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Budget up by K5.5 billion

MLUSU— K1.0 trillion will not be raised in one financial year

Finance Minister Felix Mlusu Tuesday added K5.5 billion to the 2021/2022 National Budget in response to suggestions cluster members put forward when they were scrutinising the financial blueprint.

This means the national budget is now pegged at K1.995 trillion, up from the K1.990 trillion the minister presented to Parliament in his statement last month.

Mlusu also told Parliament that the government had made arrangements to finance the Agricultural Development and Marketing Corporation (Admarc) with K95 billion for the purchase of maize and other crops from farmers subject to the passing of the budget.

Additional resources amounting to K500 million have been allocated to the Office of the Vice President for the procurement of motor vehicles, K394 million to the office of the Director of Public Prosecutions about K363 million to the National Audit Office and K350 million to the Judiciary to meet mandatory payments to newly appointed judges, among other votes.

He further clarified that the government would not be able to raise K1.0 trillion through a development bond in Malawi.

“Let me inform this august House that the K1.0 trillion will not be raised in one financial year. The K1.0 trillion, therefore, covers the entire implementation period of the selected projects, which for most of them is pegged at between three to five years,” he said.

Parliament is today expected to commence vote-by-vote scrutiny of the budget.

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