President Peter Mutharika said his administration will give special importance to the design and implementation of sound macro-economic policies as a critical factor to support good governance.
The President who was delivering his maiden State of the Nation Address to Parliament in Lilongwe, announced that a provisional three month budget will be passed during the current sitting and another with adequate measures to kick start economic growth will be presented for approval in October.
He said there will be an “appropriate policy mix” to enable the economy to attain full recovery leading towards sustained growth and development.
“Mr. Speaker, Sir, we will create an enabling environment to achieve four principal objectives: attaining macro-economic growth; allocating resources more efficiently; mobilizing domestic and foreign resources to support economic growth; and reduction of public expenditure,” said Mutharika.
“ This, will address the current internal disequilibrium in our economy characterized by serious foreign exchange shortages, unsustainable budget deficits and mounting domestic debt service burdens,” he added.
Mutharika said his administration will follow the laws governing Public Finance Management and put in place policies that will restore the private sector confidence in the economy and consequently strengthen business enterprises to contribute more positively to the socio-economic development of this country.Follow and Subscribe Nyasa TV :