Second compact preparations on track—MCC

The United States government’s Millennium Challenge Corporation (MCC) country director for Malawi Joel Wiegert says the current political situation is insignificant to warrant immediate suspension of the MCC second compact. Addressing the media on Tuesday in Lilongwe Wiegert said preparations for the second compact are ongoing and on track despite political situation in the country.…

Minister hints at poll budget

Minister of Finance, Economic Planning and Development Joseph Mwanamvekha says he will present the K1.7 trillion 2019/20 Mid-Year Budget Review Statement in Parliament today which includes funding for the fresh presidential election. The minister was initially expected to present the budget last Friday, but shifted the task to today purportedly to include the budget line…

RBM tightens cyber security risks for banks

The Reserve Bank of Malawi (RBM) has tightened cyber security risks for commercial banks by issuing new information and cyber security risk management guidelines to replace the information technology risk management guidelines of 2016. RBM Governor Dalitso Kabambe, who is also registrar of financial institutions, said in a statement that cyber security risk, if not…

Aicc urges farmers  to sell crops in bulk

The African Institute for Corporate Citizenship (Aicc) has challenged farmers to form groups for crop aggregation before selling to get good prices. In a statement, Aicc project manager Leonard Chimwaza said aggregating crops to sell in bulk gives farmers bargaining power for good prices than when producing and selling as individuals. The statement follows last…

Escom under fire for 40-day power celebration

The Electricity Supply Corporation of Malawi (Escom) has come under fire from some consumers for celebrating 40 days of uninterrupted power supply in the country. Consumers Association of Malawi (Cama) executive director John Kapito, in a written response, on Wednesday said there is nothing to celebrate about because Escom is not providing electricity for free…

AfDB downgrades 2020 growth forecast

The African Development Bank (AfDB) has projected a modest 5.2 percent economic growth this year up from five percent last year supported by a rebound in the agriculture sector. The pan-African bank says prudent policies, improved external financing, favourable terms of trade and increased investments in connectivity infrastructure along major trade corridors, will also support…

Business stalls

Monday’s Constitutional Court judgement put business at a standstill across the country. Instead, only small pockets of human activity were witnessed, punctuated by anxiety, suspicious peace and calm that descended on the country’s cities and major trading centres.   For instance, the country’s commercial hub, Blantyre, was a shadow of itself. The hustle and bustle of…

US speaks against aid dependency

United States government has urged Malawi to move from aid dependency to trade. Deputy Assistant Secretary of State Matthew Harrington made the sentiments Friday night when he delivered a lecture at the Lilongwe University of Agriculture and Natural Resources (Luanar). He articulated the importance of private sector development and support, and empowerment of youth for…

Malawi investment mission under scrutiny

Trade and economic experts have faulted Malawi’s recent mission to the inaugural UK-Africa Investment Summit, saying the country’s failure to strike tangible deals could be attributed to poor preparation. During the summit held last week, the UK government officially announced 27 deals worth £6.5 billion (about K6.3 trillion), but Malawi was conspicuously missing on the…

Committee queries budget figures

The Budget and Finance Committee of Parliament has called for transparency in how Treasury comes up with budget figures, saying the 2019/20 K1.7 trillion fiscal plan’s assumptions remain unrealistic and fall short of meeting the revenue targets. The committee’s assertions come against the backdrop of figures showing that in the first five months of this…

Grow pension funds—RBM

As the country’s pension funds continue to grow, Reserve Bank of Malawi (RBM) has asked businesses in the country to put the resources into long-term profitable investments by, among others, investing in stocks on the Malawi Stock Exchange (MSE).  Since the new Pension Act enactment in 2011, Malawi’s pension industry has been among the region’s…

Warehouse receipt law, game-changer—experts

Agriculture experts say implementation of Warehouse Receipt Act is a game-changer in solving challenges for farm produce market access facing smallholder farmers. The experts said the implementation of the Act, which was gazetted in October last year by the Minister of Industry, Trade and Tourism, has delayed because there are no guidelines to operationalise the…

Cashless transactions  on the rise, says RBM

The year 2019 saw Malawi’s appetite for cashless transactions booming, with records showing continued growth in daily average volumes and value of transactions. Reserve Bank of Malawi (RBM) National Payment System (NPS) third quarter report shows that total volume of transactions processed through Malawi Interbank Transfers and Settlement System (Mitass) rose by 8.1 percent to…

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