Malawi government with funding from the World Bank has bought a K2 billion software for integrated financial management system (Ifmis), a system used to pay out government money.
Ministry of Finance spokesman Nations Msowoya said the government has bought the advanced software with the help of the US government as a means of stepping up security for Ifms following the infamous cashgate, the looting of public money at Capital Hill.
“This is part of our financial management programme to ensure there is no repeat of the cashgate,” said Msowoya.
He said apart from the software, the government has also bought a hardware for the Ifmis, saying the softwares and hardwares were outdated as the Ifmis was installed in 2005.
Msowoya said the purchasing of the upgrading of software is to beat security lapses and the closing of close to 300 government bank accounts is part of financial management reforms the country has embarked on.
US ambassodor to Malawi Virginia Palmer hailed the government for the financial reforms, saying the economy is likely to improve soon should the government continue with the financial reforms.
“We are impressed with the financial reforms the government has undertaken for the past six months. We are optimistic the economy will soon improve,” said Palmer.
Minister of Finance Goodall Gondwe told the Public Affairs Committee indaba in Blantyre that Malawians should not lose hope as the financial reforms the government has embarked on would turn around the economy.
“We have done a lot in the past six months,” said Gondwe, upbeat the economy would improve as inflation is likely to go down, interest rates would be tamed and the kwacha will find its rightful place against the dolllar.
“I sympathise with the people who have lost hope, we are in the middle of economic problems,” he said.
In an interview, he however refused to give detailed measures that government has put in place to bring the economy back on track.Follow and Subscribe Nyasa TV :