Lazarus Chakwera nods to 6 money bills
By Cathy Maulidi:
President Lazarus Chakwera has assented to six money bills which include the Appropriation Bill that authorises the Finance Minister to direct Consolidated Fund payouts during the new financial year.
By assenting to the bill, the Finance Minister has been given the greenlight to use sums not exceeding K3.78 trillion, which was approved by Parliament.
This means the Treasury has been allowed to use the whole budget in the financial year and that any balance of an amount set out in the schedule, which is unused by the end of the financial year ending March 31 2024, shall lapse and shall not be available for making payments in any subsequent months.
Chakwera’s spokesperson Anthony Kasunda confirmed that the President has assented to the bill and five other bills.
“His Excellency Dr Lazarus McCarthy Chakwera, President of the Republic of Malawi, in exercising powers conferred on him by Section 89 of the Constitution of Malawi, has assented to the bills that were passed recently by legislators,” Kasunda said.
The other bills, as assented to by the President, include two authorisation bills— International Development Association (Water and Sanitation Project) and International Development Association (second additional financing for the Social Support for Resilient Livelihood Project) that allows the government to receive grants from development partners.
In the water and sanitation grant, the Minister of Finance is, on behalf of the government, expected to receive K150 billion for the project while the Social Support for Resilient Livelihood Project is expected to get a grant of K115 billion, both from the International Development Association.
Other bills include Customs and Excise, Taxation and Value Added Tax.
On Thursday last week, Parliament passed the K3. 788 trillion 2023-24 national budget after nodding to all the 58 votes in the financial plan.
The passing of the budget came barely a day before the close of the 2022-23 financial year.
To support implementation of the national budget, the Finance Minister brings before Parliament money bills for approval and they are later sent to the President for assenting.
