The bill which was presented in the National Assembly by the Minister of Finance Goodall Gondwe, is among other things meant to go towards the purchasing of maize in the face of looming hunger targeting 15 districts declared disaster areas by the State President early this year.
In a voice vote opposition members rejected the motion to have the minister of finance present the bill.
Leader of the House Francis Kasaila said it was unfortunate that the opposition had rejected the bill which is meant to alleviate the plight of Malawians in the face of looming hunger.
Kasaila said government could not provide a 28-day notice on the bill as required in the standing orders given the urgency of the loan.
Speaking at a press briefing later, leader of opposition Lazarous Chakwera said they had rejected the bill because the bill did not provide sufficient information on how the money will be spent.
Chakwera further said they do not agree with the intention of government only to target the 15 districts when all the parts of the country are likely to face hunger.
Peoples Party Chief Whip Ralph Jooma said once government provide a detailed account on what the loan will be used for they will have no problem to approve the loan.
Jooma emphasized that the opposition is equally in support of the bill despite of the scanty information provided so far.
He said without adequate information the borrowed funds maybe prone to abuse.
Meanwhile the house has adopted the State of the Nation Address after about two weeks of debate.