Malawi Government has instituted at least 19 financial control expenditure measures in the wake of aid freeze following the Capital Hill plunder. In a 13-paged circular from the Chief Secretary to the Government, Hawa Ndilowe, sent to all controlling officers and heads of departments, all Chief Executive Officers of parastatals and heads of subvented organisations; […]
Malawi government spokesperson, Brown Mpinganjira, has amplified President Joyce Banda stand that she will keep on criss-crossing the country visiting people despite being placed under local and international travel restrictions, following the withdrawal of budgetary support by donors. President Banda said on Saturday at a political rally in Lilongwe that through travelling in all parts […]
President Joyce Banda has criticised some Malawian media outlets for “deliberate twist of information” to influence public opinion against her administration regarding the International Monetary Fund (IMF) report on the country’s current economic situation. Local media widely quoted IMF saying Malawi is in ‘a crisis situation’ following the withholding of aid by the major donors. IMF Mission […]
Reserve Bank of Malawi (RBM) Governor Charles Chuka has said his bank, whose role is to balance economic factors, had put measures that would see the iling economy stabilise half-way next year. Chuka told reporters in Lilongwe that the Malawi economy which has been destabilized by among other factors, the recent economic scandal, commonly referred […]
In line with economic austerity measures announced recently by the Malawi Government, President Joyce Banda will not fulfil a scheduled trip to Brussels, Belgium where she was invited to be among many leaders attending the European Development Days Summit from November 26 to 27, 2013, Nyasa Times understands. However, the President will proceed to leave […]
Consumer Rights Activist John Kapito has challenged ESCOM on their proposal to Malawi Energy Regulatory Authority ( MERA) that it want to hike its tariffs by 60 per cent. Kapito said ESCOM should not to raise their tariffs because it will be a burden to many consumers. Many Malawians have also echoed Kapito’s sentiments that […]
Malawi Finance Minister Dr Maxwell Mkwezalamaba has announced tough austerity measurers to control public coffers following donors’ decision to freeze aid to the country as reaction to the cash-gate – a coinage that has surfaced as a result of plundering of government resources at Capitol Hill. Mkwezalamba – former financial technocrat at the African Union […]
Malawi Energy Regulatory Authority (MERA) has again hiked fuel pump prices effective Tuesday 12th November, 2013 citing continued depreciation of the Malawi currency against the United States dollar as a main factor for the adjustment. A statement released by the country’s energy regulatory body on Monday, Petrol has been hiked from K737.60 to K760.00 per […]
A fledging economy that have shrunk the spending power of Malawian consumers and resulted in fewer CDs being sold on the market and a thriving piracy racket has forced gospel musicians to pursue other forms of getting their product to the buyer. A new trend has developed that has seen artists, mostly gospel musicians, cutting […]
Moving income into poor households, not increasing GDP (gross domestic product), is the key to solving poverty and related ills as the world seeks a development agenda to succeed the anti-poverty Millennium Development Goals (MDGs), Malawian President Joyce Banda told the United Nations General Assembly on Tuesday. “The issues that affect population growth, malnutrition, girls’ access to education, maternal health are […]
Malawi President Joyce Banda on Tuesday informed the United Nations (UN) General Assembly that the country’s economy which she found stuttering when she took over power last year from DPP regime is finally on the mend Speaking to the United Nations General Assembly , President Banda said when she ascended to seat of power she had committed […]
Malawi currency the Kwacha has continued to weaken against some major foreign currencies such as the US dollar from K350 to K360. So far the Malawi Kwacha’s has lost value by 10 percent points. Executive Director of the Malawi Economic Justice Network Dalitso Kubalasa has since attributed the development to the closure of the tobacco […]
Malawi President Joyce Banda has said that the country’s economy which she found stuttering when she took over power last year from DPP regime is finally on the mend and now registering growth and gave out figures to back her. Banda was speaking in Mangochi when she opened a three day annual conference for the Economics […]
Malawi can only come out of its current bleak economic situation if small scale agricultural commercialization is given priority and do away with the fertilizer subsidy programme which has done little to arrest rising household poverty, a renowned economist has observed. Professor Ben Kaluwa was speaking in Lilongwe during the official presentation of anchor farms […]
Investment and financial markets analysis firm NBM Capital says it foresees a downward trend in the interest rate and rejection levels on Malawi’s money market avenue. The company has said this in its weekly market review where it noted that the rejection of money directed toward Treasury Bills was at K10 billion. “K3.004 billion was […]
African Alliance Securities has noted that Malawi’s money market and commercial bank interest rates continues have slightly dropped which they said is a good economic sign that consumers will access credit on cheaper terms. The money market yield rates have gone down to 30% from around 43% and several commercial banks have reduced their lending […]
The ongoing tight monetary policy stance taken by Malawi’s financial sector regulator, Reserve Bank of Malawi (RBM) is partially contributing to the one-sided profiteering the country is experiencing. Market analysis firm, Alliance Capital Limited described monetary policy as the strategies employed by the central bank with regard to the amount of money circulating in the […]
Some players in the Malawi economy have expressed anxiety over how the country’s economic authorities will manage the oncoming lean season from September to March next year without the local currency, kwacha, depreciating further. This follows an announcement from the Tobacco Control Commission (TCC) saying the three of the country’s tobacco auction floors have closed leaving […]