HomeNational NewsNationalUndule welcomes 2024-2025 budget, but cautions “effective implementation, accountable governance key to budget success”

Undule welcomes 2024-2025 budget, but cautions “effective implementation, accountable governance key to budget success”

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Governance and Human Rights Advocate Undule Mwakasungula has advised the government to ensure effective implementation, transparent and accountable governance in the execution of the 2024-2025 national budget.

Mwakasungula has also stressed the need for the Malawi Government to develop measures for maneuvering through both domestic and global economic challenges.

He made the sentiments in his reaction to the 2024-2025 National Budget Statement, which the Minister of Finance and Economic Affairs, Simplex Chithyola Banda, presented in the National Assembly on Friday.

Mwakasungula observed that the budget outlines several key areas aimed at promoting economic recovery, resilience, and sustainable growth for Malawi.

He said it was soothing that the budget has focused on enhancing domestic revenue mobilization, rationalizing expenditures, and prioritizing investments in high-yield sectors like agriculture, tourism, and mining labelled as (ATM strategy).

Mwakasungula: the budget’s effective implementation rests on government’s transparency and accountability

It has also emphasized on social protection measures, including increased Social Cash Transfer Benefit Levels and coverage, to support the vulnerable Malawians.  Furthermore, the budget aligned with the Malawi 2063 Vision, aiming for an inclusively wealthy and self-reliant industrialized nation.

“However, its success in meeting expectations of Malawians will depend on effective implementation, transparent and accountable governance, and above all, the ability to maneuver through both domestic and global economic challenges,” said Mwakasungula.

Among others, Mwakasungula noted that budget’s hopeful aspects have included initiatives for economic recovery through export diversification, labour export, and investment in mega farms and mining projects.  

It has also stressed the development of legal and regulatory frameworks to protect natural resources and ensure environmental sustainability for our country. We have noted allocations for health, education, and infrastructure development highlighted in the budget, aimed at improving public service delivery and promoting human capital development.

Mwakasungula said these have raised a lot of expectations from Malawians, which he said, will help improved economic stability, reduced poverty and vulnerability for Malawians through enhanced social protection programs, increased employment opportunities, and better public services.

“And the emphasis on sustainable development and environmental protection is aligning Malawi with global development goals, offering hope for a more resilient and prosperous country. The 2024/25 budget statement has signaled out several positive trends indicating Malawi improving economy. These signals, as pointed out by the Minister of Finance such as on resolution of fuel shortages, improved forex availability, stabilization of food prices, materialization of the extended credit facility programme with the IMF, commencement of the labour export programme and the resumption of direct budget support from international partners and donors demonstrate the government’s efforts in recovery and stabilizing the economic landscape. This is a strong signal of restored trust and confidence in Malawi’s economic management and governance by the international partners,” he narrated.

“These signals collectively suggest that Malawi’s economy is on a path of recovery, marked by improvements in key areas that directly affect the well-being of Malawians and the overall economic health of the entire nation. This shows government’s efforts to address past challenges and implement strategic measures for economic stability and growth are beginning to yield tangible benefits, offering hope for continued improvement and prosperity,” concluded Mwakasungula.

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