Govt records two deficits in Q1—report

Government budgetary operations have recorded two deficits in the first quarter (July to September) of the 2016/17 fiscal year, signalling that expenditure outweighed revenue. The Reserve Bank of Malawi (RBM) monthly economic reviews show that in July, the first month in the quarter, government recorded a surplus of K15 billion, but later recorded deficits of…

Malawi lures k4.7tn investments in 5 years

Malawi has attracted more than 300 foreign and domestic investments worth $6.5 billion (about K4.7 trillion) between 2011 and mid 2016, figures from Malawi Investment and Trade Centre (Mitc) show. The investments have also created thousands of jobs, helping the country to lessen the unemployment rate, which stands at about 21 percent, according to a…

Invest in other sectors, govt asked

  Economists have advised on the need for the government to invest in other sectors other than agriculture, which has persistently been underperforming in recent years, denting the overall economic growth. The Malawi Government Annual Economic Report 2016 show that the country has been experiencing a downward spiral in real gross domestic product (GDP) growth…

Cost efficiency boosts Illovo Malawi profit

  Cost efficiency improvements have helped to push Illovo Sugar (Malawi) Limited profit by more than 140 percent in the six months ending September 30 2016, financial statements have shown. Profit after tax jumped to K5.1 billion from K2.1 billion during the same period last year, according to an unaudited financial statement. The Malawi Stock…

City projects discussions still underway—BCC

  Blantyre City Council (BCC) says discussions on projects with Chinese investors it signed a Memorandum of Understanding (MoU) with are still underway. The MoU signed after the first Malawi Investment Forum (MIF 2015) in June last year was a commitment to commence serious discussions between the Council and China-Zambia and China-Tanzania Cultural Friendly-Cultural Exchange…

MRA continues beating target

  Public tax collector, Malawi Revenue Authority (MRA), beat its October 2016 target to maintain surplus revenue collections, four months into the 2016/17 fiscal year despite prevailing tough economic environment. MRA collected a surplus of K7 billion in October after collecting gross revenue of K71.8 billion against a target of K64 billion for the month,…

Hotel grading improving service delivery—experts

  Local tourism experts have commended the hotel grading system initiated by the Malawi government in 2010, saying it has contributed to improvement in service delivery in the hospitality sector. The grading system was initiated to monitor and award stars to hotels as an upgrade applies strict criteria that sees local accommodation standards comparing favourably…