Malawian President Peter Mutharika has commended the BRICS for coming up with the New Development Bank (NBD) and making it focus on investment in infrastructural development in its formative years.
Mutharika was speaking when he addressed the 10th BRICS Summit in Sandton South Africa.
President Mutharika said the focus on infrastructural development resonates very well with the development strategies of developing countries such as Malawi.
” As a global community, we have agreed on a new path for development. We agreed to fight poverty. We agreed to fight food and nutrition security. We agreed to create descent jobs. And we agreed to leave no one behind in our development agenda,’’ said Mutharika.
President Mutharika told the gathering that humanity can only achieve its common goal of eradicating poverty if there are genuine reforms on the global financial architecture.
‘‘I believe we can only achieve this common pledge of humankind if we set the right economic and political governance structures that work for everyone. We need genuine reforms of the international financial architecture,’’ Mutharika emphasised.
Mutharika also reminded the gathering that for a long time, developing countries have been investing in consumption and services more than investing in production and infrastructure.
This he said, needed a paradigm shift.
‘‘We need to finance infrastructure and energy as some of the prerequisites to development’’. Mutharika said.
Mutharika said Malawi is ready to do business with the rest of the world.
South African President Cyril Ramaphosa opened the 10th BRICS Summit in Sandton on 25th July 2018 with a call for greater collaboration among BRICS member states as the world embraces the digital revolution.
BRICS is an economic block comprising Brazil, Russia , China and South Africa.
Its main objective is to agitate for reforms in the global financial structure by focusing on the world’s emerging economic giants.Follow and Subscribe Nyasa TV :