Toshiba pledges to support geothermal ambitions in Malawi, Africa | Think GeoEnergy - Geothermal Energy News: As reported locally, in the context of this week’s 7th Tokyo International Conference on African Development (TICAD7), co-hosted by the United Nations, United Nations Development Programme (UNDP), World Bank and African Union Commission (AUC), Toshiba has pledged to support geothermal energy development in Malawi.
This is part of a previous MOU signed between Toshibia and Malawi, we reported on, on cooperation for geothermal development in the country. Now the company will be offering a scholarship to a Malawian student�to study geothermal energy and hydro power in Japan.
Business and Economic News from Malawi
Saturday, August 31, 2019
Friday, August 30, 2019
Rugged roads of Mzimba – The Nation Online
Rugged roads of Mzimba – The Nation Online: Mbalachanda and Euthini residents in Mzimba are forced to commute at night to beat time-wasting bumps on the abandoned M1, our Staff Reporter JOHN CHIRWA writes.
It is a chilly Monday morning at Mbalachanda Trading Centre in Mzimba. Silhouettes of people waiting to catch a bus to Mzuzu City can be seen loitering in the dark.
Among them, a trio—apparently a husband and his two wives—has braved the biting weather all the way from Chikweyeye Village to the buzzing trading centre in Mzimba North West.
It is a chilly Monday morning at Mbalachanda Trading Centre in Mzimba. Silhouettes of people waiting to catch a bus to Mzuzu City can be seen loitering in the dark.
Among them, a trio—apparently a husband and his two wives—has braved the biting weather all the way from Chikweyeye Village to the buzzing trading centre in Mzimba North West.
Savings rate remains unchanged at 4.58% – The Nation Online
Savings rate remains unchanged at 4.58% – The Nation Online: The reduction in policy rate in May this year by 100 basis points to 13.5 percent is yet to impact the commercial bank’s savings rate, it has been established.
The savings rate has been maintained at 4.58 percent since the first quarter when the policy rate fell by another 100 basis points to 14.5 percent.
RBM spokesperson Mbane Ngwira in an interview on Monday explained that maintaining the savings rate effectively reduces the spread between savings and lending rates.
The savings rate has been maintained at 4.58 percent since the first quarter when the policy rate fell by another 100 basis points to 14.5 percent.
RBM spokesperson Mbane Ngwira in an interview on Monday explained that maintaining the savings rate effectively reduces the spread between savings and lending rates.
AfDB tips Malawi on economic growth – The Nation Online
AfDB tips Malawi on economic growth – The Nation Online: he African Development Bank (AfDB) says Malawi needs to scale up its public investment by 100 percent to $1.2 billion (about K912 billion) to double its per capita income.
At about $1.2 billion, this is about 65 percent of the 2018/19 National Budget of K1.4 trillion and about 21 percent of gross domestic product (GDP).
In its paper titled A DGE Model for Growth and Development Planning: Malawi, the pan-African bank said increased investment will enable the country to boost the average income earned per person from less than $500 (about K370 000) to about $1 000 (K740 000).
At about $1.2 billion, this is about 65 percent of the 2018/19 National Budget of K1.4 trillion and about 21 percent of gross domestic product (GDP).
In its paper titled A DGE Model for Growth and Development Planning: Malawi, the pan-African bank said increased investment will enable the country to boost the average income earned per person from less than $500 (about K370 000) to about $1 000 (K740 000).
Tuesday, August 27, 2019
Our Comments on Textile Industry
Here is a
hair-raising story. A Chinese Company has set up a large textile factory in
Salima, and they are ready to begin producing. But there is one hiccup - Electricity.
The company is begging the company to connect the factor to national greed. https://malawifinancialmirror.blogspot.com/2019/08/china-africa-appeals-for-government.html
A few
months ago, we commented on the fate of large projects in Malawi – why their execution
lasts so long. https://malawifinancialmirror.blogspot.com/2019/03/our-guest-comment-mismanaging-large.html.
Big projects are awfully managed in
Malawi. One explanation is that our bureaucrats have no interests in projects
in which there are no kickbacks and workshops. So dossiers of such project lie
in the shelves unattended.
Back to the Salima textile project. We have known that the
project will need electricity and cotton. There seem to be no plans by the government
to connect the plant to the national grid. The company needs 40,000 tons of
cottons, but our production has fallen from a high of 100,000 to 10,000 tons.
