Chithyola banda Malawi minister of finance presented 2024/25 budget on Thursday 23/02/24.
Among other things, Chithyola Banda says money channeled towards social cash transfer programs has risen by 57 percent, while the number of beneficiaries has increased by 5 percentage points to 15% in the 2024/25 national budget.
Chithyola Banda says the government expects inflation to improve to 27.1 in 2024 and 12.1 percent in 2025.
This would mean the rate of increase in prices of goods will slow in the coming year.
He says foreign exchange reserves improved to 2.7 months of import cover towards the end of December 2023, which means the country is closer to the desired three months of import cover and supply of foreign currency.
Chithyola Banda says the Extended Credit Facility with the IMF has helped unlock support from the donor community, which committed to help Malawi achieve economic stability and the government will ensure the programme remains on track.
Find the attached pdf format of budget presentation
