Malawi govt claims greater forex, import cover: Economic growth

Malawi  government has said it has registered tremendous improvement in the official and private foreign reserves translating into greater import cover as never seen before in the country’s history.

Nankhumwa (left) with Finance and Economic development ministre Goodall Gondwe

Nankhumwa (left) with Finance and Economic development ministre Goodall Gondwe

Government spokesman Kondwani Nankhumwa, who is also Minister of Information, he official foreign reserves are at USD646.26 million translating into an import cover of 3.38 months and the private sector official foreign reserves are at USD325.94 million translating into an import cover of 1.71 months.

Cumulatively, it means the country has a total of USD972.16 million in foreign reserves translating into an import cover of 5.1 months.

“It is worth pointing out that this has never happened before in Malawi’s history. It is the first time for the country to hit such levels of reserves and import cover even at the highest periods of good economic growth” Nankhuma said  in a statement.

Government has also advised the general public to prudently use forex on activities that will help grow the reserves.

Kwacha gains

Malawi’s Finance, Economic Planning and Development Minister Goodall Gondwe also said recently that  he is delighted with the current appreciation of the kwacha against other major international currencies, especially the US dollar.

“I did say that in two weeks time, we are going to have a stabilised exchange rate and [everyone] was thinking that I must have been dreaming.

“In fact, within one week, stabilisation took place. I am happy that the free depreciation that we were experiencing at that time was halted and so, I am happy indeed,” Gondwe was quoted by The Nation.

A sharp fall in the value of the kwacha in September last year, was one major economic highlight of the local currency as it sent shivers to local importers and manufacturers who were left with no choice, but to raise more to finance their import demands.

The currency traded as high as K520 in some authorised dealer banks (ADBs), a 33 percent sharp fall from a rate of K390 in August last year.

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97 thoughts on “Malawi govt claims greater forex, import cover: Economic growth”

  1. dyton chiwaya says:

    Bravo ! But this appreciation should translate into financial realities of people in the village. By the way where is the mining hype after the first airborne survey. Let’s go for it to further improve the economy

  2. Nkhwatakwata says:

    86, when Goodall was finance minister under Bingu administration the economy performed very well, but surprising Bingu fired him. In the wake of what happed one can speculate that Bingu wanted (1) to embezzle public money, any wonder about K92 billion? (2) Bingu felt Goodall overshadowed his younger brother Peter whom he wanted to taker to run away from “prosecution” which he inflicted on Muluzi when he left office.
    Muluzi was right to say that Malawians have short memory, or is it lack of understanding issues? Elias Ngalande, the former Governor of the Reserve Bank, said that the economy of Malawi is so small that it is easy to turn around and destroy at the same time; he said this at the economic turn around during Bingu’s time. What happed after Goodall was fired is a foregone conclusion. It is only in Malawi where performers are fired, have you forgotten about Aleke during Muluzi’s time?

  3. Alungwana says:

    Yet prices are still high and there isnt any impact on a common Malawian. That is nothing to appreciate! Malawians are not stupid. Mutsitse fuel or else we will take you to court.

  4. Kanyimbi says:

    Nkhani yobweleka ndalama sichinthu chachilendo pa nkhani ya za chuma. Komanso maiko ngati USA akumabweleka ku maiko ngati China. Kungoti a Malawi muli ndi bvuto.

    1. Nyapapi says:

      Apparently the loan is not from Mota Engil but the PTA Bank. Borrowing for the sake of propping up the MWK is stupidity of the highest order, because this is just kicking the can down the road. We will still have to pay for this loan, at a high interest, later on.

      Kodi inu mungayendetse banja lanu ndi ndalama za katapila? Kenako sindiye kuti akulandani chili chonse ndi mkazi wanu yemwe?

      The solution should have been to let the MWK be determined by market forces, like JB did. This way senseless imports would be curbed. Goodall Gondwe likes to have an artificially over-valued MWK which then results in senseless imports – during Bingu’s first term thousands of secondhand cars were imported from Japan because the US$ was unrealistically cheap compared to the MWK. This is going to happen again this time round, storing problems for whoever is going to be President in 2019.

      The only time a loan makes sense is when you are going to generate more income with the loan compared with the cost of obtaining the loan. For example if this forex was going to be used to import machinery to boost our extremely small manufacturing sector then it would be worthwhile – but as I have said the extra forex is more likely going to be used for importing secondhand passenger cars from Japan [and for taking chiefs on foreign trips!].

