Malawi President, Vice cut own salaries by 30%

Malawian President Joyce Banda and Vice President Khumbo Kachali have voluntarily cut down their salaries by 30 percent as part of their support to the current austerity measures, the Vice President has announced.

The Vice President made the announcement during he launch of the Malawi Growth and  Development Strategy II and Economic Recovery Plan at the Bingu International Conference Centre in  Lilongwe on Friday.

“In support of the austerity measures, the President and the Vice President have voluntarily decided to reduce their monthly salaries by 30 percent with immediate effect. Government is also actively considering other cost cutting measures and these will be announced in due course,” said Kachali.

E

Economic minister Atupele Muluzi welcoming the vice president khumbo Kachale at the economic recovery plan launch. -Photo by Mana

The president earns on average $5,000 per month, but will now take home around $3,500. The vice president earns $4,000, and will take home $2,800.

On the Economic Recovery Plan, the Vice President said it has identified five strategic sectors that can quickly that can quickly turn around the economy for export led growth and foreign exchange generation.

“These are Energy, Mining, Tourism, Agriculture, Transport infrastructure development and Information Communication Technology. Privatization of these sectors will provide Malawi with a comperative advantage favourably in regional and international markets,” said Kachali.

Reforms

He said using the Economic Recovery Plan “as an instrument to rejuvenate the economy”, the  JB government  has been able to undertake a number of policy reforms particularly in the monetary sector.

“These reforms, I am glad to say, have within a short period of time managed to start bringing back the much needed foreign reserves in our economy hence enabling us to freely import strategic commodities such as fuel, drugs and other raw materials for the industries.”

He said government has “built in the plan measures” that will cushion the vulnerable from the impact of the reforms.

Since coming to power in April, President Banda has embarked on a series of reforms designed to fix Malawi’s battered economy, which has been hit by fuel shortages and dwindling foreign currency reserves.

But the leadership recently came under heavy criticism for huge travel bill to United States when Banda picked a 40-member delegation to the United Nations general assembly.

Serious bussiness at the econonic recovery launch, Vice President Khumbo Kachali and the economic planning minister Atupele Muluzi.-Photo by Mana

Donors were present at the economic recovery planning launch

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

More From Nyasatimes