Malawi borrows US$50 million from PTA Bank to settle fuel bills
Malawi has borrowed almost MK7.2billion (US$50million) from the Preferential Trade Area (PTA) Bank, a regional trade and finance bank, to settle its fuel import bills.
Finance Minister Ken Kandodo confirmed that government would this week receive the loan from the bank to pay for fuel arrears through the Petroleum Importers Limited (PIL).
“With this loan, the country’s fuel shortage will come to an end since the loan will help with the settlement of the dues the country had with the manufacturers,” he said.
Malawi has been experiencing fuel shortages, mainly diesel, at its fuel pump stations nationwide. APA.
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