President Joyce Banda Cuts Own Salary to Balance Budget

It has been reported that President Joyce Banda of Malawi has taken a voluntary pay cut of 30%, in order to align herself with the government’s austerity measures.

President Joyce Banda

She has also confirmed that her government will sell the controversial presidential jet that was purchased by former President Mutharika, which she called “wasteful.”

In addition to this budget cut, the government will also be cutting its forecast for economic growth of 4.3 percent, due to “contraction in some major sectors.” The projected 4.3 percent growth rate has been put aside after several major industries, such as agriculture, manufacturing, forestry, and fishing, experienced negative growth.

 

 

See source: http://af.reuters.com/article/malawiNews/idAFL6E8L3H3Q20121003

See source: http://www.washingtonpost.com/business/malawi-president-joyce-banda-cuts-own-salary-30-percent-sell-jet-in-austerity-drive/2012/10/03/0b0abee4-0d4c-11e2-ba6c-07bd866eb71a_story.html

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