https://en.sputniknews.africa/20240224/malawi-unveils-35-billion-budget-with-focus-on-boosting-production-raising-personal-income-media-1065229261.html
Malawi Unveils $3.5 Billion Budget With Focus on Boosting Production, Raising Personal Income: Media
Malawi Unveils $3.5 Billion Budget With Focus on Boosting Production, Raising Personal Income: Media
Sputnik Africa
Malawi's government introduced the Malawi 2063 Vision in January 2021, with the goal of turning the country into a prosperous, self-sustaining, industrialized... 24.02.2024, Sputnik Africa
2024-02-24T14:32+0100
2024-02-24T14:32+0100
2024-02-24T14:32+0100
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Malawi presented $3.5 billion 2024/25 budget with a focus on boosting production and increasing individuals' income, media reported, citing the country's Minister of Finance and Economic Affairs, Simplex Chithyola Banda.The budget aims to improve and stabilize the economic situation through various reforms, such as rationalizing public spending, expanding revenue sources, promoting export initiatives, and implementing a recent currency adjustment to boost foreign reserves, the minister added.One of the key points in the budget is the government's projection of a 3.6% economic growth, with wages and salaries expected to reach $1 billion, equivalent to 5.7% of the GDP, Banda noted.The budget included funds for recruitment totaling $3.5 million, with an additional $41.6 million set aside for general salary increases. Over $114 million was allocated for pension and gratuities and more than $27.7 million for the Government Contributory Pension Scheme.In January 2021, the government of Malawi unveiled the Malawi 2063 Vision, which aims to make the country prosperous, self-sufficient, and industrialized. The vision is centered on enhancing agriculture commercialization, fostering industrialization, and promoting urbanization as key strategies to facilitate this transformation.According to the World Bank, Malawi is projected to experience a 2.8% growth in its economy in 2024, driven by anticipated macroeconomic reforms.
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economy, politics, malawi, finance, finance minister, east africa
economy, politics, malawi, finance, finance minister, east africa
Malawi Unveils $3.5 Billion Budget With Focus on Boosting Production, Raising Personal Income: Media
Malawi's government introduced the Malawi 2063 Vision in January 2021, with the goal of turning the country into a prosperous, self-sustaining, industrialized nation with upper-middle-income status. The vision focuses on agriculture commercialization, industrialization, and urbanization to achieve this transformation, according to the World Bank.
Malawi presented $3.5 billion 2024/25 budget with a focus on boosting production and increasing individuals' income, media reported, citing the country's Minister of Finance and Economic Affairs, Simplex Chithyola Banda.
"Therefore, [...] this budget reflects the views of the people of Malawi regarding their aspirations and how those aspirations will be achieved. I want to urge the Honorable Members of this August House to support this budget through balanced scrutiny and constructive contributions for the betterment of all Malawians," he said.
The budget aims to improve and stabilize the economic situation through various reforms, such as rationalizing public spending, expanding revenue sources, promoting export initiatives, and implementing a recent currency adjustment to boost foreign reserves, the minister added.
One of the key points in the budget is
the government's projection of a 3.6% economic growth, with wages and salaries expected to reach $1 billion, equivalent to 5.7% of the GDP, Banda noted.
The budget included funds for recruitment totaling $3.5 million, with an additional $41.6 million set aside for general salary increases. Over $114 million was allocated for pension and gratuities and more than $27.7 million for the Government Contributory Pension Scheme.
In January 2021, the government of Malawi unveiled the Malawi 2063 Vision, which aims to make the country prosperous, self-sufficient, and industrialized. The vision is centered on enhancing agriculture commercialization, fostering industrialization, and promoting urbanization as key strategies to facilitate this transformation.
According to the World Bank, Malawi is projected to experience a 2.8% growth in its
economy in 2024, driven by anticipated macroeconomic reforms.
