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HomeBusiness#Malawi's 2022/2023 National Budget: Legislators to own MK100m CDF

#Malawi’s 2022/2023 National Budget: Legislators to own MK100m CDF

By Dorica Mtenje

LILONGWE-(MaraviPost)-Following the change of name from Community Development Fund (CDF) to Development part 2 , Members of Parliament (MPs) have been allocated MK100 million in the 2022- 2023 budget.

Presenting the MK2.8 trillion budget on Friday, February 18, 2022, Finance Minister, Sosten Gwengwe disclosed that CDF has been raised from MK40 million to MK100 million.

Gwengwe lauded for the budget

Gwengwe said members are supposed to have similar structures of their development ideas which will be implemented country wide.

He also said members of the house will be monitoring the funds, different from how it was done in previous times when local councils were the ones in charge.

The minister added that the budget which is titled ” Accelerating implementation towards wealth creation, job creation and food security” will centre on the Tonse Alliance campaign promises.

MPs have been lobbying for the ownership of CDF for the past years claiming that local councils have been misusing the funds .

The 2022-2023 budget is estimated at MK825 billion which is higher that the planned MK725 billion deficit.

INSIDE THE NATIONAL BUDGET

  1. Constituency Development Fund (CDF) raised from K40 million to K100 million.
  2. No more Importation of food rations and uniforms for security institutions. These will be procured locally.
  3. Solar power equipment and appliances to be duty free.
  4. Fertlizer procurement will not involve middlemen. Government to procure direct from manufacturers.
  5. Withholding Tax on tobacco sales down to 1% from 3%.
  6. All parastatals to submit financial audit reports annually.
  7. No VAT on cooking oil.
  8. No VAT on domestic tap water.
  9. Tax on gambling/betting reduced from 20% to 5% only.
  10. Duty Tax removed on Sanitary Pads and Fridges.

Expected Reforms from 2022

  1. Government Senior officials benefits and allowances to be revised downwards.
  2. Motorcade for President and Vice President to be revised downwards.
  3. Recruiting highly qualified Accountants to deal with IFMIS problem.

The next fiscal year has three priorities: wealth creation, job creation and food security.

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