Minister of Finance and Economic Planning, Simplex Chithyola Banda said he hopes that views gathered from the Pre-Budget Consultation meetings will help develop a people-friendly 2025/26 budget.
He made the remarks in Lilongwe on Monday when he was launching the pre-budget consultation meetings for the 2025/26 fiscal year.
“The budget is crucial for fostering economic stability and growth, particularly when the economy faces significant challenges. Given the current economic climate, it is essential that we collaboratively identify key areas for the budget to focus on to promote sustainable economic growth and resilience for the betterment of Malawians.
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“The past year has been marked by notable progress and significant challenges. Domestically, we have worked tirelessly to stabilize inflation, strengthen our currency, and improve public service delivery. Yet, the country continues to face persistent economic hurdles. Globally, the world is navigating the adverse impacts of geopolitical tensions, fluctuating commodity prices, and negative effects of climate change,” he said
Chithyola said while the consultations are taking place, the ministry is also discussing with the International Monetary Fund (IMF) the possibility of disbursing resources through the Extended Credit Facility (ECF).
“Therefore, the Government plans to implement the upcoming budget using available revenue realized from tax and other revenues rather than relying on borrowing. Let me remind everyone that the inputs from this meeting will inform the 2025/26 Budget formulation process. The Ministry of Finance will compile all views and suggestions for review and consideration during the budget consolidation process,” he said
These meetings provide a platform for all stakeholders, including the business community, Non-Governmental Organizations, Faith Based Organizations, the Youth, the Academia and the general public among others, to present their views and proposals on the 2025/26 National Budget.
Similar meetings will be held in Mzuzu and Blantyre on Tuesday and Friday, respectively.
