Minister of Finance and Economic Development Goodall Gondwe has disclosed that the 2016/2017 national budget will be reduced by K20 billion, from K1.149 trillion to K1.129 trillion.

Gondwe disclosed this in parliament when he was presenting the 2016/17 mid-term budget statement in which he provided an update on the state of the economy as well as first half budget performance.

In his 45 minutes presentation, Gondwe said the reason for revising the budget downward is because the expected budgetary support in the first 6 months did not materialize.

Gondwe also attributed the move to the maturing of zero-coupon promissory notes given to private sector as the government has started making interest payments.

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