Minister of Finance, Economic Planning and Development Joseph Mwanamvekha has presented a K511.3 billion provisional budget in Parliament which allows Treasury to tap funds from consolidated account to carry on government services from 1st July to 31st October, 2019.
Total revenue and grants are estimated at K410 billion, according to the budget.
Mwanamvekha, an economist and former banker, said before September this year, the nation should have the full fiscal plan in place to ensure all aspects of development are implemented as per government design.
He said the provisional budget, as provided for in the Constitution, has a maximum timeframe of four months, giving room for government to prepare a full budget.
Mwanamveka said the provisional budget have information on statutory expenses such as salaries, pensions and gratuities.
“Before the end of September, we need to have a full budget to be approved by Parliament and passed and the provisional budget of four months will form part of the full national budget,” said the country’s purse keeper.
He said the provisional budget has been necessitated by the late constitution of the Cabinet, which President Peter Mutharika appointed on June 19.
Mwanamvekha, who once worked as Secretary to the Treasury, moves from Agriculture, Irrigation and Water Development where he was credited with boosting food security through surplus harvests of maize, Malawi’s staple grain.
He replaces Goodall Gondwe, who has been the Minister of Finance, Economic Planning and Development for a decade. Gondwe is now President Mutharika’s chief economic advisor.