  5. Sabiti says:

    This is the lean period inMw how come our kwacha is gaining value please economists give us an elaborate explaination not wat wi a hearing frm these failled ministers

  6. chigawenga says:

    Malawians please do not be hood-winked by this. Has anybody asked how the government got the import cover? I have said this before and I will say it again. Government is borrowing heavily outside the normal borrowing channels like IMF and the World bank. They are borrowing from what we call money lenders/payday loans providers at huge interest rates. What the government is doing is in fact mortgaging the future of our children. What would be interesting to know would be how much has the government borrowed from the lender Mota Engil? What are terms of the loan? I do hope the opposition will demand transparency in the way government has derived at the decision to borrow money on behalf of Malawians. Remember it was not long ago when we were lied to by Ken Lipenga who claimed MRA had collected enough revenue to meet budgetary requirements. We later find out the government was borrowing heavily from local banks. Would this be a similar case? Lets ask these questions before we praise this government. Some things just don’t add up.

  7. osborné says:

    These politicians are pathetic liers. So they think we don’t know economics? Borrowing money to improve import cover is economic growth? This is a short term solution and Malawians you can bless yourselves for another huge devaluation in future. This exactly what Goodall did during Bingu error and the we are suffering the constituencies now. Our trade is not balancing because of too much imports
    For us to excel Malawians must reduce their appetite for imported goods otherwise this cosmetic economy will continue

  8. mona says:

    Tell the source of forex mwabweleka ku mota engil yo

  9. mona says:

    Tell the source of forex mwabweleka ku motayo

  10. sd says:

    Even atabweleka dollar its ok koz all corporations in the world hav 1 loan or another,wat is needed is to utilize that money as capital to realize profit.Its an achievement on its own for investors or banks to trust u&borrow u money . Let’s aplaud them

  11. zayakunkhongo says:

    Stupid, foolish and ignorant Malawians can clap hands for this. What the govt has done? Don’t cheat us nankhumwa, we are not as blind as you are. Shut up!

  12. Happy with borrowed money.a borrower is a slave to the lender
    The dust will settle.truth shall be revealed
    But but don’t punish tobacco farmers with a depleted rate of mk370.00 muzaona chinameta nkhanga mpala.they have bought their farm implements at a high rate.
    wake up guduwello

  13. Ngungudya says:

    Osati izi akunena athu kuti za Mota chiyani kaya …..God knows

  14. Obviously you have borrowed funds to cover the cut in aid. My question is who has lent us the funds and on what terms. How sure are we that you are not selling off our country piece meal? Please inform the nation and disclose the source of the funds.

  15. Faya says:

    Penapake Tiziyamika A Malawi.

  16. Kikikiki says:

    What are you smoking at the capital hill?

  17. KING SOLOMONS WISEMAN says:

    ECONOMICS ASSOCIATION OF MALAWI ECAMA.INSTITUTE OF CERTIFIED ACCOUNTANTS IN MALAWI-ICAM etc;PLEASE ARRANGE TO MEET GONDWE SO THAT HE EXPLAINS TO U.PLS GIVE THE NATION WHATS ON THE GROUND.WE MAY TRUST YO REPORT BETER THAN THIS SPOON FEEDING BABY ZAWADI.

  18. Likoma Economist says:

    You’re kidding me? Is this 1 April?

  19. Kadakwiza says:

    Mwagulitsa chani, kapena minyanga ya njobvu? Poti ngakhaie sipokosi ya njinga simungayiphike! Musazabvulaze alimi. Mukatero fodya adzagulitsa pa Zambia chabe. Koma ngati zili zoona a Malawi tiyenera kunyadira. Chuma chikakwera miyoyo ya anthunso yimakwera. Bola zisakhale ndale, poti for long time kuyambira nthawi ya Kamuzu a Malawi akhala aku namiza kuti dziko likutukuka pamene Malawi yili ku mbuyo pa chili chonse. Miseu yomvetsa chisoni, uliminso womvetsa chisoni. Pulezident mpaka kunamiza anthu ati Chipembere Highway, yimene ija si highway. Ati ku Lilongwe Paul Kagame highway, zankutu. Pulezident azikatsegulira building? A Malawi anthu a ndale asatinamize chonde! Malawi yili ku mbuyo pa chili chonse chifukwa atsogoleri athu akhala akutinamiza pa zaka 50 chitengere ufulu. Tiyeni tiyende tikaona mayiko ena. For example, Mozambique yinali pa nkhondo untill 1992 koma pano sitingayigwire. Rwanda yinali pa nkhondo pano sitingaigwire, Gambia, Ethiopia, Zambia, Gabon. Mayiko amenewa anali ku mbuyo pa chitukuko koma pano apita. Chifukwa atsogoleri awo alibe maboza komanso saba ayi. A Malawi titsegule maso. Atola nkhani bwanji simunafunse Wolemekezeka a Gondwe kuti mwa chita chiyani kuti chuma chikwere. Muzifunsa mafunso. Mwina agulitsa Mulanje, kapena mwina agulitsa Admarc, mwina agulitsa Chikangawa kapena mumva kuti nyanja yapita? Muzifunsa.

