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Zero Deficit Budget
The Zero Deficit Budget (ZDB) is a financial strategy laid out by Minister of Finance Ken Kandodo of Malawi under the Bingu wa Mutharika administration that is based on zero-based budgeting.http://www.trademarksa.org/news/zero-deficit-budget-puzzle This is a new approach to economic financial budgeting for ' least developed countries' where the government aims to finance all the recurrent expenditures using its own domestic resources. Kandodo ''mentioned that this new ZDB is based on several consultations and studies, he did not cite any country on which he will model the zero-deficit budget approach nor a successfully executed Zero Deficit budget. Economics Association of Malawi notes that although the budget is based on four important cornerstones:'' "global economic outlook; MGDS priorities; fiscal discipline with clearly spelt expenditure controls; and budget reform measures of zero-budget, Medium Term Expenditure Framework , and prioritising allocation of resources towards re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ken Kandodo
Ken Kandodo is a Financial Manager, MP and politician who was appointed Malawi's Minister of Labour in July 2020, following the 2020 Malawian presidential election, 2020 presidential elections. Ken Kandodo was relieved from his ministerial position in April of 2021 following the fraudulent use of COVID-19 pandemic in Malawi, COVID-19 funds. Ken Kandodo also served as Malawi's Minister of Finance (Malawi), Minister of Finance from 15 June 2009 to 8 September 2011, due to the reshuffle in the Cabinet of Malawi. Kandodo is a grand nephew of former president Hastings Banda.On 18 April 2021, Ken Kandodo was fired from his ministerial post due to mismanagement of COVID-19 funds. He is a Chewa people, Chewa from the midlands of Malawi. Early life and career He attended the University of Malawi, graduating in 1983 with a BSc in Social Science, majoring in economics. He attended the University of Strathclyde in Scotland, where he obtained an MBA degree in Finance. He worked as an Auditor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Malawi
Malawi (; or aláwi Tumbuka: ''Malaŵi''), officially the Republic of Malawi, is a landlocked country in Southeastern Africa that was formerly known as Nyasaland. It is bordered by Zambia to the west, Tanzania to the north and northeast, and Mozambique to the east, south and southwest. Malawi spans over and has an estimated population of 19,431,566 (as of January 2021). Malawi's capital (and largest city) is Lilongwe. Its second-largest is Blantyre, its third-largest is Mzuzu and its fourth-largest is its former capital, Zomba. The name ''Malawi'' comes from the Maravi, an old name for the Chewa people who inhabit the area. The country is nicknamed "The Warm Heart of Africa" because of the friendliness of its people. The part of Africa now known as Malawi was settled around the 10th century by migrating Bantu groups . Centuries later, in 1891, the area was colonised by the British and became a protectorate of the United Kingdom known as Nyasaland. In 1953, it became ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bingu Wa Mutharika
Bingu wa Mutharika (; born Brightson Webster Ryson Thom; 24 February 1934 – 5 April 2012) was a Malawian politician and economist who was President of Malawi from May 2004 until his death in April 2012. He was also President of the Democratic Progressive Party, which he founded in February 2005; it obtained a majority in Malawi's parliament in the 2009 general election. During his two terms in office, he was noted for being the Chairperson of the African Union in 2010–2011, as well as for several domestic controversies. In 2009, he purchased a private presidential jet for $13.26 million. This was followed almost immediately by a nationwide fuel shortage, which was officially blamed on logistical problems but was more likely due to the hard currency shortage caused by the freezing of aid by the international community. He died in office from a cardiac arrest on 5 April 2012, at age 78. Early life and career Bingu wa Mutharika was born Brightson Webster Ryson ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zero-based Budgeting
Zero-based budgeting (ZBB) is a budgeting method that requires all expenses to be justified and approved in each new budget period. It was developed by Peter Pyhrr in the 1970s. This budgeting method analyzes an organization's needs and costs by starting from a "zero base" (meaning no funding allocation) at the beginning of every period. The intended outcome is a more efficient use of resources by determining if services can be provided at a lower cost. However, the saving comes at the expense of a complete restructure every budget cycle. Although used at least partially in both government and the private sector, there is some doubt whether ZBB has ever been utilized to its fullest extent in any organization. History As an accounting manager for Texas Instruments, Peter Pyhrr created zero-based budgeting to help incorporate top-level strategic objectives into the budgeting process by tying them to the organization's specific functional areas. Under his system, costs are grouped ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medium Term Expenditure Framework
Medium may refer to: Science and technology Aviation *Medium bomber, a class of war plane *Tecma Medium, a French hang glider design Communication * Media (communication), tools used to store and deliver information or data * Medium of instruction, a language or other tool used to educate, train, or instruct Wave physics * Transmission medium, in physics and telecommunications, any material substance which can propagate waves or energy ** Active laser medium (also called gain medium or lasing medium), a quantum system that allows amplification of power (gain) of waves passing through (usually by stimulated emission) ** Optical medium, in physics, a material through with electromagnetic waves propagate * Excitable medium, a non-linear dynamic system which has the capacity to propagate a wave Other uses in science and technology * Data storage medium, a storage container in computing * Growth medium (or culture medium), in biotechnology, an object in which microorganis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Export Processing Zones
A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re- exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade. Definition The World Bank defines free trade zones as "small, fenced-in, duty-free areas, offering warehousing, storage, and distribution facilities for trade, transshipment, and re-export operations". Free-trade zones can also be defined as labor-intensive manufacturing centers that involve the import of raw materials or components and the export of factory products, but this is a dated definition as more and more free-trade zones focus on service industries such as software, back-office operations, research, and financial services. Synonyms Free-trade zones are refer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friday Jumbe
Friday Anderson Jumbe (born 4 April 1955) is a Malawian economist and politician who served in the government of Malawi as Minister of Finance and Economic Planning under President Bakili Muluzi, representing the United Democratic Front. Early life and education Jumbe studied economics and political science and obtained a bachelor's degree in 1977 from the University of Malawi, Chancellor college. He obtained a post graduate diploma in project planning and appraisal from University of Bradford in 1980. In 1985 he obtained a Masters of Science degree in Finance and banking for Development from Fianafrica in Milan, Italy. In 2013 he was pursuing his dissertation for a Doctoral degree in Finance from Exploits University, a private institution of higher learning in Malawi. His PhD research work is on the Malawi economy and its performance under aid packages from donors and multilateral institutions. Career Jumbe worked as a projects analyst in Malawi Development Corporation in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politics Of Malawi
Politics of Malawi takes place in a framework of a presidential representative democratic republic, whereby the President of Malawi is both head of state and head of government, and of a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the National Assembly. There is a cabinet of Malawi that is appointed by the President of Malawi. The judiciary is independent of the executive and the legislature. The government of Malawi has been a multi-party democracy since 1994. Executive branch Under the 1995 constitution, the president, who is both chief of state and head of the government, is chosen through universal direct suffrage every 5 years. Malawi has a vice president who is elected with the president. The president has the option of appointing a second vice president, who must be from a different party. It also includes a presidentially appointed cabinet. The members of the cabinet of Malawi can be drawn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
