Ngwenya urges private sector budget utilisation
NBS Bank chief executive officer Kwanele Ngwenya has urged the private sector to utilise opportunities that are in the K1.29 trillion National Budget that was presented in Parliament last Friday by Minister of Finance, Economic Planning and Development Goodall Gondwe.
Speaking during the opening of the national budget analysis breakfast sponsored by NBS Bank in Lilongwe on Tuesday, Ngwenya said there are opportunities in the budget which the private sector can benefit from.
“The bank is taking a new direction and there are exciting times ahead of us. This is the reason that we hosted this analysis breakfast so that we can share views on the budget. As a private sector, we appreciate what is in the budget and we need to share notes because there are opportunities in the budget and we have to find ways how we can benefit from it.”
NBS Bank board chairperson Vizenge Kumwenda said the bank is undergoing transformation and it needs ideas from various stakeholders, hence organising the function.
“We had this gathering so that we harness ideas and move the country forward. NBS Bank is changing rapidly and we have never had an activity like this. Things are changing very rapidly and, as a bank, we wanted to contribute to the budget process,” said Kumwenda.
Economics Association of Malawi (Ecama) president Henry Kachaje also commended NBS Bank for organising the meeting saying it gave stakeholders a chance to critique the and offer alternative views.
Parliament’s Budget and Finance Committee chairperson Rhino Chiphiko, civil society organisations (CSOs) representatives and a cross-section of economists were among those in attendance.
During the budget presentation, Gondwe told parliament that according to the International Monetary Fund, global economic growth rose from 3.1 percent in 2016 to 3.4 percent in 2017 and it is projected to continue to grow by 3.6 percent in 2018; reflecting a strong economic rebound in advanced economies and a marked pickup of economic activity in emerging and developing economies. n
