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Malawi’s revised budget awaits cabinet, IMF recommended downward review

Malawi’s Finance ministry has completed revising the budget which now awaits cabinet approval before it is introduced in Parliament during its mid-term budget review meeting early next year.

Ministry of Finance spokesperson Nations Msowoya said the review has taken into consideration reduced revenue and grants in the first half of the financial year.

“We are looking at expenditures that can be pended for a later date. That is the guiding principle in cutting the allocations,” said Msowoya.

He said other reviewed budget lines include those that can be foregone without substantial negative impact.

The International Monetary Fund (IMF) recommended the downward review of the budget which was initially set at K930 billion.

Malawi’s economy is currently going through turbulence largely as a result of withdrawn budget support following the cashgate scandal of 2013 as well as floods and dry spells that negatively affected agricultural production this year.

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