Properly managed, the textile industry, with its many upstream
and downstream linkages, can spearhead a dynamic export sector. However, for
this to happen, we need a governments agency that oversees the projects. We
have the MITC (Malawi Investment and Trade Corporation, which is supposed to be
the one-stop link between investors and national governments authorities. It
does not seem to be going much for the moment.
China-Africa appeals for government support – The Nation Online
China-Africa appeals for government support – The Nation Online: China-Africa, the largest Chinese investment firm in Malawi, says its $80 million (about K60 billion) textile project in Salima urgently needs government intervention to start production.
Speaking in an exclusive interview on Tuesday, Malawi Cotton Company (MCC) general manager Shi Jingran said they are ready to roll out textile production in Salima, but electricity supply remains a challenge.
Speaking in an exclusive interview on Tuesday, Malawi Cotton Company (MCC) general manager Shi Jingran said they are ready to roll out textile production in Salima, but electricity supply remains a challenge.
Wednesday, August 21, 2019
Our Comment - On Pension Fund
CAN SOMEBODY STOP THE MADNESS?
According to James Mhura, the CEO of Old Mutual Unit Trust,
the trust has approved a proposal by its
shareholders to start offshore investments, which is the keeping of money in a
jurisdiction other than one’s country. Apparently, there is no objections from
the Reserve Bank.
Pension money is serious money and it is usually the largest amount of savings in most countries.
It is also “patient” money which can be used for long term investments. For countries like Malaysia and Singapore such
funds were the backbone of the economy, with Central Providence Fund (CPF) accounting for
50 per of national savings in Singapore Until quite recently, these most successful pension schemes in the developing counters
did not allow investments in foreign securities.
Only recently has Singapore permitted investment abroad and this only when the
pension funds are huge. Instead, they
massively invested the funds domestically. Temasek, the CPF’commercial arm owns
and manages a net portfolio of $308
billion[ (as
of 31 March 2018). Temasek owns the iconic Singapore Airlines.
The restrictions on investing abroad not only force these
funds to invest locally, but also the
ban on investing abroad is aimed at discouraging capital flight which will by unrestricted
foreign investment institutionalize capital flight and deny domestic investors
from benefitting from savings of the nation.
In South Africa, Old Mutual, which had thrived under apartheid, was allowed by Thambo Mbeki
to move its headquarters to England. The consequence was massive haemorrhaging
of the South African economy. Much of what is called foreign investments into
South is simply round-tripping by these pensions fund- domiciles in London but
freely extracting economic surplus from South Africa.
Malawi implemented the new Pensions Act of 2010 which, among
other things, made pensions mandatory to all employees to build national savings. The fund has grown from K59.5 billion in 2010 to 700 billion in 2019. With an estimated value of One billion dollars, the Malawi pension is only 17 per cent
of GDP and we have allowed ourselves the leisure of sharing our puny savings
with the rest of the world.
Apparently, our pension fund is run by people who haven’t
the slighted idea as to what to invest in Malawi. How else can only explain the
fact that these people have yet to find one decent example of transformative
investment in Malawi?
It is quite sad that
the Governor of the Reserve Bank who has been talking much sense lately about pensions in Malawi has
allowed this to happen under his watch. .
Old Mutual Unit Trust ventures into offshore investment – The Nation Online
Old Mutual Unit Trust ventures into offshore investment – The Nation Online: Old Mutual Unit Trust ventures into offshore investment
Brian Itai August 21, 2019 0 Comments
Old Mutual Unit Trust has approved a proposal by its shareholders to start offshore investments, which is the keeping of money in a jurisdiction other than one’s country.
Speaking at the trust’s annual general meeting in Blantyre on Monday, the firm’s managing director James Mhura said the proposal followed requests from unit holders to benefit from its global reach by tapping from much larger markets outside Malawi.
Brian Itai August 21, 2019 0 Comments
Old Mutual Unit Trust has approved a proposal by its shareholders to start offshore investments, which is the keeping of money in a jurisdiction other than one’s country.
Speaking at the trust’s annual general meeting in Blantyre on Monday, the firm’s managing director James Mhura said the proposal followed requests from unit holders to benefit from its global reach by tapping from much larger markets outside Malawi.
Treasury moves to shift budget focus – The Nation Online
Treasury moves to shift budget focus – The Nation Online: Treasury says it is mulling over preparing an investment-oriented budget, which will be a complete departure from a heavily consumption fiscal plan.
