Malawi has been using a provisional budget of K511,269,522,794 billion which run from July 1 to October 31 this year.
The provisional budget was presented by new Finance Minister Joseph Mwanamvekha in June.
Parliament said the 2019/2020 budget meeting will be the second meeting of the 48th session of Parlaiment.
The World Bank—a major sponsor of Malawia’s economic reforms and which wants the economy to grow by 6 percent annually- wants Capital Hill to exercise stronger fiscal discipline to reduce high levels of borrowing to maintain fiscal and debt sustainability as well as increase investment needed to reduce the country’s vulnerability to shocks.
The Bank says Malawi has experienced a sharp increase in public debt of about 60 percent from 2011 to 2018 since benefitting under the Heavily Indebted Poor Country (HIPC) and the Multilateral Debt Relief initiatives.
Fiscal deficits have forced the government to frequently over-spend in recent years.
Mwanamvekha has been holding budget consultation talks with various stakeholders to have their input.
Agriculture drives Malawi’s economy although plans have been afoot to diversify the economy into other potential areas such as mining and manufacturing.