  20. Mmihavani says:

    Hahahaaa Mulungu si munthu. All the doomsayers are puzzled. Evil people who dont wish the country well are crying. DPP will perform wonders and you will cry. After APM we ll vote for Chilima and after 10 years for Chilima we will give Atupele

  21. Mtupatupa says:

    Mukunyadira forex yobwereka yomweyo? Mukufuna muoneke ngati muma tha ntchito pamene mukulephera? If I may ask, what major export is Mw doing to make the Kwacha appreciate? Gogoysm mathematics

  22. mase says:

    how have you sourced the money? Don’t lie to us that things are well

  23. KANDAWE says:

    TINAVA KALE ZOTI MWABWELEKA NDALAMA KU MOTA ENGIL NDIPO TIDZABWEZA NDIFE ALIMI POTIGULA FODYA WATHU MOTCHIPA NDIPO MA PERCENT ENA AZIDZAPITA KUNGONGOLEYO, MAYO INE KULIMA KUWAWA

  24. atate says:

    The same government said doesn’t hv money at the same time saying we hv forex of almost a billion dollar. It’s a miracle to generate forex without any exports. The same issue u lied in Bingu time that zero deficit is a success yet u borrowed from the bank. Where is George Mnesa uwululenso iyi. DPP is fake

  25. ,MYEGHA,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, says:

    Have you started selling indian hemp? Which sources of activities have you done? Is it from kayelekela or private part? We wonder.

  26. ati mwabwereka dollar inu,?????????

  27. hotlips says:

    Mota Engil loan!

  28. Angozo says:

    Thats fantastic well done APM and your government, shame to those who organised demostrations on 13 of this month of January 2015. Things will change to the better in this country and your organisations will compleyely sink in deep waters.

  29. sikusinja says:

    Shouldnt the kwacha be trading at below 400 to the dollar then. The genius of Goodall Gondwe of borrwing money to boost reserves. This will come back to bite us. Unfortunately Goodall and APM will be long gone when we start feeling the effects of such. Improving a countries economy without any improvement in economic activity is useless. That money borrowed should have been used to stimulate some sectors of the economy that would have directly improved the economy of the nation and not just dump it as foreign reserves. Things are still expensive because we are still importing stuff and exporting nothing.

  30. Vehtekhu says:

    BOMA! BOMA! BOMA! BOMAAAA..BOMAA ILOOOOOOO!!!

  31. ujeni says:

    All this is artificial, stop cheating us. What exports have Malawi done since the close of the tobacco selling period? Artificial, Artificial, artificial.

  32. ujeni says:

    There he goes again this Nankhumwa guy lying that AS NEVER SEEN IN THE COUNTRIES HISTORY. What type of drugs is he taking this man.

  33. Phiri says:

    Ngatidi ndi zoona, Ife a business ndi nkhani yabwino kwa ife timafunira dziko lathu zabwino, ndale kaya zazipani pambuyo chifukwa zikumasula Malawi, above all I salute Peter our President posakhala kamwendo mnjira monga akhalira ma President apitawa zomwenso zikuthandizira kupulumutsa Forex. Mr President keep up, God give you healthy life and proper reasoning.

  34. H. Davis kabeta says:

    The truth will come out. There are no miracles here. Some previous finance minister also cheated the pple through MRA money. If Gondwe has borrowed money in forex to cheat pple it will soon show. Malawians dont be excited yet.

