Govt Secures K800 Billion in Borrowing for National Budget

Minister of Finance Sosten Gwengwe has revealed that government has secured K800 billion (Eight hundred) in borrowing for use in the current national budget.

According to Gwengwe the move is aimed at boosting the country’s economic development and addressing pressing needs in different sectors which according to him there was not enough money to fund the sectors.

Gwengwe said 97 percent of the budget goes to statutory expenditure, salaries, pensions and public debt whereas the remaining 3 percent funds other sectors like health and Agriculture.

Finance Ministry challenged private sectors at the pre-budget consultation meeting to tackle the question of “can government collect more? How?” to avoid borrowing.

The meeting is taking place at Sunbird Hotel in Blantyre.