Malawi: Mwanamvekha Unveils K1.7 Trillion 2019/20 Malawi Budget - Key Points At-a-Glance - allAfrica.com

Malawi: Mwanamvekha Unveils K1.7 Trillion 2019/20 Malawi Budget - Key Points At-a-Glance - allAfrica.com: Joseph Mwanamvekha has delivered his first Budget as Minister of Finance, Economic Planning and Development. The 2019/2020 budget is pegged at K1.7 trillion up from K1.4 trillion in the 2018/2019 budget. These are the key points of what he has said.

Mwanamvekha with the black box in Parliament which has been a common feature on Budget day for decade

Treasury closes financial year with surplus - The Times Group Malawi

Treasury closes financial year with surplus - The Times Group Malawi: After seeing budget deficit widening for a greater part of the 2018/19 financial year, the Central Government closed its budgetary operations in the last month with a surplus of K54.9 billion.

This is largely attributed to a $40.2 million (about K31.1 billion) direct budget support inflow from the World Bank.

World bank speaks On budget support – The Nation Online

World bank speaks On budget support – The Nation Online: The World Bank says it is ready to provide 2019/20 budget support if Treasury tightens the grip on expenditure controls to show prudence and fiscal discipline.

World Bank country manager Greg Toulmin said in an interview on Friday in Lilongwe that the bank is keen on supporting the government to achieve economic growth by addressing impediments to the realisation of the growth path.

Malawi's 2019/2020 national budget set for Sept - The Maravi Post

Malawi's 2019/2020 national budget set for Sept - The Maravi Post: The 2019/2020 Budget Session of parliament� is scheduled to take place in September 2019 and not the usual June-July owing to the need to put in place new structures for the newly elected Members of Parliament (MPs).

Senior Assistant Clerk of Parliament, Joseph Manzi disclosed this Wednesday in Lilongwe during the on-going orientation of newly elected Members of Parliament.

Fiscal deficit set to worsen - The Nation Online

Fiscal deficit set to worsen - The Nation Online: Minister of Finance, Economic Planning and Development Goodall Gondwe says the 2018/19 financial year deficit could worsen if the World Bank fails to commit its financial pledge.

Speaking on the sidelines of the Reserve Bank of Malawi (RBM) Monetary Policy Conference in Mangochi on Tuesday, the minister said the Bretton Wood institution had earlier pledged K60 billion budget support, but its decision not to disburse the money could mean a larger than expected deficit for the budget.

Lack of budget support Affects economy—IMF - The Nation Online

Lack of budget support Affects economy—IMF - The Nation Online: YOU ARE HERE: Home → Lack of budget support Affects economy—IMF

Lack of budget support Affects economy—IMF
Orama Chiphwanya July 5, 2018 0 Comments
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International Monetary Fund (IMF) country representative Jack Ree says the absence of direct budget support for the past four years has inflicted pain on the country’s economy.

In an interview on Tuesday, the IMF official was, however, upbeat that things may turn the corner, saying there is potential for the country to do even better in the absence of budget support.

“Experience in the region suggests that countries can become financially independent only when it can raise financing from the financial market.

Parliament approves 1.454 trillion budget - The Nation Online

Parliament approves 1.454 trillion budget - The Nation Online: Parliament approves 1.454 trillion budget
Sam Chunga June 22, 2018 0 Comments
Members of Parliament (MPs) yesterday passed a K1.454 trillion National Budget for the 2018/19 fiscal year—after dramatically forcing the government to increase their salaries and allowances and increase development funding.

With the parliamentary Order Paper showing there were only 15 votes to screen before the passing of the budget in the Chamber in Lilongwe yesterday, the MPs paralysed the key Committee of Supply budgetary process, saying they could not proceed unless their needs, especially perks, were taken care of by government.

Budget reduced by K50 billion | The Times Group

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.

Mystery over government’s K16 billion booty | The Times Group

Mystery over government’s K16 billion booty | The Times Group: "Mystery over government’s K16 billion booty
Posted By: Jameson Chaulukaon: June 05, 2018In: NationalNo Comments
While the country’s economy is struggling with local and international loans and their accumulative interest, the government says it does not know what to do with K16.2 billion it earned after selling Malawi Savings and Inde banks three years ago.