  35. KING SOLOMONS PALACE says:

    CAN NANKUMWA AND GONDWE EXPLAIN THE CAUSE OF THE INCREASE OF DOLLAR RESERVE?.PLS DO NOT FEED US COOKED FIGURES.HAS APM COOKED AND BAKED FROM HIS KITCHEN AS WE HAVE BEEN WAITIN PATIENTLY?R WE NOW BEING SERVED?WE DO NOT WANT TO EXPERIENCE WHAT KEN LIPENGA COOKED-ROTTEN AND CHARRED STINKING STUFF.ASK GEORGE MNESA HE COULD SMELL THE ROTTEN RAT AS FAR AS NENO VILLAGE.SO WE THE PPLE OF SOLOMONS PALACE WANT REASON 4THIS HISTORICAL FOREX COVER B4 THE RAT STINKS

  36. Nyangabira says:

    Well done job Guyz mumaitha.Dpp woyeee!

  37. KUNGOTI says:

    Wanthu wa makomenti takomentanitu apa mmangofuna zoipazokhazokha a satana inu anthu a ku midima ndi your goddess Joyce Hilda Mtila

  38. Thumbwefu says:

    koma zisakhale ndalama zobweleka paja a DPP ndizomwe mumapanga!

  39. Concerned Malawian. says:

    Woooooowwwwwwuuuuuuuuuuuuuuuuu! Bravo Government!

  40. mgebegebe says:

    thanks to godwall gondwe and dpp govt, ntchito mukugwira, i appreciate that

  41. Kumanenatu zoona kuti Kwacha yathuyi mwayipanga sugar-coat as you normally do to make it look stronger..Tiona akatha ma dollar mwatenga ku Mota Engilwo…

  42. Kabunduli says:

    Good news there then!

    1. Kenkkk says:

      Should we really be celebrating a 3 to 5 months import cover? Is that enough? Fix the economy for the long term not for making yourselves look good as if you have done some outstanding achievement.

      It is very important for people to know how even the 3-5 months import cover has been achieved?

      For me there is nothing to celebrate for the time-being!!!

  43. baggio says:

    bola zisakhale za pa paper basi panjatu andalenu simusowa chokamba

  44. fkr says:

    Idiot. The government had borrowed the money! That had interest and repayment or we have given something away something to motoengel again. Just open your eyes. We have no power, no water in blantyre. Seriously dreaming

  45. Rambos says:

    Really i dnt think so, Goodall u lied.

  46. BigMan says:

    What do you mean Malawi government “claims” greater import cover. As reporters you should investigate the facts and report them as such or dispute the statement based on the facts, not write as if you are gossiping.

  47. vigour says:

    Congratulations to you guys

  48. mbwaxe says:

    Mudala goodall wachekula we!!!! Ukhumba ufwile mu office!!!! Pumulani imwe!!!!! Zaninge ku bwengu tizakalye katofeni imwe!!!!!!!

  49. BINTO BANDA says:

    TIKUFUNA ZOONEKA OSATI ZOMANGONENA

  50. kWACHA WA MPHAVU says:

    If afuna KWACHA WAMPHAMVU maningi just like in zambia mwe.

  51. Chembe lumbe says:

    My take is the economy is growing and the numbers have to reflect but on the numbers of months the foreign reserves can cover is another different story

  52. Fathara says:

    ABALE ANZANGA NGATI MUKUKUMBUKILA NDI NANENA KUTI ZIMENE ZIKUCHITIKAZI MULUNGU AKUYAKHULA KATHU. NDINANENA KUTI MULUNGU AKUFUNA KUTI A MALAWI TIYAMBEPO KUZIYIMILILA PATOKHA. NDIPO NDI NANENA KUTI NDIKUWONA MALAWI WASOGOLO LOPAMBANA, MALAWI WACHUMA CHOPAMBANA, WASOGOLO LABWINO. NDIPO ZAYAMABA KUWONEKA SOPANO KUTI MALAWI WAYAMBA KUZIYIMILILA PAYEKHA. MULUNGU ALEMEKEZEKE AMEN.

    1. Mtupatupa says:

      Bambo, no man is an Island! In South Afrika, Rand is deppreciating becoz their ESKOM is in dire need of Billion dollars to revamp their power supply, whch is power cuts and loadshedding, in Blantyre there is no water, for about 3 months now, today some bakeries could not bake bread, and since 11 Jan the power supply is on major loadshedding that industries are not working. 3 this period of the year, Malawi does not have major exports, its only importing even for consumption, what can bring a miracle to have enough forex reserve? Remember its the same DPP in Bingu’s 2nd term they rated Malawi as the fastestest growing economy after Quata, where did it take us to? Economic has no miracles unless by produce more for export.

