Parliament Approves K722.4 Billion Provisional Budget
New Finance Minister, Felix Mlusu had his first assignment Tuesday when he presented the 722 billion kwacha provisional budget which is expected to run government operations between July 1 and October 31st this year.
Of the amount, government estimates it will collect 407 billion kwacha in revenue with an additional 209 billion borrowed locally.
Mlusu anticipates that the remainder will be realized from foreign aid.
The economic blueprint among others will see 3.5 million households benefit from Affordable Farm Input Program with two bags of fertilizer and seeds per household.
The tax-free band has also been increased to MK100 000 from 45 000 kwacha. But the finance minister said discussions are still ongoing to consider increasing the minimum wage to 50 000 kwacha from the current 35 000.
Finance Minister, Mulusu says the provisional budget has factored in promises made prior to 23rd June Fresh Presidential Poll.
“We are quite confident that what we have estimated to deliver to Malawians in this provisional budget and the final budget will be achieved. There are measures that we are working to see all this come true,” said Mlusu.
Parliament has since adjourned until the time government will be ready with a full budget.