Malawi’s capacity to pursue development agenda high

Malawi has been ranked among top three countries in Africa with the capacity to pursue her development agenda, the African Capacity Building Foundation (ACBF) reports. Out of 48 countries, Malawi was ranked position three as one of the countries with excellent performance in three indicator clusters: policy environment for capacity development, processes for implementation, and…

‘EU market being underutilised’

Despite having access to duty free and quota free access to the European Union (EU) single market for all products but arms, Malawi is yet to fully utilise the trade opportunity. EU team leader for economic, trade and governance section Jose Navarro said this on the sidelines of the EU-funded Institute of Chartered Accountants in…

EU talks aid, good governance

European Union (EU) team leader for economic, trade and governance section Jose Navarro has hinted that there is potential to resume budget support in the near future, but governance remains a key priority area. The diplomat said this on Wednesday in Blantyre on the sidelines of the EU-funded Institute of Chartered Accountants in Malawi (Icam)…

Non-Tax revenue drop worrisome—analysts

Treasury’s plans to cut non-tax revenue projections in the 2018/19 financial year could stifle government’s efforts to diversify revenue base amid declining foreign aid, economic commentators have warned. Non-tax revenue, which includes collections of fees from issuance of passports, drivers’ licences and other services offered by government ministries, departments and agencies (MDAs), has been revised…

Icam, Ecama take stock of H1 performance

Despite registering positive performance in the first half (H1) of the 2018/19 financial year, the downward revision in the development expenditure and grants remain a concern, economic commentators have said. Institute of Chartered Accountants in Malawi (Icam) chief executive officer Francis Gondwe said in an interview yesterday the cuts could negatively deprive the masses of…

MW contribution to Agoa static

Malawi’s contribution to the African Growth and Opportunity Act (Agoa) in the past two years has remained static at 0.15 percent global share in the trade act, which has 164 members. According to the 2019 Trade Policy Agenda and 2018 Annual Report of the President of the United States on the Trade Agreements Programme Office,…

Songwe Hill mineral resource up 60%

The measured and indicated mineral resource at Mkango Resources’ Songwe Hill Rare Earths project in the country has increased by about 60 percent to 21 million tonnes. According to Mining Weekly, about 95 percent of the measured and indicated mineral resource blocks are less than 160 metres below the surface of the hill indicating that…

SMES yet to benefit from reduced lending rates

Chamber for Small and Medium Enterprises says most of its members are yet to benefit from reduced bank lending rates, two months after commercial banks reduced the cost of borrowing. The chamber’s executive secretary James Chiutsi said in an interview on Tuesday that while interest rates were reduced, access to finance remained elusive, as lenders…

UN outlines plans, cautions on aid

The United Nations (UN), through its Development Assistance Framework (DAF), plans to pump in about K733 billion ($1.1 billion) in Malawi in the next five years, but has cautioned on aid dependence. DAF, which runs from 2019 to 2023, is the joint publication of the Government of Malawi and the UN in Malawi, outlining its…

Experts speak on tax regulation

Tax consultant Emmanuel Kaluluma says stakeholders need to be grilled on transfer pricing for relevant tax regulations to bear fruits. He said instituting laws is not enough to combat transfer pricing if officers are not trained on how to detecting such cases.  ‘Putting the law in place is not adequate, the officers must be given…

Debt to GDP ratio rising

Malawi’s debt to GDP ratio, the ratio between a country’s government debt to its gross domestic product (GDP), continues to rise, raising fears over the country’s financial position, the IMF has said. Debt to GDP ratio is used by economists to determine an economy’s ability to properly service and handle the nation’s debt. In the…

MRA foils sugar smuggling in Mwanza

Public tax collector Malawi Revenue Authority (MRA) on Monday seized 487 bales of smuggled sugar concealed in five truckloads of salt that were being imported through Mwanza Border.  In a statement made available to Business News on Wednesday, the MRA observed that besides depriving government of revenue for public expenditure, smuggling distorts market prices, thereby…

Firm weigh in on interest capping law

Investment and property portfolio management firm Alliance Capital Limited (ACL) has said the debate on interest rate capping should not be dismissed outright on account of unintended consequences experienced in some countries. In its 2018 Annual Economic Report, ACL says the decision as whether to cap or not to cap interest rates should be informed…

New dawn for exporters

The Malawi Revenue Authority (MRA) will from next month introduce some changes in the processing and management of export clearances to facilitate export trade.  MRA Commissioner General Tom Malata said in a published statement that the changes are aimed at improving efficiency in the processing and management of export clearances. He, however, cautioned exporters and…

MRA touts border reforms

Malawi Revenue Authority (MRA) says it is fostering a level playing field for businesses by ensuring timely delivery of raw materials and facilitating legitimate business in the country’s border posts. MRA Commissioner General Tom Gray Malata said this in Mwanza on Friday during the commemoration of the International Customs Day held under the theme: Smart…