  53. Mbwiye Wapata says:

    So what! is there anything to celebrate here? The major economic indicators that affect an average man on the street are still pathetic and moving downwards ie inflation,employment,cost of borrowing and the list goes on and on so what exactly are you telling us?
    Whole cabinet minister coming out to announce this insignificant issue that only a minute fraction of the population understand…tell the people that the people that you have created jobs,that there are enough drugs in hospitals,that you have not stolen from the Aids funds…You can not claim any of these cause you are a mediocre government…musatinyase mwamva!

  54. sothini says:

    how is it now, donors zero, tobacco much forex-earner zero. Kayerekera, what really influences import cover?? Am asking politely, someone adzitokota, than schooling me

  55. Fathara says:

    NDIYA AMBUYE YESU SIKUTHEKELA KWATHU. A MALAWI NDIKATI NDIKUWUZENI ANTHU FETU TIKUPEPHELA KWAMBILI, KULIPEPHELELA ZIKO LATHU LA MALAWI. TIYENI TIPITILIZE KUPEPHELA A MALAWI MULUNGU AMATIKONDA.

  56. M'Malawi Weniweni says:

    Malawians should only smile about the forex availability when they know the source of the reserves. All I know is that Malawi has borrowed its way out of forex shortgae. We will pay for this in a lifetime. Mark my words.

  57. Jayilosi Ntedza says:

    This appreciation and increase in reserves don’t make any sense to any honest Economist. Simple question Sir! Where is the forex coming from since the donors are still holding a bigger percentage of their aid and tobacco is still in the garden????

  58. Another thought says:

    The global oil prices have been decreasing for the last 4 months and the Govt was reaping Malawians by not automatically lowering the pump prices of fuel. With that in mind there was only going to be one outcome and that is more profits by Govt resulting from the sale of a commodity bought at low prices and sold at high prices. With the disaster that has hit the country, Goodall and friends have sang the economic reforms so soon as all those savings will go towards the reconstruction of the country. The kwacha will decline against the dollar as the agriculture season which is the main forex earner is all but doomed. we should brace ourselves for a very difficult 2015

  59. kunyada says:

    This z the beggining

  60. bilimankhwe says:

    Agalu inu mwazitenga kuti ndalamazo without increasing export base?

  61. Akulisinga says:

    Good development /news.

  62. Achisale Kumangoni says:

    Useless

  63. Noxy says:

    Good news Boma ilo!

  64. Nana Chione says:

    Za ziiiiiiiii!!!!! who doesn’t that you have borrowed Millions of USDs from Mota-Engil? Kodi munthu wanzelu anganene kuti chuma m’banja chikuyenda bwino ndi ndalama zobweleka ku katapila?

  65. Ngakha says:

    I can agree that there is some improvement in our economy and government must trade carefully bcoz of these floods whose severe consequences are yet to be known. However Nankhumwa,s statements are always fake. We cant trust him.

  66. Dick says:

    We want change in the lives of people and not this rubbish

  67. Chankhulunidende says:

    I don’t believe a word that comes from Kondwani Nankhumwa’s pie hole.

    I would rather Goodall tell it himself.

    In Goodall we trust.

  68. nthandalanda says:

    MK 340 billion borrowed from mota engil should not make us believe that things are ok. This is just a short term economic solution as this will invite a huge interest of around 40% to 50% which will be paid through taxes. We need long term solutions not plastic decision.

  69. Patriot says:

    Very good.
    Tsopano tsitsani mitengo ya mafuta a galimoto to its true value.
    Mwaba kokwanira

  70. Patriot says:

    Very good.
    Tsopano tsitsani mitengo ya çafuta a galimoto to iys true value.
    Mwaba kokwanira

  71. Nanchunjule says:

    Nkovuta kukukhulupililani Ana a njila inu chifukwa atate wanu Ali wabodza.

  72. Aceton says:

    Let’s hope it must not be of only days.

  73. Piche Yakiti says:

    Good news…let this be seen on the ground

  74. Kalanga says:

    Let this trickle down to the rural mass. And also let it show its significance!

  75. fisi Gammar says:

    UUUUUUUUUU MWAONAKA HONAKA AZUNGU MUFUNA APUSITSENDANI AMALAWI

  76. Joseph Pakhosi says:

    That’s good its better we must rely on our own not on Aid I think we can make it.

