President Lazarus Chakwera has said government has put in place measures to see to it that Malawians are provided with safety nets as a relief from the challenges that are there due to the Covid-19 pandemic. In his televised address to the nation on Sunday, Chakwera his administration has extended the moratorium for loan facilities […]
Castel Malawi Limited, manufacturers of alcoholic and non-alcoholic beverages, has warned that the external threats in the current operating environment pose a risk to the company’s future development sustainability. According to a 2020 Castel Malawi Limited financial Statement, the burden of the taxes remains critical and hardly sustainable. “Despite Cost savings, retreachment plan, Castel Malawi […]
Resilient policies and strategies are crucial for Least Developed Countries (LDCs) to enable them jump start the economy after the devastation caused by Covif-19, Malawi’s Vice President Saulos Chilima said on Tuesday. Chilima was speaking when he participated in a session on rethinking structural transformation in African Least Developed Countries (LDCs) in the era of […]
Small scale traders in Lilongwe have asked the government to ease the tough covid-19 preventive measures now that the infection rate is at around 15 per cent down from 30 per cent when the measures were put. Some of the business owners said due to the restrictions, most of their businesses are failing to stay […]
Malawi’s year-on-year inflation rate has hit a record 7.6 per cent for December 2020 owing to rising food and non-food prices, published National Statistical Office (NSO) figures showed. The rate, which measures cost of living by reflecting how prices of general commodities increase in an economy, climbed by 0.3 % from 7.3 % in November. […]
Minibus operators have said they are raising passenger fares following Malawi Energy Regulatory Authority (Mera)’s dramatic adjustment of fuel prices by an average of 28 percent. Mera announced the increase of fuel prices on Wednesday evening. Minibus Owners Association of Malawi (Moam) acting national chairperson Felix Mbonekera Msiska said following the fuel price hike, the association […]
Despite coronavirus wreaking havoc on the Malawi economy and depressed revenue, Members of Parliament (MPs) have handed themselves an inflation-busting a huge increases in salaries and allowance, bringing their salary bill to almost K3.4 billion in the current fiscal year from K2.4 billion in the 2019 /20 fiscal year. Even in the wake of 2020/21 national […]
Even at a time when the future of the global economy is looking decidedly uncertain, there is one sector that seems to be on a constant upward trajectory. This sector is gambling, and it has shown a consistent growth rate of around 4% for the last few years. In 2018 it was valued at nearly […]
A senior Reserve Bank of Malawi official is predicting a slow recovery of the tourism industry the hardest hit by Covid-19. Central bank governor Wilson Banda says although the country is registering less cases of covid-19, the world wide impact is still crashing the Malawi tourism industry. Tourism has been listed as Malawi’s Covid-19 hardest hit […]
President Lazarus McCarthy Chakwera shojis expressed this admiration of the infrastructural and economic development taking place in Tanzania without reliance on foreign aid. The President said when he made a two-day state visit to the East African country where he laid a foundation stone for the Mbezi Luis upmarket bus terminal in Dar es Salaam, […]
Workers in State enterprises will have to wait until sometime in October to receive their September salaries. But in communication seen by Nyasa Times, it has not been stated the exact date worker would be paid. Airport Development Limited chief executive officer Rhoda Misomali said in a memorandum dated September 25 2020 the delay is […]
Democratic Progressive Party (DPP) spokesperson on Finance, Joseph Mwanamvekha has implored government to put in place measures that will ensure that the country’s debts are reduced. He said this in Parliament on Monday when political parties were giving in their inputs in the 2020/2021 fiscal year budget. Mwanamvekha said if the debt doesn’t come down […]
Threats to the Malawi Kwacha loom due to seasonal surge in demand for imports. A financial analyst says the growing demand is a normal seasonal occurrence. This week the local unit showed it was slowly but surely losing its two-year long grip, losing ground against major trading currencies. The gradual fall in the currency, while seen as […]
Minister of Finance Felix Mlusu on Friday unveiled a K2.190 trillion national budget in Parliament geared more to fulfilling campaign promises of Tonse Alliance made ahead of the June 23 Fresh Presidential Election as well as in President Lazarus Chakwera’s first State of the Nation Address (Sona) delivered in Parliament last Friday. The national budget, […]
The local currency, the kwacha, is weakening against all major convertibles and foreign exchange reserves are depleting according to, Reserve Bank of Malawi (RBM) figures with Leader of Opposition in Parliament Kondwani Nankhumwa accusing President Lazarus Chakwera for failing to adequately address measures to spark the economy. Nankhumwa was responding to Chakwera’s maiden State of […]
A political science lecturer at Blantyre International University, Sheriff Kaisi, has said it’s time for Chakwera to walk the talk in pulling the country out of poverty which he blamed on past governments. In his address to parliament Friday, Chakwera dismissed a notion that Malawi is a poor country, saying the poverty for which Malawi […]
Vice President Saulos Klaus Chilima has reaffirmed the commitment by his Ministry of Economic Planning and Development to champion the implementation of national plans. Chilima has also assured that his ministry will ensure that relevant policies are in place while the National Planning Commission (NPC) becomes the permanent home for defining the country’s long and medium […]
Malawi’s economic growth will be muted this year due to effects of the Covid-19 pandemic and will be characterized by foreign currency supply shortages, Standard Bank has forecast. While the bank itself seems to have survived the initial Covid-19 onslaught by posting a decent 56 percent profit in the first six months of the year, […]