This follows long-standing concerns from commentators and economic think-tanks that the country’s budget largely focuses on consumption other than investment, citing the Ministry of Agriculture, Irrigation and Water Development financial plan
This follows long-standing concerns from commentators and economic think-tanks that the country’s budget largely focuses on consumption other than investment, citing the Ministry of Agriculture, Irrigation and Water Development financial plan
EIU downgrades Malawi’s economic growth to 4.9% – The Nation Online
EIU downgrades Malawi’s economic growth to 4.9% – The Nation Online: Economist Intelligence Unit (EIU) has revised downwards the country’s economic growth projection for 2019 to 4.9 percent from Treasury’s initial forecast of five percent, weighed down by the impact of Cyclone Idai.
The projection is contained in the Nico Asset Managers Monthly Economic Report for July 2019, which shows that Cyclone Idai impact is estimated to have resulted in production losses amounting to $9.96 million (about K7.3 billion), equivalent to 0.13 percent of gross domestic product (GDP).
The projection is contained in the Nico Asset Managers Monthly Economic Report for July 2019, which shows that Cyclone Idai impact is estimated to have resulted in production losses amounting to $9.96 million (about K7.3 billion), equivalent to 0.13 percent of gross domestic product (GDP).
Monday, August 19, 2019
Border shutdown scares businesses - The Times Group Malawi
Border shutdown scares businesses - The Times Group Malawi: Planned closure of airports and border posts by the Human Rights Defenders Coalition (HRDC) has brought panic among airline companies and cross-body transport operators who fear a negative impact on their businesses.
In its pursuit for the resignation of Malawi Electoral Commission (Mec) Chairperson, Justice Jane Ansah, on Tuesday, HRDC announced its intention to shut down the country’s border posts and airports for five days from August 26.
In its pursuit for the resignation of Malawi Electoral Commission (Mec) Chairperson, Justice Jane Ansah, on Tuesday, HRDC announced its intention to shut down the country’s border posts and airports for five days from August 26.
Inflation soars to 9.3 percent - The Times Group Malawi
Inflation soars to 9.3 percent - The Times Group Malawi: Malawi’s headline inflation inched up by 0.3 percentage points to 9.3 percent in July 2019 as food prices continued biting hard, a development the Reserve Bank of Malawi (RBM) has rated as surprising.
Published figures from National Statistical Office (NSO) show that food inflation stood at 14.2 percent in July 2019 from 13.7 in June.
Non-food inflation was seen at 5.5 percent in July 2019 from 5.4 percent during the preceding month.
Price for maize, Malawi’s staple food, has been on an upward spiral in the past three months, currently trading between K8,500 and K10,000 per 50 kilogramme bag in some parts of the country.
Maize, as part of the food component, impacts the country’s economy given that it constitutes 45.2 percent of the Consumer Price Index (CPI), which is an aggregate basket of goods and services for computing inflation.
RBM spokesperson, Mbane Ngwira said the general rise in food inflation during this period was a surprise since the records, as estimated by Ministry of Agriculture, indicate that Malawi had produced a surplus of maize.
“From the turn in June, the July outturn was expected. However, we take solace in non-food inflation which is still around 5.5 percent. This is the area that monetary policy focuses on.
“Consequently, the average inflation projection for the year still remains within single digit. This is premised on the fact that all other factors affecting inflation in the country remain stable,” Ngwira said.
Reacting, Economics Association of Malawi Chief Executive Officer, Maleka Thula, said the increase in headline inflation was expected.
He said the magnitude of the increase in the overall inflation was not very big to cause a big concern and remains in the single digit.
“However, the worry is the rate at which food prices are increasing, given that the monetary authorities have limited levers to influence food inflation. With that in mind, our only hope is that this is not being driven by market fundamentals of demand and supply.
“It is our expectation that prices of maize will generally stabilise as it is reported that there is enough maize on the market to meet the country’s demand. Therefore, we should expect prices to remain largely stable going forward,” Thula said.
Earlier, RBM revised upwards the 2019 annual inflation projection from eight percent to nine percent owing to elevated maize prices.
Published figures from National Statistical Office (NSO) show that food inflation stood at 14.2 percent in July 2019 from 13.7 in June.
Non-food inflation was seen at 5.5 percent in July 2019 from 5.4 percent during the preceding month.
