Malawi budget session of Parliament starts Sept 1

Budget session of Parliament will commence on September 1 and run through to October 3 2014 when legislators will consider and pass the first budget of the Peter Mutharika government.

In June, Minister of Finance, Economic Planning and Development Goodall Gondwe presented to Parliament a supplementary budget to provide bridging finance for the government following elections held in May.

Malawi’s fiscal year runs from July 1 – June 30.

Speaker Richard Msowoya has said members of parliament will start their budget meeting September as Gondwe, a retired IMF technocrat, will present Malawi financial plan for 2014/15.

Speaker Richard Msowoya: Parliament starts  September 1

Speaker Richard Msowoya: Parliament starts September 1

According to Gondwe, this year’s national budget is expected to rise to K743 billion (US$1 790 361 446), a 16 percent jump compared to the previous K640 billion (US$1 542 168 675).

Gondwe said during budget consultation process that the government has been grappling with a number of issues in the preparation of the budget, including a domestic debt of K340 billion (US$819 277 108), payment arrears of K173 billion (US$416 867 469) and aid suspension.

It is expected that there will an increase in taxes and introduction of new ones to cushion the budget deficit.

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