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HomeBusiness and FinanceBudget remains national instrument to development

Budget remains national instrument to development

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Minister of Finance and Economic Affairs, Sosten Gwengwe said this Wednesday during the 2023/24 fiscal year pre-budget consultation meeting at Bingu International Convention Centre (BICC) in Lilongwe.

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He said it was important that we all objectively participate in the preparation of the National Budget and its implementation.

He said this session, therefore, provides an opportunity for all Malawians to provide their proposals on the 2023/24 National Budget.

Gwengwe: consultations meetings are an important process in budget formulation
Gwengwe: consultations meetings are an important process in budget formulation pic by Tione Andsen (Mana)

“I am delighted with the participation, submissions, and contributions that have been made so far during the first meeting in Blantyre. Therefore, your availability during these pre-budget consultations underscores the importance attached to the National Budget and in particular the Pre-Budget Consultation that the Ministry of Finance undertakes with various stakeholders,” Gwengwe said.

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He said in terms of the preliminary budget processes, the government has set out the macroeconomic framework assumptions for the 2023/24 Budget that looks at the macroeconomic targets such as fiscal and monetary policy measures and the debt sustainability targets to be achieved by the end of the fiscal year.

The Minister said it was worth taking stock of the achievements and challenges faced in the 2022/23 Budget and making constructive proposals for consideration in the pursuit of growth-promoting policies guided by our blueprint, the Malawi Vision 2063.

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He said this implies that our budget would have to strengthen prudent fiscal management, improve domestic resource mobilization and ensure that we achieve debt sustainability in the medium to long term.

Gwengwe reminded members that inputs from this meeting are expected to feed into the 2023/24 Budget formulation process.

“My Ministry will consolidate all the submissions from this meeting for review and consideration in the process of formality of the Budget. It must be appreciated that not all the suggestions can be accommodated in the 2023/24 Budget but will remain critical in guiding the Ministry of Finance in the Budget process and in this regard our contributions engagement on Budget execution is key,” he added. 

Mwale: consultations provide an opportunity to provide their views
Mwale: consultations provide an opportunity to provide their views pic by Tione Andsen (Mana)

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Gwengwe said his Ministry has always prioritized the need for wider consultation with stakeholders and the public to solicit views, contributions, and inputs for consideration in the National Budget.

Secretary to the Treasury, Dr. Macdonald Mwale said the budget consultations provide an opportunity for the public to help in the development of the national budget.

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He said every contribution would be taken into consideration in the formulation of the national budget.

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