MPs approve K113 billion loans | The Times Group: Malawi’s debt profile, currently at K2.9 trillion, is likely to hit K3 trillion in the next financial year as Parliament Tuesday authorised government to obtain two more loans amounting to K113 billion from China for internet development.
The loans—$99 million (approximately K72 billion) from Industrial and Commercial Bank of China and $56.98 million (approximately K41 billion) from Exim Bank of China—received less scrutiny from Members of Parliament (MPs), a departure from previous experiences.
With massive absenteeism prevalent during the day’s sitting, only a few MPs, notably Dedza �East representative Juliana Lunguzi, expressed concern over excessive borrowing which they argued is saddling future generations with unsustainable loans.
The loans—$99 million (approximately K72 billion) from Industrial and Commercial Bank of China and $56.98 million (approximately K41 billion) from Exim Bank of China—received less scrutiny from Members of Parliament (MPs), a departure from previous experiences.
With massive absenteeism prevalent during the day’s sitting, only a few MPs, notably Dedza �East representative Juliana Lunguzi, expressed concern over excessive borrowing which they argued is saddling future generations with unsustainable loans.
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