Government has allocated 1.7 trillion kwacha towards the 2019 -2020 national budget.
Speaking during the budget presentation in Parliament, Minister of Finance and Economic Planning Dr Joseph Mwanamveka said the 1.7 trillion kwacha which comprises of 150 billion kwacha in grants has been increased by 20 percent compared to the 2018 2019 budget.
Mwanamveka also said government anticipates that the economy will grow by 5 percent to 7 percent by the year 2020.
He added that Inflation is expected to remain at 8 percent with policy rate estimated to be at 13.5 percent whilst the kwacha will sell around 750 kwacha to the united states dollar.
Mwanamveka then announced that Education has the big allocation followed by Agriculture and Health sectors.
He said education sector has been allocated 172.8 billion representing 2.7 percent of Growth Domestic Product.
“Through that budget among others government will construct 14 new primary schools, 250 secondary schools, complete three teachers training colleges and establish a higher education institution of excellence with funding from world bank and renovate domasi college of education with financial support of JICA,” explained Mwanamveka
He added that Agriculture sector has been allocated 167 billion through which government will implement shire valley transformation project
During the presentation Members of parliament interrupted Mwanamveka after praising President Professor Peter Mutharika for appointing him the Minister.
Before the interruption the parliamentarians protested Mutharika’s absence in the opening of the parliament after speaker of national Assembly Catherine Gotani Hara had announced the program of the meeting.
In her response, Hara said the law orders the president to open the June to July national budget meeting.
Government has been using the provisional budget which the Finance Minister presented in Parliament in June to July meeting after tripartite elections