The Minister of Finance honorable Joseph Mwanamvekha has asked Malawians to provide constructive as well as evidence based input if the country is achieve economic stability.
Speaking during a pre-budget consultation meeting held in Lilongwe, Mwanamvekha said the economic recovery plan which has seen the introduction of other stiffer measures including imposition of taxes, aims at improving the country’s economy and people’s well-being.
“Besides all these challenges, Government is currently implementing a set of reforms anchored in the National Economic Recovery Plan (NERP) aimed at addressing immediate macroeconomic and social challenges while laying a strong foundation for sustainable and inclusive growth”. Said the Minister
He added that he is also committed to ensuring that all government debts are corrected hence the need for concerted efforts and collaboration in all sectors including Agriculture, tourism, mining and production.
“Government intends to re-profile its domestic debt obligations as part of a broader debt management strategy. Ongoing analysis is focused on identifying options that will provide the necessary fiscal relief while safeguarding financial sector stability and supporting economic growth”, he added.
Mwanamvekha has therefore asked people to endure the hardships as they are implementing the recovery plan.
In her presentation, Director of Finance in the Ministry of Finance Elssey Salima highlighted challenges that have greatly affected the economy including reduced growth, high inflation, high public debt and persistent fiscal deficits among others.
Salima cited high expenditure which is at 22 percent, as compared to the 16 percent of the Gross Domestic Product (GDP) collected as one of the challenges that need to be look into; in as far as the 2026-2027 national budget formulation is concerned.
The pre-budget consultative meeting brought together cabinet ministers and senior government officials to align policy priorities ahead of the next national budget and is also expected to be held in Mzuzu and Blantyre respectively.
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