Govt poverty strategy flops

  The second Malawi Growth and Development Strategy (MGDS II) failed to reduce poverty generally and worsened deprivation in urban areas, The Nation has learnt. According to a review report of MGDS II—implemented between 2011 and 2016— headcount poverty remained largely unchanged in a statistically significant way between 2010 and 2013, standing at 40.2 percent…

MCA’s Phombeya substation construction on track

  The Millennium Challenge Account Malawi (MCA-M), the implementing agency of a five-year $350 million (K255 billion) energy compact, has said construction of Phombeya power substation in Balaka is on track and once completed, it will boost electricity transmission. MCA-M director of infrastructure development Felix Nkhoma said in an interview last week the substation, which…

PTA bank tips firms On agro financing

  Local commercial banks have the potential to partner regional development finance institutions (DFIs) to break the procyclical trend of agricultural financing, an official of PTA Bank has said. Procyclical agriculture financing increases with favourable weather and tightens in the event of disruptions. PTA adviser on structured trade finance and fund management Gerald Nsomba said…

Financial market set for sweeping changes

The Reserve Bank of Malawi (RBM) plans to institute a number of changes in the financial market that will have far-reaching impact in the way business is conducted. The changes, among others—which have been agreed with the Financial Market Dealers Association (Fimda) and Bankers Association of Malawi (BAM)—will bring order and uniformity for calculating prices…

Debt funding key  To growth—banker

  Financial market analyst and banker, Misheck Esau, has called for a shift to debt funding as an alternative to the traditional bank or money market funding to stimulate economic growth and infrastructure development. Esau, who is chief executive officer of CDH Investment Bank (CDHIB), said on Saturday there is need to change the status…

VP talks on diverse financing sources

  Vice-President Saulos Chilima has said despite a number of positive innovations in the financial infrastructure, the financial sector is yet to meet the growing needs for more diverse sources of finance. Speaking at the opening of the Financial Market Dealers Association (Fimda) 2016 Annual Lakeshore Conference in Mangochi on Saturday, the Vice-President observed that…

ICAM meet discusses  Evils of corruption

  Corruption in Malawi is fast eroding the fabric of the country’s development while at the same time undermining and perpetuating poverty and unemployment levels. This was the general view of panellists during a discusion—titled State of Governance and Accountability in the Public Sector, Financial Services Sector and Sustainable Development Considerations Thereto—during the 2016 Institute…

Malawi should emulate Kenya on FDI

  MBL Holdings Limited, a diversified business group, has said Malawi has potential to attract large-scale foreign direct investment (FDI) if it continues with aggressive reforms to improve the ease of doing business. MBL Holdings Limited chief executive officer and chairperson Leston Mulli said in an interview in Nairobi, Kenya last week on the sidelines…

African leaders commit to ease doing business

  African leaders and Japan, at the just-ended Sixth Tokyo International Conference for African Development (Ticad VI) in Nairobi, Kenya, have committed to improving the ease of doing business and tame rising incidents of extremism. In the Nairobi Declaration issued at the end of the two-day conference on Sunday—the first on the African soil—the 22…

Transform, UNDP dares African economies

United Nations Development Programme (UNDP) says there is need for African economies, including Malawi, to be transformed to allow flourishing of manufacturing industries and make agriculture more productive. UNDP administrator Helen Clark, speaking at the opening of the Sixth Tokyo International Conference for African Development (Ticad VI) at Kenyatta International Convention Centre (Kicc) in Nairobi,…

Commercial banks liquidity worsens

L ack of liquidity or cash is the fastest path to failure for a commercial bank and market analysts say local financial institutions are facing what seems like a near crisis. Commercial banks have been caught up in a situation where depositors are demanding larger withdrawals than normal, forcing them (banks) to borrow from Reserve…

PVHES seeks strategic partner, to boost operations

  Plant and Vehicle Hire and Engineering Services (PVHES), a State-funded plant and hire organisation, is seeking a strategic partner to inject capital into its operations as it undertakes to upgrade facilities. PVHES, formerly Plan and Vehicle Hire Organisation (PVHO), also repairs construction and engineering equipment and operates inspection services. PVHES chief executive officer Jomo…

Economy losing steam, says report

  Malawi’s economy is fast losing steam and signs show a tough period going forward made worse by poor economic climate currently prevailing, a quarterly economic review report has said. The 2016 Second Quarter Economic Review and Outlook by Blantyre-based Alliance Capital Limited released this week forecasts a volatile economic environment going forward characterised by…

Tea industry moves to empower women

With figures showing the tea industry labour force is dominated by women, Tea Association of Malawi (Taml) has partnered the World University Service of Canada (Wusc) to support women’s empowerment. The one-year project dubbed Supporting Empowerment of Women (SEW) is aimed at supporting 240 women to be trainers of trainers with access to leadership training…