Chakwera debuts UN platform, asks IMF and World Bank to cancel debts for poor countries like Malawi
September 24, 2020
Paul Chamdimba NKhoma - Nyasa Times 7 Comments
Preident Lazarus Chakwera has called on International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) to consider ultimate debt cancellation and an extension of the debt moratorium to poor nations.
Chakwera: Chairs the Least Developed Countries
Chakwera made the remark on Thursday during his debut address to the 75th United Nations (UN) General Assembly currently in progress.
In his virtual address Chakwera said cancelling the debts to poor nations will help Least Developed Countries (LDCs) recover from this devastating pandemic sustainably.
He titled his address as ‘The Future We Want, The United Nations We Need: Reaffirming our Collective Commitment to Multilateralism– Confronting Covid-19 through Effective Multilateral Action.’
As the current sitting president of LDCs, Chakwera also touched on international, appealing for deliberate measures to ease supply chain disruptions.
“As you are aware, Malawi and many LDCs have large informal sectors, which play crucial roles in domestic resource mobilization through remittances and small-scale economic production,” he said.
Further, the Malawi leader welcomed efforts to reduce transaction costs on remittances and implementation of rescue and turnaround packages for small scale enterprises.
Chakwera, then, affirmed the commitment for Malawi to host the postponed Africa Regional Review Meeting of the LDCs planned for 2021.
This is well said. I am sure many critics will see the negative side and what they call contradictions of this whole thing. But listen! Economics has several arguable sides and no single side is 100% perfect. Whichever way one presents his theories people will always find various negative sides of it. We need the international community and indeed, IMF to consider addressing the economic hardships that LDC’s are going through. What I feel is more important here is for the LDCs to start projecting their graduation from LDCs to the middle income economies. They should set realistic targets with… Read more »
Last edited 3 years ago by Donda wa Donda
Abdullah
3 years ago
Just because Chakwerang’ombe & his friend eating three times a day then you saying Malawi’s rich?Shame on you….Walk and see how people are struggling…We have to accept that our country is poor.
Banda 2
3 years ago
Accept Chakwera inherited 4.1 tri Trillion worth of debt for development projects and other spending by DPP since 2016. Last week we hear that Government Ministers and Directors and President are obtaining new cars, Yet the VP is driving his personal car. MP’s receive k400,000 extra per month housing allowance even when Parliment is not sitting and you wish to build 198 houses for MP’s. You charter a Malawian Airlines aeroplane for a one day visit to Zambia at great expense when National Leaders are staying home and doing virtual meetings. Have not seen any recovery from DPP thieves. Every… Read more »
Okay
3 years ago
Last week you said Malawi is not poor and IMF and World Bank heard you alright.
What do you want him to say? You want him to call our nation poor?? Have some dignity in your own country my friend. Maybe if you did your research you would know how rich africa is and not just looking at IMF and World Banks which rob us of our wealth… Coma antu. Read before you talk okay??
This is well said. I am sure many critics will see the negative side and what they call contradictions of this whole thing. But listen! Economics has several arguable sides and no single side is 100% perfect. Whichever way one presents his theories people will always find various negative sides of it. We need the international community and indeed, IMF to consider addressing the economic hardships that LDC’s are going through. What I feel is more important here is for the LDCs to start projecting their graduation from LDCs to the middle income economies. They should set realistic targets with… Read more »
Just because Chakwerang’ombe & his friend eating three times a day then you saying Malawi’s rich?Shame on you….Walk and see how people are struggling…We have to accept that our country is poor.
Accept Chakwera inherited 4.1 tri Trillion worth of debt for development projects and other spending by DPP since 2016. Last week we hear that Government Ministers and Directors and President are obtaining new cars, Yet the VP is driving his personal car. MP’s receive k400,000 extra per month housing allowance even when Parliment is not sitting and you wish to build 198 houses for MP’s. You charter a Malawian Airlines aeroplane for a one day visit to Zambia at great expense when National Leaders are staying home and doing virtual meetings. Have not seen any recovery from DPP thieves. Every… Read more »
Last week you said Malawi is not poor and IMF and World Bank heard you alright.
kagwere!
What do you want him to say? You want him to call our nation poor?? Have some dignity in your own country my friend. Maybe if you did your research you would know how rich africa is and not just looking at IMF and World Banks which rob us of our wealth… Coma antu. Read before you talk okay??
John somba
Sorry who robs u
The imf and worldbank
Plz check the author of ur book