Mutharika bullish on economic growth: ‘We have begun to take Malawi from poverty to prosperity’

President Peter Mutharika is maintaining his script about his success in turning around the economy of Malawi after he interited empty coffers from his predecessor Joyce Banda in 2014.

President Mutharika with academicians ar Washington University after his honour

Mutharika, an international and constitutional law expert,  has said his government took painful steps to stabilize the economy and the currency, the kwacha, and brought inflation down from a peak of 24 percent to single digit and reduced interest rates from 25 per cent to 16 per cent.

“There was no money because the previous government [of Joyce Banda]  had engaged in massive looting of government resources [Cashgate].

“We inherited a deficit that was almost equal to our annual national budget. The country was going bankrupt,” said Mutharika when  he was conferred with an honorary degree by Washington University Sunday.

The  President  said when he took power in 2014, he  had to deal with devastating floods, a famine and a foreign-aid freeze.

“We had to run the country with our resources, and we did. In that tight and hard situation, we managed to turn around the economy,” said Mutharika.

Mutharika prides his administration of taking import cover from the lowest point to the highest point in Malawi’s economic history.

“Our import cover has risen from below 2 months to 6 months. We have made local currency stable and predictable,” he said.

Mutharika said his administration has also raised economic growth above the Sub-Saharan and IMF global average growth.

“I found GDP Growth Rate at 2.4 per cent when I started leading Malawi four years ago. Now we expect growth at 4 per cent in our 2018/2019 financial year. And we expect this growth to rise to 6 percent in 2019,” he said.

“I believe we have begun to take Malawi from poverty to prosperity,” said Mutharika and  he paid  tribute to all this progress  to the people of Malawi, who he said  have contributed greatly  to his  career.

Mutharika also talked about  the inspiration he found in the United States, especially at Washington University.

“I have learnt many lessons from my time of being a professor in this place. And I have also learnt great lessons from the people of Malawi – lessons that define my leadership,” said Mutharika.

Mutharika said he has  learnt to lead Malawi with “a passionate determination” to take it out of poverty and is upbeat to deliver.

President Mutharika officially received the Doctor of Humane Letters during a ceremony in Holmes Lounge attended by students, faculty, alumni and other guests of the University.

The event honoring Mutharika featured several speakers from the University, including Chancellor Mark Wrighton.

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Achiswe
Guest

Yes, the President is bullish when he speaks about his country’s economy, and what he says is bullshit.! Malawi has been down-graded by the World Bank and other economic experts, so what is APM boasting about? His audience in the USA are naïve if they believe everything he says. Mutharika is a first class musician when it comes to blowing his own trumpet in foreign lands where people are unable to verify the facts that he comes out with. The facts on the ground in Malawi speak for themselves and they plainly contradict what the President says.

Mwaomba
Guest
Mwaomba

Awa ndi A Malisechedi , zochitika zawo zolankhula zawo ndi za Maliseche basi

Kanyimbi
Guest
Kanyimbi

What is this language of finding empty confers when changing governing Party is the order of the day? U want to tell us that MRA stops collecting money & the outgoing Party has freedom to bag all our Account no1 money & take it either to Kapoloma or Domasi sure Malawians we tolarate this nonsense? Ndalama zathu azingogawana ngati masuku akunkhalango zoona ife tiri phwiii, onse ophunzira athu m’dziko muno tonse phwiii, ma Judge, ma Lawyer, ma CEO onse dziko muno osalankhulapo pa usiru umenewu?

benard kuyokwa
Guest
benard kuyokwa

Mr president don’t deceive the white that your country is moving towards prosperity. if were in Malawi you would have afraid GOD to what you are lying on the pulpit in Washington. a good leader do not castgate other political parties rather than preaching about development. we will see 2019 you cry as if you have received a message of death. we dont want people who are corrupt and sexsist. chamba eti a number of malawian are suffering but you care about them. ok

Chilungamo
Guest
Chilungamo

Lest we forget.
JB turned around a country that was on its knees, on the verge of becoming a failed banana state. Motorists were sleeping on ques in filling stations, sugar became a precious commodity, no forex in banks, etc.
Forget JB cashgate claims. If anything ndika chisoso chabe, the big cashgate log is in DPP’s eyes. Look, 5yrs down the line this DPP-led govt has miserably failed to account for the K570 billions cashgate. All that changes are figures and goal posts. Not to mention a series of other GATES (maizegate, food ration, Escom fuel, the list is ENDLESS.

linda
Guest

This is total mockery to Malawians, in fact, poverty has worsened since 2014. Go in the villages and see, you’ll cry! Malisechewa angolubwalubwa because he is not told the truth, silly!!!

Nzika ya Malawi
Guest
Nzika ya Malawi

And you continue to loot kupitiriza pomwe Daniel Phiri anasiyira. Osamangonamizira JB apa prince of thieves iwe!

NSANJE
Guest
NSANJE

In fact Joice Banda has made a lot of Malawian lose their property to Banks with Kwacha devaluation matching with loan interest increase.Where in the world you find load agreed directly increase with currency devalution? Where in the world banks never accept loses ?Are these Banks for People or machinery for planet

George
Guest
George

how much was rooted in cashgate? If there was a president who inherited nothing then it was JB. The time Bingu died the country was on its knees. TheGood thing is that Mrs. Trump is here and people in America will see poverty in display at a school which Mrs. Trump visited this morning

mtete
Guest
mtete

Amazing how our president continues dreaming in colour!

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