Lack of resources affecting growth—Goodall

Lack of resources has affected Malawi’s implementation of the Istanbul Programme of Action (IPoA) and other development goals.

Minister of Finance, Economic Planning and Development Goodall Gondwe said this in an interview on Tuesday in response to the latest edition of the State of the Least Developed Countries report by the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS).

The

report, which was released two weeks ago, highlights that the world’s 47 Least Developed Countries (LDCs), including Malawi, are facing significant challenges in implementing the IPoA and the Sustainable Development Goals (SDGs).

“Average GDP growth in LDCs was 3.8 percent in 2015, the lowest level recorded for the group in the past two decades and well below the 7 percent target. The recent slowdown in growth, driven among others by low commodity prices, famine-linked humanitarian crises and relatively slow reduction in poverty, all highlight the need to diversify production and exports and enhance agricultural productivity in LDCs,” reads the report in part.

The development of the successor of the MGDS II—likely to be called MGDS III—is at an advanced stage and will be presented to Cabinet on August 24 before being presented to the next parliamentary sitting in November, according to the Ministry of Finance, Economic Planning and Development.

In a separate interview, Catholic University of Malawi head of Economics Department Gilbert Kachamba said Malawi is far from graduating from the LDC status as there are still a lot of areas the country needs to address.

“If we look at the priority areas, we are not doing enough. These include areas to do with trade, human and social development, good governance and productive capacity. These are some of the critical areas where we have not been doing well as a country,” he said. n