Price for maize, Malawi’s staple food, has been on an upward spiral in the past three months, currently trading between K8,500 and K10,000 per 50 kilogramme bag in some parts of the country.
Maize, as part of the food component, impacts the country’s economy given that it constitutes 45.2 percent of the Consumer Price Index (CPI), which is an aggregate basket of goods and services for computing inflation.
RBM spokesperson, Mbane Ngwira said the general rise in food inflation during this period was a surprise since the records, as estimated by Ministry of Agriculture, indicate that Malawi had produced a surplus of maize.
“From the turn in June, the July outturn was expected. However, we take solace in non-food inflation which is still around 5.5 percent. This is the area that monetary policy focuses on.
“Consequently, the average inflation projection for the year still remains within single digit. This is premised on the fact that all other factors affecting inflation in the country remain stable,” Ngwira said.
Reacting, Economics Association of Malawi Chief Executive Officer, Maleka Thula, said the increase in headline inflation was expected.
He said the magnitude of the increase in the overall inflation was not very big to cause a big concern and remains in the single digit.
“However, the worry is the rate at which food prices are increasing, given that the monetary authorities have limited levers to influence food inflation. With that in mind, our only hope is that this is not being driven by market fundamentals of demand and supply.
“It is our expectation that prices of maize will generally stabilise as it is reported that there is enough maize on the market to meet the country’s demand. Therefore, we should expect prices to remain largely stable going forward,” Thula said.
Earlier, RBM revised upwards the 2019 annual inflation projection from eight percent to nine percent owing to elevated maize prices.
Mkango Resources Continues Work On Malawi Projects | Morningstar
Mkango Resources Continues Work On Malawi Projects | Morningstar: Mkango Resources Continues Work On Malawi Projects (Alliance News) - Mkango Resources Ltd said Monday it has made progress over the Songwe Hill rare ...
Alliance News19 August, 2019 | 10:18AM
(Alliance News) - Mkango Resources Ltd said Monday it has made progress over the Songwe Hill rare earths project and Thambani uranium-tantalum-niobium project, both located in Malawi.
Alliance News19 August, 2019 | 10:18AM
(Alliance News) - Mkango Resources Ltd said Monday it has made progress over the Songwe Hill rare earths project and Thambani uranium-tantalum-niobium project, both located in Malawi.
Sunday, August 18, 2019
Force Commodities Locks Down Lead-Silver Offtake for Tshimpala | INN
Force Commodities Locks Down Lead-Silver Offtake for Tshimpala | INN: Force Commodities (ASX:4CE) has entered a binding offtake agreement for all high-grade lead and silver ore produced at the Tshimpala project in the Republic of Malawi.
The deal, held with Swiss global commodities trading group Transamine Trading, gives Transamine the right to purchase the aforementioned products from Tshimpala on an “evergreen” basis. It is unknown at this time how long the agreement is set to last, though Force refers to it as a “multi-year contract.”
The deal, held with Swiss global commodities trading group Transamine Trading, gives Transamine the right to purchase the aforementioned products from Tshimpala on an “evergreen” basis. It is unknown at this time how long the agreement is set to last, though Force refers to it as a “multi-year contract.”
Force Commodities secures binding offtake agreement for all Tshimpala’s lead and silver
Force Commodities secures binding offtake agreement for all Tshimpala’s lead and silver: Africa-focused Force Commodities (ASX: 4CE) has collared a binding offtake agreement for 100% of the anticipated lead and silver production from its recently acquired Tshimpala project in Malawi.
Under the agreement, global commodities trading group Swiss-based Transamine Trading SA has the right to purchase all the lead and silver generated from Tshimpala on an “evergreen” basis.
Pricing will be based on the prevailing London Metals Exchange benchmark price for lead and the LBMA silver price
Under the agreement, global commodities trading group Swiss-based Transamine Trading SA has the right to purchase all the lead and silver generated from Tshimpala on an “evergreen” basis.
Pricing will be based on the prevailing London Metals Exchange benchmark price for lead and the LBMA silver price
Friday, August 16, 2019
Nandolo prices seen picking up - The Times Group Malawi
Nandolo prices seen picking up - The Times Group Malawi: Prices for pigeon peas have gone up by an average of 180 percent in recent weeks to K280 per kilogramme (kg), figures from the Nandolo Farmers Association of Malawi (NFAM), an umbrella body of the commodity’s growers in the country, has shown.
