Admarc pleads for loans to buy maize, other produce
Agricultural Development and Marketing Corporation (Admarc) has pleaded with parliament to authorize loans for the
cash-strapped state grain trader, saying it is struggling to operate and cannot but maize and other produce on time.
Admarc acting chief executive officer Margaret Roka Mauwa told the Budget and Finance committee of parliament that the only way out of the cash problems is for an injection of a loan.
“The financial problems are really affecting our organization negatively,” said Mauwa.
She said: “It is unfortunate that Admarc is where it is because of the conditions put by donors and we usually use borrowed money to function. Why doesn’t Parliament allow Admarc to have loan authorisation bills to work perfectly.
“The interest rates we are charged from the loans we get from commercial banks cannot make us survive in business.”
Vice chairman of Budget and Finance Committee John Chikalimba said parliament should be able to authorize the loans for Admarc in order to make it a viable and effective produce market.
“If we authorize loans for water boards, Escom and other statutory corporations, what should stop us from authorizing a loan for Admarc. We are ready to do that,” he said.
He said Admarc needs to be empowered to buy maize and other produce from farmers who rely on the state run produce organization.
Chikalimba said failure by Admarc to buy the maize leaves farmers to vendors who buy the produce at very low prices.
Minister of Finance, Economic Planning and Development Goodall Gondwe told Parliament that government guaranteed Admarc’s loans in 2015/16 financial year due to the perceived maize shortage in the country at that time, but the maize was not sold due to donations of the grain and other food stuffs and also because the maize sold in Admarc depots was more expensive compared to vendors’ prices.
Admarc! Admarck! how many times should icall you, kapumeni sitikuifunaso Admarc.
Mwayambiranso, koma anthu osamva inu. DPP IZAKUPHETSANI
NDALAMA MUZIKAPANGIRA MA CAMPAIGN A DPP…….APO MUNAPEZEKAPO BWANJI?MUNAPANGA MA INTERVIEW INU?MESA HAND PICK YA DPP IMENEYI?FORGET,WE WANT THOSE PEOPLE WHO CAN WORK NOT DOING POLITICS IN OFFICES
ADMARC is just a conduit of funds from Govt to political parties. How many bail outs has ADMARC received in the past 10 years?
After all the entity can not do well with political appointees like Ms Magret Mauwa. It requires a CEO with business acumen.
Point of correction, it is not a Loan Authorization bill that can make ADMARC work perfectly but high mindedness, decency, incorruptibility of ADMARC management team!! Mrs Mauwa, siunu a lendo and you can’t claim that you aren’t aware that ADMARC was given a loan but abused those resources to the true meaning of the word “Abuse”. The best thing parliament may do is to close the institution basi…………!! Some of us are aware that ndalama mukufunazo ndi za ambuya anu kuti akachitire campaign. Inu nomwe posachedwapa mwagwiritsa ntchito over K40 billion kubweza ngongole yomwe siinapindulire a Malawi nde pano muziti… Read more »
Someone please just remind me again why ADMARC still exists in 2018?
this country doesn’t need ADMARC, it’s a big liability!
Madam Margaret Roka Mauna, please think outside the box. Admarc is still going through its own cleansing of its image after the maizegate scandal. It is highly unlikely that MP’s will approve extension of loans to the institutions whilst the case is ongoing. Besides, there’s no comfort that ADMARC has tightened its financial controls to avoid a repeat of the maizegate saga. Secondly, if you can’t borrow from commercial banks profitably then there’s a big issue with ADMARC’s business model. Thirdly, be transparent with the MP’s and the general public in terms of your funding requirements and what you need… Read more »
ADMARC again, please give us a break !!!