Minister of Finance Simplex Chithyola Banda is this afternoon presenting a mid-year budget review statement at the Parliament Building in Lilongwe.
Among others, Chithyola Banda, says Government has revised the 2023/24 national budget from K3.79 trillion to around K4.33 trillion.
In his statement, the finance minister highlighted the increase in wages and salaries from K900.44 billion to K980.43 billion to cushion public servants from the devalued Kwacha
The minister also disclosed that the average inflation rate in 2023 will be 29 percent while in 2024 it is expected to go down to 27 percent.
Meanwhile, the minister of finance says government will save K4.2 billion from the current austerity measures which President Dr Lazarus Chakwera introduced to cushion the effects of the 44 percent Kwacha alignment.
Reported by Olive Phiri.