The Minister of Finance and Economic Affairs Sosten Gwengwe this morning presented the 2022/23 Mid-Year Budget review statement in Parliament.
Gwengwe said, Malawi’s economy has been affected by both Domestic and External shocks, in this, the country’s Gross Domestic Products (GDP) has been projected at 1.7 percent in 2022 and 2.6 percent in 2023.
Due to the world and national pandemics like Covid-19, the economies have gone down hence the economic terrain is very slippery.
According to Gwengwe, the budget adjustments and cuts are done for betterment of the country.
He then said, the country’s debt has risen with 14 percent as it has now reached 7.3 trillion kwacha from 6.8 trillion Kwacha.