Finance Minister Joseph Mwanamveka has announced that the Presidential Initiative on Sports has been allocated K400 million up from K120 million.
Mwanamveka said this when he presented his natonal budgte statement in Parliament on Friday for the 2020/21 financial year.
He said President Peter Mutharika is committed to improving sporting standards in this country especially at grassroots level.
“In order to live up to this commitment, this government has increased sponsorship of the
Presidential Cup to K400.0 million from K120.0 million.
“Of this amount, K200.0 million will be allocated to football,” said Mwanamvekha.
“K100 million to netball and the balance of K100 million to cater for all other sports disciplines in all the districts,” he said.
The Financne Minister said the administration of all sports activities under the Presidential Cup initiative will be done through the Office of the President and Cabinet.
Date for the re-launch of this year’s PIS edition will be announced later.