Government Embarks On Consumptive 2023/24 Budget

The 2023-24 proposed Malawi National Budget has been pegged at 3.87 trillion kwacha with 2.98 trillion kwacha and 896 billion kwacha being a development budget with a deficit estimated at 1.32 trillion expected to be financed through domestic and foreign borrowing.

Presenting the figures in parliament on Thursday finance minister, Sosten Gwengwe announced an 8 percent salary increment and introduction of a transport allowance for civil servants.

Government has also doubled the honorarium of all chiefs under the payroll while Paramount chiefs will be allowed to import at least one vehicle duty-free.

The proposed budget has also set aside K8.9 billion for recruitment of primary school teachers.

Interest repayment on government debt is seen at K986 billion while 12 billion kwacha is set for Maize purchases by the National Food Reserve Reserve Agency (NFRA) while 10 billion kwacha will be used by ADMARC

6 billion kwacha is meant for resurrecting costs and 4 billion kwacha for recapitalisation and there is an increased allocation for the Affordable Inputs Program (AIP) from 109 billion kwacha to 117 billion kwacha.

And here below is the summary of Sector  allocations:-

-K603 Billion     – Education

-K455.1 billion   – Agriculture

-K330.81 billion – Health

-K246.29 billion -Transport

-K51.8 billion     -Energy

-K100 billion      -Trade and Industry