Malawi has cut its national budget by K16.5 billion because it cannot collect the money due to reduced economic activities brought in by fuel and foreign exchange scarcity. The budget was brought last year and it was branded a zero-deficit budget as it was supposed to run on locally generated resources mainly from many taxes […]
Experts have said Malawi is moving a step forward and miles backwards in policies meant to stabilise the economy one of them being financial inclusion. This is coming just few days after Minister of Finance Ken Lipenga reported to Parliament that government had made headway to include those in need of banking services through Financial […]
Mr. Speaker, Sir, I am delighted to stand before this august House and deliver my maiden budget speech, albeit at the mid year, to appraise the House and the Nation about our economic and budget performance in the first half of the Fiscal Year and present prospects to the end of the Fiscal Year. DEVELOPMENTS […]
Britain’s Department for International Development (DfID) head in Malawi, Sarah Sanyahumbi, has added her voice to the chorus that the zero-deficit national budget has been a disaster that has resulted in economic hardships for the majority of Malawians. But Minister of Finance Ken Lipenga presenting a Mid-Year Review of the Budget in parliament on Friday, […]
Malawi’s Finance Minister Dr Ken Lipenga said on Friday that life of Malawians will soon return to normal as the country will be moving on face track to economic recovery. Malawi is on political knife-edge as pressure mounts on President Bingu wa Mutharika, who is presiding over a deepening economic crisis that has seen deepening […]
Two ministers and critical members of President Bingu wa Mutharika’s economic team fled from attending a national meeting to strategise on how to diversify the economy and broaden the country’s forex base on Saturday in Blantyre. The aim of the consultative workshop was to solicit views, contributions and input from all stakeholders in Malawi on how best […]
Economics Association of Malawi (Ecama) has said government risks plunging the country into an abyss if it does not quickly negotiate and agree to a win-win programme with the IMF. This is coming at a time when forex supply is short in the country and European Union coming out of its shell to say Malawi […]
Malawi is heading back to its old ways of accumulating massive foreign debt barely 5 years after the international community approved a debt relief program for the Southern African country. Through Malawi’s securing of a $200 million (K34 billion), largely from various creditors, to steady the deteriorating economy the country has dramatically pushed up its foreign debt […]
Centre for Social Concern, a body that come up with monthly surveys of cost of living in Malawi has said Malawians are struggling to make ends meet due to the current economic turmoil. The group says in its “Statement on the Status of Economy” in Parliament, the Minister of Finance Ken Lipenga, indicated that the […]
Malawi Savings Bank (MSB) will introduce mobile banking services in 2012 to cater for people in the rural areas, Minister of Finance and Development Planning Ken Lipenga has said. The Minister disclosed this in Parliament when he was responding to a question from Nkhata-Bay North West Member of Parliament (MP), Davie Kaweche. The MP asked […]
Malawi’s international development partners have clearly called on government to address economic and non-economic concerns raised by various stakeholders and earnestly work on reviving the International Monetary Fund (IMF) programme which is now off-track. This is contained in a stand by the Common Approach to Budgetary Support (CABS) now chaired by the World Bank Malawi […]
Malawi government has received a boost from Ireland, the UK and Norway who have released over MK 7.7 billion in support of in support of the Farm Input Subsidy Programme (FISP) for the 2011/2012 planting season. President Bingu wa Mutharika introduced the Farm Input Subsidy Programme (FISP) in 2005 to improve national food security and […]
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Preamble: Malawi is this year running on a budget dubbed a “zero deficit budget”. Supposedly a road map to economic independence, it is causing untold misery on the masses while its champion – the President – can afford a long holiday in Hong Kong. The president’s men are also dreaming in colour, spending lavishly on […]
The stubbornness of Malawi leadership is costing the country more with a new stand by the international donor community that they will never release funds unless President Bingu wa Mutharika overcomes political and economic hurdles. This has clearly led to failure of Malawi’s saviour paper, the zero-deficit budget, as donors are not willing to release […]
Malawi government has directed all its cabinet ministers to immediately relinquish their official Mercedes Benz vehicles so that they are used by the top visiting delegates during the 15th summit of Common Market for Eastern and Southern Africa (COMESA). The vehicles will specifically be used by the heads of State and Government, vice presidents and […]
Malawi’s president Bingu wa Mutharika has hired a new 32-member cabinet, including himself and wife First Lady Calista Mutharika. State vice president Joyce Banda’s name is conspicuously missing from the new list. According to a list of the new ministers read out on state-owned Malawi Broadcasting Corporation (MBC), there are several prominent members of the […]
By Green Muheya, Nyasa Times Malawi’s representatives to this year’s Big Brother Africa reality show, Lomwe has received a total of K707, 000 while Felicia pocketed K467, 000 cash pooled together by patrons and business companies at a cocktail party in Blantyre organised by Ministry of Tourism, Wildlife and Culture. Lomwe (Tendai Namate) reached the […]