In a response to an emailed questionnaire, NFAM President, Susan Chimbayo, attributed the price rise to removal of a provisional quota for importation of the commodity by the Indian government from June this year.
In a response to an emailed questionnaire, NFAM President, Susan Chimbayo, attributed the price rise to removal of a provisional quota for importation of the commodity by the Indian government from June this year.
Treasury closes financial year with surplus - The Times Group Malawi
Treasury closes financial year with surplus - The Times Group Malawi: After seeing budget deficit widening for a greater part of the 2018/19 financial year, the Central Government closed its budgetary operations in the last month with a surplus of K54.9 billion.
This is largely attributed to a $40.2 million (about K31.1 billion) direct budget support inflow from the World Bank.
This is largely attributed to a $40.2 million (about K31.1 billion) direct budget support inflow from the World Bank.
Malawi overproduces tobacco by 43.8 million kilogrammes - The Times Group Malawi
Malawi overproduces tobacco by 43.8 million kilogrammes - The Times Group Malawi: This year’s tobacco production has exceeded demand by 43.82 million kilogrammes (kgs), the Tobacco Commission (TC) said on Wednesday.
Briefing journalists in Lilongwe, TC Chief Executive Officer, Kaisi Sadala, said third round of crop estimates has revealed that the country has produced 193.4 million kgs against a demand of 149.56 million kgs.
Sadala said overproduction of the crop could provide buyers some room to negotiate for lower prices which could affect the growers in the long run.
Briefing journalists in Lilongwe, TC Chief Executive Officer, Kaisi Sadala, said third round of crop estimates has revealed that the country has produced 193.4 million kgs against a demand of 149.56 million kgs.
Sadala said overproduction of the crop could provide buyers some room to negotiate for lower prices which could affect the growers in the long run.
Tobacco buyers want 154 million kg in 2020 – The Nation Online
Tobacco buyers want 154 million kg in 2020 – The Nation Online: Tobacco buying companies have indicated that they are willing to buy 154.3 million kilogrammes (kgs) next year, three percent higher than the aggregate demand of 149.6 million kgs this year, the Tobacco Commission (TC) has confirmed.
Debt service expenditure continues to rise—report – The Nation Online
Debt service expenditure continues to rise—report – The Nation Online: Despite registering a reduced fiscal deficit in the 2018/19 fiscal year, Treasury’s expenditure on debt service has continued to rise, a situation economists say is worrisome.
Business Review analysis of the Reserve Bank of Malawi (RBM) figures show that during the 2018/19 financial year, Treasury closed the year with a K189.3 billion deficit, a drop from the projected K255 billion.
Business Review analysis of the Reserve Bank of Malawi (RBM) figures show that during the 2018/19 financial year, Treasury closed the year with a K189.3 billion deficit, a drop from the projected K255 billion.
Pension assets up 11.8% – The Nation Online
Pension assets up 11.8% – The Nation Online: Pension assets up 11.8%
Nation Online August 16, 2019 0 Comment
Assets in the pension sector increased by 11.8 percent to K801.1 billion over the past six months to June 2019, owing to increases in investment income and contributions, Reserve Bank of Malawi (RBM) figures have shown.
The growth was achieved despite the low interest rates environment and share price losses being registered on four domestic counters listed on Malawi Stock Exchange (MSE).
Nation Online August 16, 2019 0 Comment
Assets in the pension sector increased by 11.8 percent to K801.1 billion over the past six months to June 2019, owing to increases in investment income and contributions, Reserve Bank of Malawi (RBM) figures have shown.
The growth was achieved despite the low interest rates environment and share price losses being registered on four domestic counters listed on Malawi Stock Exchange (MSE).
Malawi sits on $334m In untapped exports – The Nation Online
Malawi sits on $334m In untapped exports – The Nation Online: The International Trade Centre (ITC), a multilatera trade centre which has joint mandate with the World Trade Organisation (WTO), says Malawi has a $333.5 million (about K250 billion) untapped export potential.
Such a potential comes at a time the country is still failing in import substitution, with imports outpacing exports
Such a potential comes at a time the country is still failing in import substitution, with imports outpacing exports
Mozambique-Malawi power interconnection carried out with German financial aid – Macauhub
Mozambique-Malawi power interconnection carried out with German financial aid – Macauhub: Germany will help finance the Mozambique-Malawi electricity interconnection project under an agreement to be signed on Friday between German bank KfW and the Mozambican government, represented by Electricidade de Mo�ambique (EDM), according to official information.
