Treasury Banking Hopes on Parliament

Treasury Banking Hopes on Parliament

The 2019/2020 national budget which was pegged at 1.9 trillion kwacha is expiring this Tuesday, June 30.

The education sector got the lions share followed by agriculture and health.

As the current fiscal years draws to an end, there are indications that the new 2020/2021 national budget will not be adopted with the new administration ushered in after the June 23 presidential election.

Analysts say the new Tonse Alliance regime led by President Dr. Lazarus Chakwera will have to use a provisional budget which parliament must adopt before formulating a new one suiting their priorities.

Treasury Spokesperson, Williams Banda has told Zodiak Online that in the absence of the Minister of Finance who is mandated to present a provisional budget in parliament until a new financial plan is formulated, parliament is the only arm that can bail them out.

“We might run on a provisional budget but that can only be determined by parliament. We will wait for the legislative arm to give us directions as per required by law,” said Banda.

Parliament is expected to resume meeting this afternoon where Spokesperson, Ian Mwenye says business of the day is still uncertain.

Nonetheless, among others, Speaker of parliament Catherine Gotani Hara is expected to direct members in the August house on reconstituting the Business Committee to plan the way forward.

“The Speaker Catherine Gotani Hara is expected to give directions on how the business will be conducted,” said Mwenye.

The 2020/2021 national budget was pegged at 2.2 trillion kwacha with education allocate the highest share followed by health then agriculture.

The members had finished scrutinizing the allocations in all sectors through cluster meetings the time the house was adjourned on June 19 to allow MPs participate in the June 23 presidential election.

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Last modified on Monday, 29/06/2020

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