tikukuwonanitu!!!! pitilizani!!!
Tony, let me ask you one question: if you say majority of the MPs are learned, do they ever go through debt propositions, analyse them, check the risks and foreseen returns with a calculator in their hands? The answer is big no. Most of them might be learned but dont even understand finance. Their approval is based on what the money will be used for and not attached implications, this has been the basis of debates in the house for a long time. You are saying the British are also borrowing but our financial muscle is completely different from theirs. If we borrow maybe $2.5bm, that would be over leaverage for our nation while for Brtn, thats nothing. Borrowing will always be their for financial gearing but it has its limits which the MPs are failing to look into.
We are borrowing coz we dont have enough to sustain our economy, the gvt has nothing. The revenue is very low coz the only easy tax payers are employees and not businesses. Amwenye are evading corporate tax. The gvt should look at how it can stimulate the economy through massive individual investments which will help it generate revenue. That is how all other countries have been doing. Instead, the gvt is preventing individuals from participating in the economy so that it can gain praise for its initiatives. We can build these roads but if our people are still lazy and begging we are doing nothing. Another issue is to stimulate women participation in the country. Malawian women only think about marraiges and not any other thing. Yes there are a few that are getting educated and working/doing business but its not enough. We have more women than men and if we keep them away from economic activities then we are under-utilizing them as a resource.
Mseu umenewu umangidwe osamangoimba ngatinyimba ya fuko lathu. Osaiwala wa Karonga-Chitiapa, Rumphi- Chitipa via Nyika,ndi Jenda-Edingeni-Mzimba-Kafukule-Euthini ndi yina yambiri. Pajatu ntchito za manja anu zizakuchitirani umboni.