Ministry of Finance spokesperson, David Sado, said on Friday the money was still stashed at the Reserve Bank of Malawi (RBM) as the government has not figured out what to do with the money.

“The money is there at the Reserve Bank of Malawi. There are several options we are looking into and, when the government makes its decision, we will come back to you. We want to invest the money in projects that [may help us] benefit out of it. We are looking at several investment projects such as irrigation,” he said."



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IMF says 2018/19 budget Fair on projections - The Nation Online

IMF says 2018/19 budget Fair on projections - The Nation Online: "YOU ARE HERE: Home → IMF says 2018/19 budget Fair on projections

IMF says 2018/19 budget Fair on projections
Grace Phiri May 21, 2018 0 Comments


The International Monetary Fund (IMF) has rated the realism of the 2018/19 National Budget fairly high for its continuity of programmes and modest revenue assumptions.

In a written response to a questionnaire on Saturday in reaction to the fiscal plan presented by Minister of Finance, Economic Planning and Development Goodall Gondwe in Lilongwe on Friday, IMF resident representative Jack Ree observed that while the budget promises wage increases to civil servants, the increase could have been much higher in the face of the 2019 Tripartite Elections as is the case in many regional peer countries facing elections.

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Donors disagree with Goodall on budget support, corruption - The Nation Online

Donors disagree with Goodall on budget support, corruption - The Nation Online: "Donors disagree with Goodall on budget support, corruption
Suzgo Chitete May 19, 2018 0 Comments
As the 2017/18 National Budget paints a rosy picture of donor-come back for direct budget support due to improved public financial management, major donors have expressed concern with widespread corruption in the public service.

The donors were reacting to the budget statement presented in the august House in Lilongwe by Finance Minister Goodall Gondwe yesterday."



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EU says Malawi yet to qualify for budget support | Malawi 24 - Malawi news

EU says Malawi yet to qualify for budget support | Malawi 24 - Malawi news: "EU says Malawi yet to qualify for budget support 0
BY MALAWI24 REPORTER ON MAY 19, 2018 POLITICS
The European Union (EU) says there are various measures that Malawi government need to take for the organisation to resume budgetary support.

Head of delegation to Malawi Marchel Gerrmann said this when reacting to the budget statement delivered by Minister of Finance Goodall Gondwe on Friday."



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UPDATE 1-Malawi says World Bank, EU to unlock suspended budget aid | Reuters

UPDATE 1-Malawi says World Bank, EU to unlock suspended budget aid | Reuters: "UPDATE 1-Malawi says World Bank, EU to unlock suspended budget aid
Reuters Staff

2 MIN READ

LILONGWE, May 18 (Reuters) - Malawi’s finance minister said on Friday that economic stability would unlock budget support from the country’s western donors which had been suspended over graft allegations.

Finance Minister Goodall Gondwe said that the county had achieved economic stability and attained the desired goal of the International Monetary Fund’s approval of a $112.3 million loan which in turn has helped unlock frozen aid."



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‘BUDGET FAVOURS CHIEFS’ – PVT SECTOR - The Express

‘BUDGET FAVOURS CHIEFS’ – PVT SECTOR - The Express: "THE PRIVATE sector in Malawi is describing the K1.5 trillion proposed national budget presented by finance minister, Goodall Gondwe as a total neglect of the sector and a waste of time.

Head of the sector in Malawi, Chancellor Kaferapanjira reacted immediately after Gondwe presented the budget in parliament this afternoon in the capital, Lilongwe.

An extremely disheartened Kaferapanjira summarised the proposed national expenditure as: “a budget for chiefs.”"



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IMF expects 2018 budget to mirror ECF programme | The Times Group

IMF expects 2018 budget to mirror ECF programme | The Times Group: "MF expects 2018 budget to mirror ECF programme
Posted By: William Kumwembeon: May 17, 2018In: BusinessNo Comments
The International Monetary Fund (IMF) has said it expects the 2018/19 national budget to be consistent with the new Extended Credit Facility (ECF) programme.

Finance Minister, Goodall Gondwe, is tomorrow expected to get down on his knees and ask impoverished Malawians to allow him use trillions of their hard-earned taxes between July 2018 and June 2019.

