Innovate to Maximize Resources, Institutions Urged
The pre-budget consultation meeting was organized by the Ministry of Finance and Economic Planning and attended by heads of government departments, parastatals, private sector, etc.
BLANTYRE, Malawi - Minister of Finance and Economic Affairs Simplex Chithyola has urged public companies and institutions to be innovative in order to maximize public resources, writes Howard Mlozi.
"This is our budget meant to develop our country. Therefore, we call upon innovative ideas on how best we can improve the implementation of our national budget," said Chithyola describing the budget consultation as critical to the 2024/25 national budget.
The minister spoke during the 2024/25 Pre-budget consultation in Blantyre.
He called for prudent use of public resources and end to corruption to eradicate poverty.
During the meeting, Malawi University of Science and Technology (MUST) Vice Chancellor Professor Address Malata proposed that government support public universities and colleges to start manufacturing products at large scale as a way of generating own resources.
Malata cited loans disbursed to needy students through the Higher Education Students Loans Board as a stepping stone to innovative investments.
"Instead of staying idle, repayments of the students loans can be used as a revolving fund or be multiplied through innovative ventures such as manufacturing by universities and colleges," said Malata.
Other proposals presented included mechanizing agriculture, constructing decent houses for all civil servants, increasing allocations to the health sector, enhancing security, constructing dykes, dams and boreholes for irrigation, enhancing allocations to the education sector, constructing roads, improving access to electricity and enhancing disaster response.
The pre-budget consultation meeting was organized by the Ministry of Finance and Economic Planning and attended by heads of government departments, parastatals, private sector, civil society organizations and development partners.