Malawi Parliament pass K2.1trillion 2020/21 national budget

Members of Parliament (MPs) on Wednesday passed a K2.1 trillion 2020/21 national budget statement as presented by Minister of Finance Felix Mlusu  on September 4, 2020 .

Development expenditure is projected at K511.2 billion, consisting of K100.9 billion for domestically financed projects and K410.3 billion for foreign financed projects.

The budget has a fiscal deficit of K754.8 billion, which is expected to be financed by foreign borrowing amounting to K224.8 billion and K530.1 billion from domestic borrowing.

Parliament passed the budget after the committee of supply which scrutinises proposed arrangements vote by vote.

Finance minister commended members of Parliament (MPs) who contributed to the discussions.

“We are really indebted to the honourable members,” he told the House.

Main opposition Democratic Progressive Party’s (DPP) spokesperson on Finance, Joseph Mwanamvekha, who is the former Minister of Finance has described the budget as heavily consumption and private sector unfriendly.

Chief Whip for Democratic Progressive Party Vuwa Kaunda and other opposition MPs accused the government of bulldozing the budget through First Deputy of Speaker of parliament Madalitso Kazombo, the allegations that Leader of the House Richard Chimwendo Banda dismissed.

Parliament has been adjourned to Monday 2pm for a final week of sitting.

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