  77. Mphwache says:

    The article is very misleading, economic growth is not determined by import cover (that’s no no economics). USA had a 1.5% growth rate! yet their dollar is all available to finance exports. Zimbabwe uses the US Dollar as local currency, and is all available for import cover, what us their growth rate?

  78. Shamwari Dzowa says:

    Bola zikhale zopitilira

  79. Katswiri says:

    Almost $1 billion in reserves? Zachokela kuti?

  80. opportunist says:

    Unfortunately am still suffering with my relatives failing to pay school fees and other things .

    1. Kanthu Ako!! says:

      Stop spending your money on booz

  81. Phaghlani Vwavwa says:

    It’s too late. the damage was already done. Only the price of fuel has slightly come down. The rest wont. The value of my earnings is already reduced and it’s not coming back to its original value. Shame. It pains and saddens me that almost all the economic problems we face in this country are self inflicted. Poor leadership being the main cause. Shame, shame shame on us.

  82. Mbolo Sidwala! says:

    Mufuna kunamiza ndani? Its MotaEngil that has pumped forex in the reserves in exchange of….. mumaliza nokha!

  83. Mhesha says:

    Congratulations Team APM!
    I am also delighted with Namkhumwa…u don’t just open ur mouth anyhow. U ve so smart.

  84. acn says:

    Surprisingly. this is just paper work. Ordinary Malawians don’t feel any impact. .Goodall you’re practising ancient economic policies. Young pple must assume your position. Cheap propaganda!

  85. Alex Likoswe says:

    Now control inflation and achieve a single digit inflation rate. With low fuel price and prudent financial discipline, this is achievable.

  86. LWITIKO K says:

    Comment Reserved For Apm& S Chilima’s Future.

  87. FRANCIS FK says:

    GOOD TO HEAR THAT!
    WILL YOU NOW GIVE THAT MONEY TO APM&SCC?
    KOMA MSATINAMIZE ALOMWE INU.

  88. Greencardless Malawian says:

    You cannot be celebrating a stupid deal, who doesn’t know you are celebrating a loan from Motor Engil, soon this money will go and we will be back where we started from. Plus you have been stealing from Malawians since October, fuel prices globally started going down abt 4 months ago yet Malawians havent enjoyed that privilege bcoz the gvt is busy benefitting from buying cheap oil and selling it at ridiculous prices to make money off the poor citizenry. Iwe Gondwe, you mislead Bingu by fixing the Kwacha and leaving him to suffer the ridicule later, you are doing the same with this God forsaken Peter. Be honest with ppl or else God will continue failing your plans until you are put to shame again. Atleast JBs time fuel prices used to go down n up accordingly…

  89. EMMANUELLA says:

    OK, KOMA KATUNDU ATSIKA LITI? MA TRANSPORT AKTSIKA LITI. MUKONZENSO CHITETEZO CHATHU.
    ALL IN ALL GOOD TO HEAR THAT!

  90. Moya says:

    We know this government is full of lies, cooking up fake figures just to give a false impression that all is well..we can’t forget the mra zero deficit saga, lies about death of bingu r.i.p, lies about k92 billion now here we are at it again.

  91. Greencardless Malawian says:

    You cannot he celebrating a stupid deal, who doesn’t know you are celwbrating a loan from Motor engil, soon this money will go and we will be hack where we started from. Plus you have been stealing from Malawians since October, fuel has prices globally started going down abt 4 months ago yet Malawians havent enjoyed that privilege bcoz the gvt is busy benefitting from buying cheap oil and selling it at ridiculous costs to make money off the poor citizenry. Iwe Gondwe, you mislead Bingu by fixing the economy and leaving him to suffer the ridicule later, you are doing the same with this God forsaken Peter. Be honest with ppl or else God will continue failing your plans until you are put to shame again. Atleast JBs time fuel prices used to go down n up accordingly…

    1. Chosamva says:

      You are right, Goodall did this once before during Bingu’s first term: Artificially keeping the MWK ‘stable’ for a long time at 160 to the US$. This created massive problems for Bingu’s second term.

      Now he seems set to do the same again to Bingu’s brother – create a fake stable MWK again that Malawians will dearly pay for later. How can a country generate forex reserves from the air?

  92. good news from Matchona. you are doing great job keep it up

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