Tuesday, January 19, 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 Business Business News

Malawi to maintain strict expenditure

by Johnny Kasalika
14/11/2012
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

 Malawi’s Finance Minister Dr. Ken Lipenga has reaffirmed government’s commitment towards maintaining fiscal discipline by adhering to the national budget stipulations.

RelatedHeadlines

RBM upbeat on inflation outlook

IMF head, economist differ on spending

Budget deficts to persist—economists

“I have to say that we need to maintain strict measures and responsible fiscal behaviour. I have to point out that in all fairness, so far, in the first quarter [July—September], the expenditure in the sectoral ministries has not been bad as we feared,” he said at the weekend on the sidelines of an annual conference by the Economics Association of Malawi (Ecama).

Lipenga was commenting on observations by most delegates to the conference who advised government to stay on course in its spending behaviour if the economy is to attain macroeconomic stability, among others.

One of the key discussants and former Finance Minister, Goodall Gondwe, stressed in his presentation that over the years, the Ministry of Finance has had challenges in executing its supervisory role over other sectoral ministries which, he said, resulted into the ministries overspending.

Lipenga, however, noted that there is an urgent need for Malawi to institutionalise expenditure controls, stressing that the ministry is mandated to enforce prudent spending behaviour among all sectoral ministries.

Committee to monitor ministries

He also hinted that soon government will officially announce a committee that will be monitoring the performance of all ministries as one of the measures to contain overspending.

“Expenditure controls need to be adhered to as determined by the budget without exceptions,” he added.

Lipenga observed that if government continues on the present path of fiscal consolidation as demonstrated in the first quarter, it is clear that the fiscal policy stance will be upheld by the end of the financial year.

Commenting on the general economic situation, he said all things being equal, he sees inflation rate easing to around 13 percent in 2013 and is confident that the current economic hardships ‘will not be permanent.’

Government is aware of the need to tighten both fiscal and monetary policies for recent economic reforms to bear fruits, said the minister.

Regarding the downward of gross domestic product (GDP) growth from the initial 4.3 percent to 1.6 percent, Lipenga said the earlier figure was based on strong performance of tobacco and cotton sectors, but said that did not turn out the way government had anticipated.

“And because tobacco and agriculture, in general, are central to the economy, when you have slippages here and there, this has a tendency of pulling down growth,” explained Lipenga.

Previous Post

Standard Bank courts SA investors

Next Post

Malawi Parliament to debate Tripartite Elections Bill

Related Posts

RBM head quarters
Business News

RBM upbeat on inflation outlook

January 19, 2021
Georgieva: Spend a little bit more
Business News

IMF head, economist differ on spending

January 19, 2021
front budget flt | The Nation Online
Business News

Budget deficts to persist—economists

January 19, 2021
Next Post
The Nation Online Malawi Parliament to debate Tripartite Elections Bill

Malawi Parliament to debate Tripartite Elections Bill

Trending Stories

  • Not yet given retirement benefits: Mutharika

    Tonse faulted on former presidents’ benefits

    0 shares
    Share 0 Tweet 0
  • Wasteful Chakwera

    0 shares
    Share 0 Tweet 0
  • Laz Chakwera’s Covid-19 strategy

    0 shares
    Share 0 Tweet 0
  • HRDC takes govt to task over Covid-19 strategy

    0 shares
    Share 0 Tweet 0
  • Sports Council board reshuffled

    0 shares
    Share 0 Tweet 0

Opinions and Columns

My Thought

Don’t relax, Covid-19 still here

January 17, 2021
Political Uncensored

Maddening chaotic virus

January 17, 2021
Emily Mkamanga

Chakwera has to instill unity

January 17, 2021
People’s Tribunal

Perilous times and the need for accountability

January 17, 2021
  • 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.