By Thandie Chadzandiyani
LILONGWE (MaraviPost)-The expected success of the MK2.8 trillion national budget which was passed Wednesday, March 24, 2022 in parliament has bring doubts in the Opposition Democratic Progressive Party (DPP).
The national financial plan will run until March 31 2023 as approved by the parliamentarians.
The passing of the Budget, came after the House has scrutinized allocations going towards government ministries, Departments, and Agencies.
Finance Minister Sosten Gwengwe, expressed excitement and congratulated the House for passing the Budget.
He has since expressed optimism that the Budget will be implemented.
‘’We have done a bug task today and every budget is measured by the extent to which it is implemented. That is why we as the government has planned to extensively implement this budget’’ said Gwengwe.
However, Joseph Mwanamvekha spokesperson for Opposition DPP on matters of finance has expressed doubts that the Budget will be implemented, citing the struggling economy as the reason.
He has since described the Budget as a weaker one.
Putting his point on the scrapping off of a 16.5 % VAT on cooking oil.
Gwengwe said government anticipates a gross domestic product (GDP) growth of 4.1 percent and 4.0 percent in 2023, average inflation of 9.1 percent, a policy rate of 12.0 percent, and tax refunds of 3.0 percent of total tax revenue collection.
However The government will aim to entrench macro-economic stability, enhance the country’s resilience to external shocks, and fast-track economic recovery during the post-Covid-19 pandemic period.