Minister of Finance, Economic Planning and Development Goodall Gondwe on Friday unveiled K1.2 trillion national budget for 2016/17 financial year. The national budget for the just ending fiscal year was K917 billion.
Delivering his budget statement, Gondwe said partners mainly the World Bank and European Union will resume budgetary support.
The Ministry of Agriculture, Irrigation and Water Development has been allocated K198.5 billion; Ministry of Education K147.6 billion and the Health ministry will get K95.8 billion.
On Transport, an amount of MK34.1 billion has been allocated for development projects, of which MK32.4 billion will be from donors under the Trade Facilitation Project and for airport equipment
upgrading. Among the notable projects is the commencement of Chileka Airport, the rehabilitation of Mzuzu Airport, and the possible design of the new Mzuzu Airport.
The budget projects wage bill in 2016/17 at MK264.4 billion, representing 6.1 percent of nominal GDP and 23.3 percent of total expenditure and net lending.
The budget is subject to Parliament’s approval.