Reserve Bank of Malawi cautions on tertiary education

Reserve Bank of Malawi (RBM) deputy Governor Mary Nkosi says the southern African nation risks lagging behind in this highly intellectual global society if it does not adequately and appropriately embrace University Education.

“The Bank also realises the importance of tertiary education in the economic development of this country and is also fully aware of the financial constraints the universities are going through,” Nkosi said.

With an operational deficit of more MK900 million and millions of kwachas in debt to various food suppliers and a burgeoning student population, Mzuzu University (Mzuni), is technically ‘bankrupt’.

She said this on Friday in Mzuzu when the Reserve Bank of Malawi (RBM) presented a grant of MK736,200 to support Francisco Chimera, who is pursuing a Master of Science degree in Information Theory Coding and Encryption at Mzuzu University (Mzuni).

Nkosi: University Education can play a major role in the economic growth

Chimera thanked the Bank for the timely grant saying he will endeavour to work extra hard so that he triumphs.

The Masters programme being supported by the Bank is perhaps only offered in South Africa apart from Malawi in the entire SADC region.

“It is common knowledge that Universities in this country are grossly handicapped by lack of bursaries and scholarships to support distinguished and brilliant but disadvantaged students. It is against this background that the Bank once again has jumped in to help,” the deputy governor said.

She noted that University Education can play a major role in the economic growth of Malawi.

“We are keenly aware that sometimes because of inadequate tertiary education, our economic growth and development agendas have met unanticipated difficulties and have gone unfulfilled,” Nkosi said.

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