Monday, March 8, 2021
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home News National News

Budget tabling Friday

by Johnny Kasalika
07/06/2012
in National News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Ken | The Nation OnlineMalawi President Joyce Banda’s Cabinet on Wednesday approved the 2012/13 national budget, Finance Minister Dr. Ken Lipenga has said.

RelatedHeadlines

Court revokes bail for women accused for assaulting nurse

Govt to address female sex workers concerns

Parliament intervenes in teachers’ strike principle

Said Lipenga in a brief response: “I can confirm that Cabinet has today [Wednesday] approved the budget and that it will be presented this Friday.”

Speaker of Parliament Henry Chimunthu Banda also made the announcement later in the House.

The new budget is coming two months after Banda assumed the presidency following the death of Bingu wa Mutharika on April 5 2012.

It also comes at a time the Head of State is consolidating her power at Capital Hill and on the international stage through swift personnel changes and a new look foreign policy.

But the budget’s key backdrop is the dire economic situation that has pushed up the cost of living, made foreign currency and fuel scarce as well as sent businesses to their knees as the zero-deficit budget (ZDB)-induced taxes still weigh heavily on households and firms.

On the macroeconomic front, the kwacha has lost at least 50 percent of its official market value over the past one month; the inflation rate currently stands at 12.4 percent and is targeted to average 15 percent by December this year.

The bank rate now stands at 16 percent after the Reserve Bank of Malawi (RBM), in an attempt to slow down a galloping inflation, raised it by three percentage points or 23 percent. Gross domestic product (GDP) slowed to 4.3 percent in 2011 from 6.7 percent in 2010, with analysts predicting that growth will slacken further in 2012.

Given this situation and the high expectations that come with a new government, Lipenga is under pressure to show how his budget will help relieve the pain that most Malawians are going through.

He will have to balance the need for austerity in the face of tight finances and the urgent need to revamp economic growth through social and public investments that create jobs.

Previous Post

Wonders of vegetable farming

Next Post

Publicise revenue figures—IMF

Related Posts

IMG 20210308 WA0020 | The Nation Online
National News

Court revokes bail for women accused for assaulting nurse

March 8, 2021
sex workers | The Nation Online
National News

Govt to address female sex workers concerns

March 8, 2021
Teachers during the strike last week
National News

Parliament intervenes in teachers’ strike principle

March 8, 2021
Next Post
The Nation Online Publicise revenue figures—IMF

Publicise revenue figures—IMF

Opinions and Columns

Search Within

Cut out the religious dogma from Covid-19 vaccines

March 7, 2021
Big Man Wamkulu

Won’t libido-boosting pills kill him?

March 7, 2021
Political Uncensored

Pulling rank…

March 7, 2021
People’s Tribunal

Ombudsman has challenged us all

March 7, 2021

Trending Stories

  • Protesting pay cut: Mathanga

    Court blocks RBM deputy governor salary cut

    0 shares
    Share 0 Tweet 0
  • RBM sues Mulli, 4 others

    0 shares
    Share 0 Tweet 0
  • Police, DPP, ‘ignore’ court order

    0 shares
    Share 0 Tweet 0
  • Govt to finance 15 major projects

    0 shares
    Share 0 Tweet 0
  • Ministry plans to export 1m tonnes surplus maize

    0 shares
    Share 0 Tweet 0
  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2021 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.