Monetary authorities have faulted parliament for what it calls its laxity in verifying national budget estimate figures, a development that has plunged the country into huge foreign and domestic debts. This comes as central bank officials, who appeared before the parliamentary budget and finance committee, were asked to explain, why Malawi has accrued huge debts. In response the Reserve Bank of Malawi Governor Charles Chuka attributed the development to poor budget estimates that go through parliament for approval. Reacting to the central banks revelations, parliamentary Budget and Finance Committee Chairperson Rhino Chiphiko indicated that his committee would employ a radical approach in providing budget checks and balances to avoid such issues.
Posted on: Thu, 14 Aug 2014 06:16:19 +0000
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