The Ministry of Mineral Resources and Energy said in a statement that the project was to build a 400 KV substation and a 218-kilometre power transmission line between Matambo (Tete province) and Phombeya (Malawi). connecting the electricity networks of the two countries
The Ministry of Mineral Resources and Energy said in a statement that the project was to build a 400 KV substation and a 218-kilometre power transmission line between Matambo (Tete province) and Phombeya (Malawi). connecting the electricity networks of the two countries
Tuesday, August 13, 2019
Is Malawi cotton on road to Burkina Faso? – The Nation Online
Is Malawi cotton on road to Burkina Faso? – The Nation Online: Is Malawi cotton on road to Burkina Faso?
Johnny Kasalika August 10, 2019 0 Comments
Malawi’s cotton once rose to a record production of 100 000 metric tonnes (MT) per year some seven years ago. But with a growing demand for the crop, the country’s production has dwindled ten-fold from where it was in 2012.� With new varieties of biotechnology (Bt) cotton seeds due for release this November for commercial cultivation, Malawi has a chance to go back to glorious days of bumper yields, only if government does what is right.� Our news Analyst SUZGO CHITETE writes
Johnny Kasalika August 10, 2019 0 Comments
Malawi’s cotton once rose to a record production of 100 000 metric tonnes (MT) per year some seven years ago. But with a growing demand for the crop, the country’s production has dwindled ten-fold from where it was in 2012.� With new varieties of biotechnology (Bt) cotton seeds due for release this November for commercial cultivation, Malawi has a chance to go back to glorious days of bumper yields, only if government does what is right.� Our news Analyst SUZGO CHITETE writes
Tobacco rakes in $194 million - The Times Group Malawi
Tobacco rakes in $194 million - The Times Group Malawi: Revenue from tobacco, Malawi’s top export crop, hit $194.2 million, figures from Tobacco Commission (TC) show.
The revenue has been realised from 131,083,157 kilogrammes (kg) of all types of tobacco sold at an average of $1.48 per kg.
During the same time last year, average prices were seen at $1.74.
The revenue has been realised from 131,083,157 kilogrammes (kg) of all types of tobacco sold at an average of $1.48 per kg.
During the same time last year, average prices were seen at $1.74.
Demos to dent economy—ICAM – The Nation Online
Demos to dent economy—ICAM – The Nation Online: Institute of Chartered Accountants in Malawi (Icam) says it is yet to quantify the exact loss of business and damage to property as a result of post-elections demonstrations.
In its letter dated August 1 2019 addressed to Malawi Law Society (MLS), the accountants’ body said demonstrations have resulted in destruction of property, loss of business, erosion of the country’s investors’ confidence and compounded people’s uncertainty on economic gains.
In its letter dated August 1 2019 addressed to Malawi Law Society (MLS), the accountants’ body said demonstrations have resulted in destruction of property, loss of business, erosion of the country’s investors’ confidence and compounded people’s uncertainty on economic gains.
Slow economic growth affects national budget – The Nation Online
Slow economic growth affects national budget – The Nation Online: Despite the country’s budget growing by 20.5 percent on average annually in nominal terms, United Nation’s Children Fund (Unicef) says the growth has been slow due to sluggish GDP growth.
In its Child Protection Budget Analysis in Malawi on the levels and trends in government budget allocations to child protection from fiscal years 2012/13 to 2018/19, Unicef says the national budget’s slow growth in real terms is symptomatic of a sluggish economy during the years reviewed.
In its Child Protection Budget Analysis in Malawi on the levels and trends in government budget allocations to child protection from fiscal years 2012/13 to 2018/19, Unicef says the national budget’s slow growth in real terms is symptomatic of a sluggish economy during the years reviewed.
IMF hopeful on ECF programme – The Nation Online
IMF hopeful on ECF programme – The Nation Online: The International Monetary Fund (IMF) has expressed optimism over the public finance management reform under the Extended Credit Facility (ECF) programme which it says will open the door for more budget support.
Outgoing IMF resident representative Jack Ree said in an interview on Tuesday that the programme has been performing relatively well so far, and the augmentation of the funding of the programme is being discussed by the fund’s management.
Outgoing IMF resident representative Jack Ree said in an interview on Tuesday that the programme has been performing relatively well so far, and the augmentation of the funding of the programme is being discussed by the fund’s management.
