Agriculture gets the K497.75 billion share, with more funds going to commercialization projects

President Lazarus Chakwera’s government has once again lived to priotising agriculture as the mainstay of the economy by allocating a lion’s share of K497.75 billion to the ministry with key focus on agricultural commercialization and irrigation.

Delivering his speech, Finance Minister Simplex Chithyola Banda said the agriculture sector remains the economy’s backbone and a pillar for economic recovery.

“The government in this fiscal season has intensified with Agricultural Commercialization project with a part 1 allocation of K92.56 billion. Shire Valley Transformation project with a provision of K60.6 billion. Programme for Rural Irrigation Development (PRIDE) with an allocation of K26.06 billion,” he said.

He added that Transforming Agricultural Production and Transformation and Entrepreneurship (TRADE) has been allocated K25.32 billion.

“Agricultural Infrastructure and Youth in Agribusiness Project with a provision of K4 billion; and Promotion of Mechanised Farm Operations through Hiring Centres in Malawi with a provision of K500 million kwacha,” he said.

Chithyola also indicated that recognizing that commercialization of agricultural production is not possible in the absence of potential markets, government negotiated with China on shelled groundnuts and soybean exports.

“Production of groundnuts and soybeans for export to the Peoples’ Republic of China commences this production season under the Mega Farm Initiative,” he said.

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