Late last month, the IMF approved another three-year ECF programme for Malawi valued at $112.3 million which aims to entrench macroeconomic stability and foster higher, more inclusive and resilient growth.

IMF Malawi Resident Representative, Jack Ree, said in an interview that the fund expects Lilongwe to deploy strong remedial measures to address the widening budget deficit."



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Malawi Parliament budget meeting opens May four - The Maravi Post

Malawi Parliament budget meeting opens May four - The Maravi Post: "Meeting of Parliament, which is the 3rd Meeting of the 47th Session of parliament, is slated for Friday May 4, National Assembly has announced.

A press statement signed by Speaker of the National Assembly, Richard Msowoya, said the meeting will run up to Friday 29th June.

“All cabinet ministers, deputy ministers and honourable members of parliament are summoned to attend the meeting at the time and place indicated until adjournment Sine Die and herein fail not,” the statement reads in part.
President Prof. Peter Mutharika is expected to open the meeting at 10 am in the parliament chamber."



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IMF fingers Admarc loan | The Times Group

IMF fingers Admarc loan | The Times Group:



IMF fingers Admarc loan
Posted By: Macdonald Thom on: February 15, 2018 In: National No Comments
The International Monetary Fund (IMF) has pointed out key challenges the 2017/18 budget is
experiencing, stressing the need to find solutions.
The IMF has cited revenue shortfalls and expenditure over-runs as some of the challenges
affecting the budget.
At a press conference in Lilongwe yesterday, Mission Chief to Malawi, Pritha Mitra, specifically
cited a bailout of maize purchase loans by the Agricultural Development and Markerting
Corporation (Admarc) as one of the issues which exerted pressure on the budget.
According to Minister of Finance, Goodall Gondwe, K45 billion was used to bailout Admarc.
The IMF team was briefing the media on the just-ended Article IV Consultations and Negotiations
on the next Extended Credit Facility (ECF) Programme.





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World Bank Yet To Release Aid To Malawi

World Bank Yet To Release Aid To Malawi: "The World Bank has not released the $80 Million support which it approved for the Malawi Government, the Reserve Bank of Malawi confirms.

The Breton Wood organisation approved the amount as budgetary support to Malawi almost two years after direct budgetary support was suspended.

During the presentation of the 2017/2018 National Budget, the Finance Minister Goodall Gondwe hinted that the funds would go towards the settlement of government arrears."



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World Bank’s Press Release On Resuming Direct Budget Support To Malawi…$80 Million Boost for Fiscal and Agricultural Reform Efforts – Malawi Voice

World Bank’s Press Release On Resuming Direct Budget Support To Malawi…$80 Million Boost for Fiscal and Agricultural Reform Efforts – Malawi Voice: "World Bank’s Press Release On Resuming Direct Budget Support To Malawi…$80 Million Boost for Fiscal and Agricultural Reform Efforts By Malawi Voice Reporter on May 5, 2017No Comment WASHINGTON, May 4, 2017— The World Bank Board of Executive Directors today approved an $80 million credit to the Malawi Government for general budget support. This is the first budget support financing approved by the World Bank for Malawi in four years. The budget support operation, fully referred to as the Agricultural Support and Fiscal Management Development Policy Operation (DPO), is the first of a proposed series of two operations. It aims to improve incentives for private sector participation in agricultural markets and to strengthen fiscal management through more effective expenditure controls and greater transparency. The DPO supports a series of policy and institutional reforms that the Government of Malawi is undertaking in order to reduce distortions in, and improve the performance of the agricultural sector; and to restore basic public financial management and accountability systems."



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Malawi MPs approves K630.5bn national budget for 2013/14

Malawi MPs approves K630.5bn national budget for 2013/14 | Malawi Nyasa Times - Malawi breaking news in Malawi: "

National

Malawi MPs approves K630.5bn national budget for 2013/14
By Nyasa Times Reporter

June 21, 2013   ·   4 Comments
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Malawi Parliament on Friday unanimously approved the  National Budget to enable the government fund its operations in the financial year of 2013/14.

The lawmakers nodded to the financial plan after passing the remaining three votes as part of the K630.5 billion allocated to"

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