Minister of Finance and Economic Planning Goodall Gondwe has told Parliament that government has spent less than what was projected in the 2018/19 National Budget.
Delivering a Mid-Year Budget Review Statement in Parliament on Friday, Gondwe said of the K1.3 trillion projected budget for the first part of the 2018/19 financial year, K691.8 billion has been spent as of December 2018.
Gondwe told the House that Malawi Defence Force, Malawi Police Service (MPS) and the Farm Input Subsidy Program overspent than expected.
According to MDF and MPS had to overspend their budgets since they had to deal with unplanned circumstances in line with elections while the FISP program experienced some technical glitches that needed additional financial attention.
Government’s purse keeper also announced downwards revision of ain the 2018/19 National Budget in view of continued delay by some donors to honour their budget support commitments.
When he presented the 2018/19 budget statement in May last year, Gondwe said with optimism that revenues and grants were projected at K1.3 trillion and that grants were programmed to reach K209 billion of which K60 billion was expected to come from the World Bank in form of budget support.
The 2018/19 budget projects a real gross domestic product (GDP) growth rate of 4.1 percent in 2018 and 6.0 percent in 2019, coupled with an average inflation of around seven percent.Follow and Subscribe Nyasa TV :