The total expenditure for Malawi in the 2023/24 fiscal year has been revised upwards from 2.26 billion U.S. dollars (about 3.79 trillion Malawian Kwacha) to 2.58 billion dollars (about 4.33 trillion Malawian Kwacha) following the recent devaluation of the Malawian currency against the U.S. dollar.
Minister of Finance and Economic Affairs Simplex Chithyola Banda announced the adjustment Monday when he presented the Mid-Year Budget Review statement in the country’s national assembly, in Lilongwe.
The minister said the increases are estimated to occur “in compensation of employees, social benefits, public debt interest, other expenses and use of goods and services.”
According to the minister, following the International Monetary Fund’s recent approval of the Extended Credit Facility, Malawi is expected to receive 240 million dollars (about 408 billion Malawian Kwacha) in donor-support between now and March 2024.
Chithyola Banda also announced that the Malawian government will introduce “Golden Visa” program to allow interested and qualifying “high net-worth” individuals and their families obtain residency or citizenship for them to invest in the country.
“These individuals could be given the option of physically relocating to this country either now or upon retirement and can become residents of the state with full legal rights and benefits to live, work or invest in Malawi.”
The main areas of investment that have been identified for the program include mega farms in agriculture, hotels sector under tourism, and any other area of interest to the investors.