The Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha has disclosed World Bank is supporting Malawi with a budgetary support of about $40 million. Mwanamvekha told journalists at Parliament in Lilongwe on Friday after he presented the K511.2 billion provisional budget that will allow government operations to continue for the first quarter of the […]
Malawi Congress Party (MCP) member of Parliament (MP)for Dedza East Juliana Lunguzi, has accused the Democratic Progressive Party (DPP) cares less about the health of ordinary Malawians in the villages by allocating less than 10 percent of the total budget to the health sector budget. Lunguzi said the ordinary Malawians, mostly in the rural villages […]
Malawi Pesident Peter Mutharika has told parliament that he is overseeing economic boom that will soon transalate to a full circle of economic recovery for the country to achieve sustained inclusive growth and development. The President told the House that the “sound macroeconomic policies” that his government has been implementing in the 2014/2015 financial year […]
A behaviour challenge on treating cooperating partners has been issued to the Democratic Progressive Party (DPP) government by opposition Malawi Congress Party (MCP) Dedza East Parliamentarian, Juliana Lunguzi. Lunguzi appealed to government not to cross path with donors responsible for procuring the country’s drugs. “What I would love to see therefore, and to hear, is […]
Alliance for Democracy (Aford) MP for Karonga Nyungwe, Khwauli Msiska, on Thursday a day reserved for private members motion in parliament, moved a motion to launch full investigations into allegations that Malawi Revenue Authority (MRA) borrowed money from commercial banks to paint a rosy picture in the infamous Zero-Deficit budget. George Mnesa the Balaka South […]
Economist and former finance minister Friday Jumbe says newly-introduced 16.5 percent value added tax (VAT) on some banking services is a “harmless tax”. The Bingu wa Mutharika administration introduced the tax on banking services as one of measures of sustaining the zero-deficit budget. Commercial banks fear the VAT will negatively impact the country’s banking culture and the Bankers […]
Parliament has given the stamp of approval to the revised K300 093 416 529 Zero-Deficit Budget which has been cut fromK320 billion presented in June 2012. The budget amendment was approved Monday at the National Assembly in Lilongwe in a day which was not short of drama. Business delayed in the House because the Speaker’s […]
Ruling Democratic Progressive Party (DPP) says Malawians must forget cerebrating 48 years of their independence if they still cling to donor dependence. DPP’s Secretary General, Wakuda Kamanga, said in Blantyre as on Sunday as he laboured to explain to people of Ndirande Malabada Constituency why President Bingu wa Mutharika is advancing the Zero Deficit Budget […]
Malawi Congress Party (MCP) lawmaker Mc Steyen Mkomba (Dedza Central) told parliament on Tuesday that the infamous zero-deficit budget (ZDB) has proved beyond doubt that it is a concept that should never have been followed and called for Mutharika government to abandon it. Mkomba said government should replace the budget and find some money from donors to avoid more […]
Malawi opposition lawmakers walked out of parliament Tuesday in protest on what they termed “sarcasm” and the unparliamentarily words coming from Deputy Minister of Agriculture, Margaret Roca Mauwa. The members of parliament complained that Mauwa remarks were demeaning them when standing on a point of order, used the word “kukanyela” Malawi lingua franca Chichewa for “shit.” The MPs demanded that the Deputy Minister to withdraw […]
Malawi has cut its national budget by K16.5 billion because it cannot collect the money due to reduced economic activities brought in by fuel and foreign exchange scarcity. The budget was brought last year and it was branded a zero-deficit budget as it was supposed to run on locally generated resources mainly from many taxes […]
Mr. Speaker, Sir, I am delighted to stand before this august House and deliver my maiden budget speech, albeit at the mid year, to appraise the House and the Nation about our economic and budget performance in the first half of the Fiscal Year and present prospects to the end of the Fiscal Year. DEVELOPMENTS […]
Britain’s Department for International Development (DfID) head in Malawi, Sarah Sanyahumbi, has added her voice to the chorus that the zero-deficit national budget has been a disaster that has resulted in economic hardships for the majority of Malawians. But Minister of Finance Ken Lipenga presenting a Mid-Year Review of the Budget in parliament on Friday, […]
Malawi’s Finance Minister Dr Ken Lipenga said on Friday that life of Malawians will soon return to normal as the country will be moving on face track to economic recovery. Malawi is on political knife-edge as pressure mounts on President Bingu wa Mutharika, who is presiding over a deepening economic crisis that has seen deepening […]
The Malawi Economic Justice Network (MEJN) has called for active citizen participation in tracking the budget so that it is implemented in line with the development needs of the people. Mapanga said Malawians especially those living in rural need to know how much is allocated to their District Councils for development activities and how much […]
Malawi’s Vice President and Peoples’ Party president Joyce Banda says Small and Medium Enterprises (SMEs) in Malawi are bearing the biggest brunt of the much touted Zero Deficit budget because there is fewer money in circulation. Many think tanks described the zero deficit budget – a brainchild of President Bingu wa Muthatika – as fallacy […]
Preamble: Malawi is this year running on a budget dubbed a “zero deficit budget”. Supposedly a road map to economic independence, it is causing untold misery on the masses while its champion – the President – can afford a long holiday in Hong Kong. The president’s men are also dreaming in colour, spending lavishly on […]
Malawi government’s domestic borrowing hunger stabilised last week with no movement of rates on the money. Average yields for Treasury Bills (TBs) maturing after 91 days were steady at 7 percent while the 182 days one decreased by 0.1 percent to 7.29 percent. The only tenor that registered an increased was the 273 days which […]