Minister of Finance and Economic Simplex Chithyola Banda says K161.28 billion has been allocated to the Affordable Inputs Program (AIP) in the 2024/25 fiscal year.
Speaking in Parliament, the Minister said the allocation aims to complement the other existing initiatives that strive for the attainment of national food self-sufficiency.
The Minister added that K12 billion has been allocated for maize purchases by the National Food Reserve Agency to replenish the strategic Grain Reserves.
“It should be noted Madam Speaker that ADMARC has also been allocated K40 billion for operations and revamping agricultural production and value addition.
According to Chithyola, the agricultural sector has been allocated 497.75 billion representing 8.3 percent of the total budget.
“Madam Speaker, the following are some of the key projects that the Government is implementing within the Agricultural sector: Agricultural Commercialisation project with a part 1 allocation of K92.56 billion. Shire Valley Transformation project with a provision of K60.6 billion. Programme for Rural Irrigation Development (PRIDE) with an allocation of K26.06 billion,”
“Transforming Agricultural Production and Transformation and Entrepreneurship (TRADE) with an allocation of K25.32 billion. Agricultural Infrastructure and Youth in Agribusiness Project with a provision of K4 billion; and Promotion of merchandised farm Operations through hiring centres in Malawi with a provision of K500 million Kwacha,” he explained.
For the 2024/2025 fiscal year, total expenditure is programmed at K5.98 trillion, representing 31.9 percent of GDP. Of the total expenditure, recurrent expenses are estimated at K4.21 trillion, representing 22.5 percent of GDP and 70.4 percent of total expenditure.
The total revenue and grants for the 2024/2025 fiscal year are estimated at K4.55 trillion, representing 24.3 percent of GDP. Domestic Revenues are estimated at K3.38 trillion, representing 18.1 percent of GDP, of which, Tax Revenues are estimated at K3.26 trillion and Other Revenues have been projected at K126.54 billion.
