Minister of Finance and Economic Development Sosten Gwengwe has unveiled the 2023/2024 budget in which total expenditure is projected at K3.87 trillion with recurrent expenses estimated at K2.98 trillion and development expenditure at K896.21 billion.
Gwengwe presented the estimates at the Parliament Building in Lilongwe.
The budget represents an increase of K207.75 billion from a projected 2022/2023 likely outturn of K688.45 billion.
The estimated K896.21 billion development expenditure is composed of K600.28 billion foreign resources and K295.93 billion domestic resources
In the budget, the education sector has been allocated K603 billion to be used for activities such as recruitment of teachers and expansion as well as construction of schools.
The agriculture sector has been allocated K455.10 billion representing 3.0 percent of GDP and 11.8 percent of the total budget, respectively. The funds include K117 billion for the Affordable Inputs Programme.
The health sector has been allocated K330.18 billion in 2023/2024 fiscal year.
Gwengwe said the Government prioritizes the Health Sector because the healthier the population is, the more it will positively contribute to the social economic growth and development of this country.
On Local Councils, the Government has allocated them a total of K488.09 billion. Out of this amount, K427.7 billion is the total recurrent budget and K60.4 billion is for Development Projects.
The estimates on the Recurrent and Development Accounts for the 2023/2024 Budget will be referred to the Committee of the Whole House, to be considered vote by vote, and thereafter be adopted.
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