MCP will change Malawi financial year – Chakwera

Malawi Congress Party (MCP) president Lazarus Chakwera has said when elected to power next year, his government will  change the financial year to the months of April and March.

Chakwera addressing a whistle-stop meeting in the North

Since 2010, the country has been running on national budgets running from July 1 to June 30—a cycle some argue that negatively affects annual procurement of agricultural inputs and government spending when it comes to electoral years.

Speaking during his northern region tour, Chakwera said MCP  will be changing the fiscal year since the current cycle coincides with the growing season.

“The  financial year would start from April [1] to March [31] . MCP wants to realign the financial year with the needs of the predominantly agricultural economy,” said Chakwera.

Chakwera said  also expressed sadness that  at least 3.3 million Malawians will be food insecure this year following a 28.4 percent decrease in maize production as projected by  a report by the 2018 Malawi Vulnerability Assessment Committee (Mvac) .

For this, government will need to raise about K23.5 billion to buy the required 138 488 metric tonnes (MT) of maize to feed the people.

Government allocated K7 billion in the 2018/19 national budget to cater for relief food, leaving a K13.8 billion deficit.

Chakwera said the Farm Input Subsidy Programme (Fisp) has failed said MCP administration  will  find a permanent solution to address chronic food insecurity with introduction of universal fertiliser subsidy.

He said Fisp has failed to address food insecurity as it benefits the same people who are also targeted with relief food items.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

  Subscribe  
newest oldest most voted
Notify of
Mwale
Guest
Mwale

That’s what Malawians want.

Wapsa tonola
Guest
Wapsa tonola

Bravo Chakwera you deserve my vote

Kupepela
Guest
Kupepela

How is that going to help me??

Chacha
Guest

That’s the mother of all promises. Any party that promises job creation and does not talk about the change of financial year, do not trust such. Once the financial year is changed from March to April, the government will have resources to buy farm commodities on time. That will eventually boost the country’s economy. 80% of all Malawians are smallholder farmers, once these people have money in their pockets, they will be able to educate their children, they will be able to build houses. The economy will boom!

You have my vote Mr. Chakwera.

UTM ready mukoperenso fundo iyi.

mediaz
Guest
mediaz

If you don’t understand English you better stop stupid comments,,,,mtchona ndiweyo ndi agogo akowo…kape iwe.Ufune usafune Chakwera akulamulila kuyamba 2019 cos Malawi is not your estate

Era
Guest
Era

A Chakwera kupusa uku. Focusing on trivial things.

Ndendeuli
Guest
Ndendeuli

This Chakwera didn’t do his his simple homework to understand why the fiscal year was changed from March to June.

No wonder he wants azungu to come back and run affairs pa Nyasaland pano.

BigMan
Guest
BigMan

Tell us where all the bodies are buried first Reverend Chakwera, then we can talk. Until then MCP will never rule this country again. NEVER.

Chacha
Guest

Poti udzavota iwe wekha

Ndaonavino
Guest
Ndaonavino

You are un decided yet? April, March which is which che Lazalo? kkkkkkkkkk. Kutembeleredwa kwakukulirani basi simungathawe ntchito ya Atate chifukwa cha dyera

Kunena Mosapsyatila.
Guest
Kunena Mosapsyatila.

If you don’t know issues of politics and finances better never comment because ikuonetsa umbuli wako. Chakwera has suggested that the financial year will begin on 1st April and end on 31st March the other year: do your homework brother!!!!!! Compare this idea with the current scenario in terms of months and dates.

Zambulo
Guest
Zambulo

transformation agenda second edition

More From Nyasatimes