New soya varieties  excite processors

One of the country’s soya bean processors—Sunseed Oil Limited—says the introduction of new soya varieties will revitalise the sector and spur business growth. Sunseed Oil projects manager Yamikani Jasi said on Monday in Lilongwe that the country’s overdependence on three varieties had restricted farmers’ options while denying processors a source for profitable raw material. “The…

Financial Intelligence Authority seizes K100m proceeds of crime

The Financial Intelligence Authority (FIA) has confiscated about K100 million obtained fraudulently since 2017 when the Financial Crimes Act became effective. FIA director general Atuweni Juwaweyi-Agbermodji said this on Monday on the sidelines of a workshop for magistrates aimed to sensitise them to the Financial Crimes Act to ensure successful prosecution of money laundering and…

UN advises Malawi on peaceful elections

United Nations (UN) Emergency Relief coordinator and under-secretary-general for Humanitarian Affairs Mark Lowcock has advised Malawi to sustain the status of conducting free, fair and credible elections. His remarks come as Malawi is preparing for the May 21 2019 Tripartite Elections which will see about 6.8 million registered voters electing the country’s President, 193 legislators…

UN advises Malawi on peaceful elections

The United Nations (UN) Emergency Relief coordinator and Under-Secretary-General for Humanitarian Affairs Mark Lowcock on Friday advised Malawi to once again conduct free, fair and credible elections. Malawi is preparing for the May 21 Tripartite Elections that will decide the democratic future of the country. Said Lowcock: “This is an election year for Malawi, I…

Firm eyes K37bn in commodity exports

The Export Development Fund (EDF) says it will facilitate the export of 50 000 metric tonnes of various agricultural commodities to earn Malawi $50 million (about K37 billion) this year. According to EDF managing director William Matambo, the 50 000 metric tonnes which does not include the exports under trade finance, will be exported under…

MCC says new compact in 3 years

Malawians will have to wait for about three years before negotiations on the next Millennium Challenge Corporation (MCC) compact can be completed and implementation on the new project start. Briefing journalists in Lilongwe yesterday, MCC vice-president Jeanne Hauch justified the apparent lengthy process of developing a new compact, saying it minimises project risks, among other…

Apam adamant

Despite President Peter Mutharika’s commitment to address concerns of persons with albinism (PWAs), including funding a four-year National Action Plan, the Association of Persons with Albinism (Apam) is far from being convinced. In an interview after the President hosted about 50 PWAs at Kamuzu Palace in Lilongwe yesterday, Apam president Overstone Kondowe, whose grouping shunned…

EDF seeks to raise K37bn in exports

The Export Development Fund (EDF), a local development financing institution, says it will facilitate the export of 50 000 tonnes of assorted agricultural commodities that will bring in about $50 million (about K37 billion) in export earnings this year. EDF managing director William Matamba said in an interview on Wednesday the products will be exported…

RBM faults Treasury, MPs for rising debt

Reserve Bank of Malawi (RBM)       Governor Dalitso Kabambe has faulted Treasury and legislators for being responsible for the country’s soaring debt which is affecting the management of the country’s economy. The governor’s statement comes as Parliament, through the Financial Services (Amendment) Bill, wants to cap government borrowing through Treasury bills (T-bills), at a time public…

Initiative gets 100 financing proposals

The Malawi Agricultural and Industrial Investment Corporation (Maiic) says it has received over 100 project proposals worth about $262 million (about K194 billion) in various sectors of the economy. The 100 project proposals follow last year’s call for project proposals the institution advertised in the media for possible financing. Maiic was launched last November following…

CfTC to enforce fair tobacco trading

The Competition and Fair Trading Commission (CfTC) on Monday signed into a working relationship with Tobacco Control Commission (TCC) to deal with competition and fair trading issues in the tobacco industry. CfTC executive director Charlotte Wezie Malonda said on the sidelines of the signing the agreement in Lilongwe that the partnership comes after the commission…

House committees fault RBM on interest rates

Three parliamentary committees undertaking consultations on the Financial Services Act (Amendment) Bill have faulted the Reserve Bank of Malawi, accusing it of failing Malawians by not using its mandate to protect citizens from high rates. Legislator Alekeni Menyani, who is chairing a joint parliamentary committee comprising Public Accounts Committee (PAC), Government Assurances and Women’s Caucus,…

Micro lending institutions  against interest capping

Malawi Union of Savings and Credit Cooperatives (Muscco) and Malawi Microfinance Network (Mamn) yesterday pleaded with Parliament not to proceed with the plan to cap interest rates through the proposed Financial Services  Act (Amendment) Bill. The two institutions separately made their stand when they appeared before the Parliamentary Public Accounts Committee (PAC), Government Assurance Committee…