Britain says Malawi economic revival on course
British High Commissioner to Malawi, Michael Nevin has commended the country’s leadership for taking the decision to implement the ERP which would have long term benefits to the economy.
“It is a known fact that the measures the government has taken has had some impact on people but was necessary to do that because of the huge benefits it would bring in the long term,” Nevin is quoted by Malawi News Agency (Mana).
He told the official news agency at Sunbird Nkopola Lodge’s Lakeshore International Conference Centre in Mangochi on the margins of the annual economic conference of the Economics Association of Malawi (Ecama) which was opened by President Joyce Banda on Thursday.
Nevin said the ERP has already started to bear fruits since most of the critical issues which brought the economy to a standstill had now started to operate normally, citing availability of fuel and foreign exchange currency as some of the immediate results which have in turn helped the private sector and industries to operate normally.
“Of course the implication of the ERP is evident in inflation and high interest rates,” Nevin pointed out.
He pledged the British Government’s support to the reforms.
The British High Commissioner disclosed that the British Government was the first donor to support Banda’s administration and that it has already provided 16 million Pound Sterling to economic reform process.
Minister of Economic Planning and Development Atupele Muluzi said the implementation of the ERP will be a critical instrument to unlock the potential that was lost during the last regime.
Governor of the Reserve Bank of Malawi, Charles Chuka said people in the country including economists have confidence in the current leadership because it emphasises on an inclusive economic growth to correct the malaise it inherited.
“For the last six months we have witnessed a harsh reality since Malawi’s economy is on a critical path.
“Such a development requires bold and courageous leadership since the ERP has helped to clean the bulk of arrears collection of funds from the donor community,” Chuka said.
The ECAMA conference is being held under the theme ‘Discovering Pillars of Sustainable Economic Growth’.
ECAMA was established in February 1999 and is a grouping of professional economists who provide support and guidance to government on various socio – economic policies.
The conference has attracted 100 delegates and its theme is: ‘discovering pillars of sustainable economic growth for Malawi.’
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