Tags: Cabs

Malawi domestic debt stock hits K115bn–Goodall

Malawi Government’s domestic debt stock has hit K115 billion, according to new Finance and Economic Planning Minister Goodall Gondwe, triggered largely by excessive borrowing that has been widespread during the Joyce Banda rule. University of Malawi’s Chancellor College economics professor Ben Kaluwa, while observing that not every debt is bad, told Business Newsyesterday that such a…

Treasury upbeat on aid resumption

Malawi Government is still engaging the Common Approach to Budget Support (Cabs) donors and has expressed optimism that they would resume budget support for the 2014/15 fiscal plan. The donors have since November last year been withholding budgetary support amounting to $150 million after revelations of looting of public funds dubbed Cashgate under the People’s Party (PP)-led…

MRA collects K42.2 bn in April

The Malawi Revenue Authority (MRA) collected about K42.2 billion in April, approximately 30 percent above the month’s projected K32.4 billion, according to a recent tax revenue outturn. The public tax collector in the outturn published last week indicates that cumulatively gross tax revenue up to April 2014 amounted K329.45 billion about four percent above the…

Donors defend Germany exit from Cabs

Malawi’s major donors under the Common Approach to Budget Support (Cabs) have defended the decision by the Federal Republic of Germany to change its membership status from Cabs to an observer. According to the Cabs Chairperson Alexander Baum, who is also European Union (EU) Head of Delegation, Germany’s decision reflects the country’s position not to…

MEJN rates 2013/14 budget poorly

The Malawi Economic Justice Network (Mejn) said the 2013/14 budget, whose implementation ends on June 30 2014, was characterised by one of Malawi’s worst financial mismanagement at Capital Hill dubbed Cashgate, negatively affecting smooth implementation of the financial plan. The budget tracking network has also singled out poor delivery of public goods and services such…

Government sees no support in 2014/15 budget

The Malawi Government’s 2014/15 budget is being developed on the assumption of no government budget support, according an official from the Ministry of Finance. “The 2014/15 budget framework assumes no government budget support and we feel there is need for continued public finance management systems for Development Partners (DPs) to return to using country systems…

Mkwezalamba, donors differ

Finance Minister Maxwell Mkwezalamba has contradicted the country’s major donors under the Common Approach to Budget Support (Cabs) on the state of Malawi’s current macroeconomic situation. While Mkwezalamba believes the macroeconomic situation characterised by high interest and inflation rates is fast stabilising, the donors insist the economy “remains very fragile”. The different view points on…