Malawi delegation to IMF,World Bank hopeful

There appears a ray of hope at the end of the tunnel as the Malawi delegation to the International Monitory Fund (IMF) and World Bank spring meetings led by Finance Minister Ken Lipenga has expressed optimism about reclaiming donor confidence. The delegation was accorded a warm reception on Friday i…

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AfDB to finance reforms in Malawi

AfDB to finance reforms in Malawi

MONDAY, 23 APRIL 2012 08:48 REUTERS

The head of the African Development Bank said on Sunday he is willing to provide $45 million in budget financing for Malawi to help new President Joyce Banda revive the struggling economy.

Speaking after meetings of the International Monetary Fund and World Bank in Washington, African Development Bank President Donald Kaberuka told Reuters he was determined to support Malawi as it tries to resume economic reforms.TO READ MORE

Special Editorial Comment

It is not usual that Malawi Financial Mirror comments on current event. But these are special times. Malawi now has a new head of state, thrust into power by the fateful death of her predecessor and tormentor. She inherits an economy in a messy and enters a situation that dramatically illustrates Malawi dependence. She has little room for manoeuvre and she will have to do the bidding of those who hold strings to the purse.  The IMF will be baying for devaluation. We advise her not to waste too much time arguing about this. The real issue is how much money she can get from the institutions to stimulate the economy and to protect the more vulnerable members of society. She is in a good position to make the argument that our fragile democracy has survived for more than three years extremely trying circumstances and that any further push down the hill will hurt the prospects of Malawi’s shining democracy.  She may not be able to make this case with international financial institutions with their usual formulaic view of things but she should be able to mobilise some of the bilateral for a stimulus and social protection to help the transition.

Malawi should be able to attain good rates of growth within a short period of time if the forex problem is addressed.

Malawi should base its recovery around the following things: (a) diversification of our exports, (b) extension of the road infrastructure throughout the country (c) addressing the electricity problem and (d) significant expansion of the system of higher education. These items are closely related and they ought to be addressed in a coordinated and well-thought way. The President should avoid sporadic forays into highly idiosyncratic policies and projects and insist that the initiatives have sound technical and economic basis. She should also avoid rule by decre.

The allocation of projects should reflect national needs and not ethnic biases as became increasingly clear under Bingu’s reign.

There are a lot of skills within Malawi to see these projects through but that requires a dedicated, confident and meritocratic public service. For the civil service two things matter – a esprit des corps and merit-based hierarchy. The new government must do away with the untested reforms introduced by donors in which many tasks in the civil service were contracted out. This has caused unnecessary costs, corruption and demoralisation of the civil service. The recent story of hospitals relying on expensive external specialist rather than hiring their own speaks to this problem.

    

Malawi sugar group to invest $40m to kick-start Nkhata Bay cane production

Malawi sugar group to invest $40m to kick-start Nkhata Bay cane production: "Malawi sugar group to invest $40m to kick-start Nkhata Bay cane production
COMMENT PRINT EMAIL   |

By: Marcel Chimwala
9th March 2012
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Malawi’s Limphasa Sugar Corporation plans to invest $40-million to kick-start sugar cane production in the northern lakeshore district of Nkhata Bay in 2013.
The company, which has a 600 ha plant-ation at the site, is set to become Malawi’s second-biggest sugar producer after South Africa’s Illovo Sugar group, which owns the Nchalo and Dwangwa sugar cane plantations and sugar factories in the country.
“Limphasa expects to use the financial resources to expand its sugar cane plantations to 1 500 ha. We plan to cover about 5 000 ha in 2013, when we will start production at our newly established factory,” says the company’s spokesperson, Kirit Thakrar. "

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Paladin trims FY guidance as Namibia, Mali mines miss targets

Paladin trims FY guidance as Namibia, Mali mines miss targets: "aladin trims 2012 guidance as Namibia, Malawi mines miss targets
COMMENT PRINT EMAIL   |

By: Esmarie Swanepoel
16th April 2012
Updated 2 hours 4 minutes ago
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PERTH (miningweekly.com) – Uranium miner Paladin Energy on Monday reported that full-year production was expected to be around 2% less than previously anticipated, at around 7.1-million pounds."

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Globe Metals & Mining Limited : Malawi’s new female president sworn in | 4-Traders

Globe Metals & Mining Limited : Malawi’s new female president sworn in | 4-Traders: "Globe Metals & Mining Limited : Malawi’s new female president sworn in
04/10/2012 | 10:34pm
10 April 2012 Malawi's new female president sworn in
Globe Metals & Mining ("Globe" or "the Company"; ASX: GBE) acknowledges the death of the President of Malawi, Dr Bingu wa Mutharika, on Thursday, 5th April 2012, and offer our deepest condolences to the people of the southern African country of Malawi.
We congratulate previous vice-president Joyce Banda as she takes over leadership and wish to use this opportunity to re-emphasise Globe's support of the Malawian Government and people and our commitment to developing our mining operations in an economically and socially responsible manner."

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Ban mourns death of Malawi President, welcomes peaceful transition of power

Ban mourns death of Malawi President, welcomes peaceful transition of power: "7 April 2012 – The Secretary-General Ban Ki-moon today mourned the death of the President of Malawi, Bingu Wa Mutharika.
In a statement issued by his spokesperson, Mr. Ban said he was saddened by Mr. Mutharika's death, and offered his condolences "to the bereaved family, the Government and the people of Malawi.""

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EXCLUSIVE: Aid taps expected to open for new Malawi president – minister | Firstpost

EXCLUSIVE: Aid taps expected to open for new Malawi president – minister | Firstpost: "LILONGWE (Reuters) – Malawi’s finance minister expects suspended international aid to be restored under its new president, Joyce Banda, helping prop up a budget increasingly under strain after the previous president picked fights with overseas donors."

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Exclusive: Aid taps expected to open for new Malawi president: minister - chicagotribune.com

Exclusive: Aid taps expected to open for new Malawi president: minister - chicagotribune.com: "LILONGWE (Reuters) - Malawi's finance minister expects suspended international aid to be restored under its new president, Joyce Banda, helping prop up a budget increasingly under strain after the previous president picked fights with overseas donors."

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