Magande says 2015 budget is progressive

Former Finance Minister Ngandu Magande has described the 2015 national budget as a progressive budget centered on growth and social protection.

Mr Magande said the K46 billion budget unveiled by Finance Minister Alexander Chikwanda has touched expected key areas of the economy such as enhancing agriculture and economic activity in order to grow the country’s economy.

Mr Magande however, called for concerted efforts to implement programmes that will grow the economy to double digits.

He pointed out that there is need to reduce expenditure and concentration on construction and rehabilitation of roads infrastructure and instead channel funds to poverty reduction programmes.

And Academician Mbita Chitala hailed government’s intentions of creating a sovereign fund to provide capital to establishments to improve productivity especially that quasi government institutions have been declaring dividends to the government.

And financial institutions have commended government’s resolve to limit domestic borrowing to 2 per cent of gross domestic product as a good initiative to spur economic development.

National Savings and Credit Bank Managing Director Cephas Chabu said the move will free- up funds that will be lent to the private sector at reduced interest rates for economic productivity.

Mr Chabu said the budget will trigger growth through investments in agriculture, education and other key sectors of the economy arising from money made available from reduced domestic borrowing.