Budget reduced by K50 billion | The Times Group: Minister of Finance, Economic Planning and Development, Goodall Gondwe, has said the proposed 2018/19 budget, which was initially pegged at K1.504 trillion, has been reduced to K1.403 trillion.
Gondwe said the reduction has been made as a response to concerns that a large budgetary deficit could result in a heavy burden in terms of domestic debt, which has a huge bill at the moment.
“We propose to reduce the total expenditure and net lending (in other words the budget) from K1.504 trillion to K1.453 trillion. This entails a reduction of the deficit inclusive grants or the overall balance by about K50.0 billion to 3.8 percent of GDP [Gross Domestic Product] instead of an earlier budgetary deficit of 4.5 percent of GDP inclusive grants,” Gondwe said.
Gondwe said the reduction has been made as a response to concerns that a large budgetary deficit could result in a heavy burden in terms of domestic debt, which has a huge bill at the moment.
“We propose to reduce the total expenditure and net lending (in other words the budget) from K1.504 trillion to K1.453 trillion. This entails a reduction of the deficit inclusive grants or the overall balance by about K50.0 billion to 3.8 percent of GDP [Gross Domestic Product] instead of an earlier budgetary deficit of 4.5 percent of GDP inclusive grants,” Gondwe said.
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