It seems Malawi is far from getting out of its economic woes following revelations that the country’s administration owes her private sector K173 billion in unsettled bills for services and goods supplied to different government departments. Despite having several economic issues dogging her, Malawi is mauling over how it will close an anticipated huge deficit […]
President Peter Mutharika has followed in the footsteps of his brother and former late President Bingu wa Mutharika, who had unquenchable lust for class, where at one point he bought himself, using government resources, a top of the range Germany made super-luxury sedan, the Maybach 62 worth US$500,000. Highly impeccable sources at Kamuzu Palace in […]
Malawi which is currently mauling over how to close financing gaps in the 2014/2015 national budget due to aid freeze, is again faced with another challenge of dealing with the ever soaring debt stocks now standing at K320 billion. The current debt stock means that the country has accumulated more than K100 billion debt just […]
Malawi’s economy can surge faster in a few years if connected or with internet connection to West-Coast Submarine cables, experts said.This was said during Malawi Internet Governance Forum (IGF) participatory workshop in administrative capital, Lilongwe.The country is already connected to two Sub-marine cables, through neighboring Mozambique and Tanzania, and this helps the country to always […]
Malawi must invest in its youth as they have great potential to be drivers of economic growth, says the Minister of Finance, Economic Planning and Development, Goodall Gondwe. Gondwe said young people held a great potential as drivers of economic growth through participation in labour and production, and therefore must be supported by every sector […]
The National Statistics Office in Zomba has released data showing Malawi’s consumer inflation slowed slightly to 22.5 percent year-on-year in June from 22.6 percent in May. In the 2013/14 budget statement government expected that inflation would slow down to 14.2 percent by December 2013 and to seven percent by December 2014 arguing the economy was […]
International Monetary Fund (IMF) has describe the macroeconomic performance of Malawi’s economy under the IMF-supported Extended Credit Facility (ECF) as a “mixed bag”. The mission which was in Malawi for assessment, says the Peter Mutharika administration faces a daunting task of turning around the fortunes of the economy due to ” high interest cost of domestic […]
Reserve Bank of Malawi has announced that it has cut its benchmark lending rate by 250 basis points to 22.5 percent on Tuesday. The central bank said it rate cut has come about because the outlook for inflation was favourable due to a relatively stable exchange rate for the kwacha currency. “The Committee noted that fiscal […]
As Malawi marked 50 years of freedom from colonial rule on Sunday, President Peter Mutharika said the country’s biggest enemy today was poverty. Thousands gathered to celebrate independence from Britain in the capital Lilongwe, but many Malawians said chronic underdevelopment and heavy reliance on foreign aid had locked them into a new form of economic […]
Minister of Finance, Economic Planning and Development, Goodal Gondwe has rebutted newspaper reports suggesting that the Democratic Progressive Party (DPP) led government has dumped the Economic Recovery Plan (EPR) mooted by the previous Joyce Banda administration. Gondwe, who has briefly served as economic planning minister in Banda government, said a news article which appeared in […]
Malawi Forum for the voiceless has said government needs to take issues of national interest as a priority arguing there is a widening gap between the rich and the poor in the country. Director of the grouping Ebenezer Chimpere made the observation in a statement released on Saturday. He said as Malawi turns 50 years of […]
Malawi’s economy is expected to grow faster this year than previously expected and the 2014/15 budget will be sent to parliament in September, delayed from June when the fiscal year ends, Finance Minister Goodall Gondwe said on Wednesday. “After a careful review of what has been prepared so far, we find that the 2014/2015 budget […]
Malawi President Peter Mutharika has said his government will re-orientate the country’s economy towards exports, saying there will be wide-ranging reforms to the way the southern African nation does its business. The President was speaking on Friday at the International Trade Fair grounds in Blantyre, when he performed his maiden opening of the 26th Malawi International […]
Malawi President Peter Mutharika has cancelled his trip to Equatorial Guinea where he was expected to attend the 23rd ordinary session of the African Union (AU) Assembly, as a cost-cutting measure. A brief statement from the State House Press Office says the decision has been made to save money due to the current financial situation […]
President Peter Mutharika said his administration will give special importance to the design and implementation of sound macro-economic policies as a critical factor to support good governance. The President who was delivering his maiden State of the Nation Address to Parliament in Lilongwe, announced that a provisional three month budget will be passed during the […]
Malawi’s consumer prices grew at their slowest year-on-year pace since October in May, with CPI slowing to 22.6 percent from 23.9 percent in April, the National Statistics Office (NSO) in Zomba has said. In the 2013/14 budget statement government expected that inflation would slow down to 14.2 percent by December 2013 and to seven percent […]
President Peter Mutharika is to decide on whether it is necessary to keep or disband the High Level Development Council, chaired by Professor Matthews Chikaonda which was established by former president Joyce Banda. Finance Minister Goodall Gondwe said the fate of the multi-sectoral body, formed on January 9 2014, to deliberate and advice on national […]
Malawi has made some “remarkable” strides towards meeting recommended social protection measures aimed at providing support and assistance to poor household families, a senior government official said. The recommended social protection instruments include social cash transfer programmes to enhance family income; public employment programmes, such as public works programme; social health protection that ensures access […]