Malawi blows off K40bn to pay interest on loans – Finance Minister

Finance, Economic Planning and Development Minister Goodall Gondwe has said Malawi government has spent K40 billion as interest for its K150 billion loan, an issue members of parliament meeting from Monday for a mid year budget review will have to critically scrutnise.

Gondw: We have brought down domestic borrowing

Gondwe said the K40 billion was reached at because previously the government was not paying interest on its loans but now it has started following recommendations from the International Monetray Fund (IMF).

The Finance minister explained that the loan is just a carry over from the previous government and accumulated over the years.

However, Gondwe said the Democratic Progressive Party (DPP) led government has now drastically brought down domestic borrowing.

“We have brought the domestic borrowing well below the recommended IMF level,” he said.

He also said Malawi Revenue Authority (MRA) has collected more than it planned, impressively beating its target for the K1 trillion nationl budget which parliament passed last year.

Members of parliament are expected to examine this and other issues, to see how the executive arm of government are implementing the budget.

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madala
Guest

Why should it always be IMF told us to do this or that? Are you not the same people who were castigating Amayi during campagn that she used to say azungu andituma? How different are you from her? You are now also proving that you can not do without azungu andituma here. DPP just a bunch of used forces and dead wood.

Kanthu Ako!!
Guest

IMF is international not Azungu.

Dipipi was Udiefu
Guest

Anganyawa ndi m’mene aliri. Parliament ikayandikira kuchuluka zotchulatchula.

thunguwire
Guest

Honourable Goodall Gondwe i also dont understand your language of previous Gov ever since Peter came to Power. i do remember very well that you hav been a Minister of Finance since 2014 with short break Under Bingu, JB and Peter. therefore i think in one way or another Ministry of finance is responsiblity for payment of those loan interests, and You hav been there. it means you failed to pay loan interest previously…. then u failed malawians…. take up the blame yourself

Asante
Guest

Well said bro! They always blame JB, while he is the one was in that government. Instead to say we did not pay! But he say the previous government. What a shame Goodall !!!

mabusa
Guest

we are tired of hearing of the previous govt. does it mean that if dpp is in power it means the govt changes to dpp govt. malawi govt remains malawi govt no matter the borrowing was done during udf, pp or dpp, the malawi govt borrowed the money not udf, pp or ddp. the loan was for malawi govt not the previous govt. what’s wrong with you sekuru speak like an educated big man.

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