Expectations are high as the finance minister, Joseph Mwanamveka is expected to deliver his maiden budget statement in Parliament tomorrow.
Speaking in an interview with Radio Islam, Economist and Political analyst has said they are expecting to hear solutions on the current economic hardships.
Economist Millward Tobias, said the budget should speak to the president’s industrialization plan which is key in the country’s development drive.
He emphasized that more resources should be directed towards improving the lives of poor and unemployed citizens.
‘Agriculture is a backbone for our economy so far, but it is very vulnerable to the effects of climate change, so the government should put measures aimed at making Agricultural Resilient’, he added.
Tobias hailed government for the establishment of the Malawi Mining Investment Company saying this is also the right step to ensure that Malawians benefit from the mining activities happening in the country.
However, Tobias says the minister should outline proper procedures government will take to reduce borrowing and taxes.
“On issues of expenditure control, we have seen government introducing so many taxes and I can describe them as punitive because they are too many and unnecessary and quite retrogressive and they misuse the disposable income very greatly and are impacting on the economic growth so at this point I expect the budget to propose expenditure control measures that will be practical and they are really going to be implemented”. Tobias explained.
In his remarks, Political analyst, Ernest Thindwa, says the country is at cross roads which requires practical economic recovery plan.
He warned against rhetoric in the implementation of policies in the budget.
‘What happens in most cases, we tend to put efforts in populist policies, populist ideas which have not taken us anywhere, we can look back and look at investments that have gone in social programs, which, if they were properly implemented, they could have helped, but we have not made progress’, he said.
Thindwa cited the National Economic Empowerment Fund (NEEF) as well as the Greenbelt Authority (GBA), saying they have not helped the country maximise its potential due to abuse and corruption.
He therefore said the budget should provide solutions to the challenges affecting the growth of the country.
The budget presentation by the finance minister, takes place as deliberations were opened.
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