Thursday, August 8, 2019
‘Local structured markets too advanced for farmers’ – The Nation Online
‘Local structured markets too advanced for farmers’ – The Nation Online: Local structured markets too advanced for farmers’
Steve Chilundu August 7, 2019 0 Comments
Agricultural economist Derrick Kapolo says the existing structured markets have failed to bring desired outcomes to farmers as their operations are far advanced to meet the needs of the majority of small-scale farmers.
Steve Chilundu August 7, 2019 0 Comments
Agricultural economist Derrick Kapolo says the existing structured markets have failed to bring desired outcomes to farmers as their operations are far advanced to meet the needs of the majority of small-scale farmers.
Inflation target revised upwards - The Times Group Malawi
Inflation target revised upwards - The Times Group Malawi: Reserve Bank of Malawi (RBM) has revised upwards 2019 annual inflation projection from eight percent to nine percent owing to elevated maize prices.
In its Monetary Policy Committee (MPC) Report issued last week, RBM however, says this is temporary and will likely “unwind in the near term.”
In its Monetary Policy Committee (MPC) Report issued last week, RBM however, says this is temporary and will likely “unwind in the near term.”
Monday, August 5, 2019
World bank speaks On budget support – The Nation Online
World bank speaks On budget support – The Nation Online: The World Bank says it is ready to provide 2019/20 budget support if Treasury tightens the grip on expenditure controls to show prudence and fiscal discipline.
World Bank country manager Greg Toulmin said in an interview on Friday in Lilongwe that the bank is keen on supporting the government to achieve economic growth by addressing impediments to the realisation of the growth path.
World Bank country manager Greg Toulmin said in an interview on Friday in Lilongwe that the bank is keen on supporting the government to achieve economic growth by addressing impediments to the realisation of the growth path.
Saturday, August 3, 2019
Fiscal consolidation key to recovery—IMF – The Nation Online
Fiscal consolidation key to recovery—IMF – The Nation Online: The International Monetary Fund (IMF) says bringing fiscal consolidation back on credible path focusing on 2019/20 National Budget is key to recovery.
IMF resident representative, Jack Ree, whose tour of Malawi ends this month, said growth, is on a recovery path despite ‘daunting dangers in the ways ahead of Malawi’.
IMF resident representative, Jack Ree, whose tour of Malawi ends this month, said growth, is on a recovery path despite ‘daunting dangers in the ways ahead of Malawi’.
Friday, August 2, 2019
Middle income status possible—commission – The Nation Online
Middle income status possible—commission – The Nation Online: National Planning Commission (NPC) says Malawi is poised to attain a middle income status in the next 15 years if it manages population growth.
In an interview on Tuesday, NPC director general Thomas Chataghalala Munthali, commenting on the significance of containing the current population growth rate, said much as there is no one figure that can define the right population, having population growing more than the economy can provide for is a huge challenge for the country.
In an interview on Tuesday, NPC director general Thomas Chataghalala Munthali, commenting on the significance of containing the current population growth rate, said much as there is no one figure that can define the right population, having population growing more than the economy can provide for is a huge challenge for the country.
Government forecasts 7% GDP growth in 2020 – The Nation Online
Government forecasts 7% GDP growth in 2020 – The Nation Online: Minister of Finance, Economic Planning and Development Joseph Mwanamvekha says Treasury projects real gross domestic product (GDP) growth of seven percent next year on accounnt of planned infrastructure development and continued focus on growth potential sectors.
The ambitious projection is three percentage points above a growth rate of four percent achieved in 2018 and two percentage points above the 2019 projected real GDP growth rate of five percent.
The ambitious projection is three percentage points above a growth rate of four percent achieved in 2018 and two percentage points above the 2019 projected real GDP growth rate of five percent.
TNM posts K16 billion profit - The Times Group Malawi
TNM posts K16 billion profit - The Times Group Malawi: Malawi Stock Exchange-listed integrated ICT services provider, TNM, had a good 12 months in 2018 as it saw its after-tax profit surging by 27 percent, the firm said Thursday.
TNM said in a statement Thursday its net profit jumped from K13.10 billion in 2017 to K16.66 billion in 2018.
TNM said in a statement Thursday its net profit jumped from K13.10 billion in 2017 to K16.66 billion in 2018.
Firms pressure government to restrict oil seed exports - The Times Group Malawi
Firms pressure government to restrict oil seed exports - The Times Group Malawi: he country’s major oil seed producers have been pushing the government to put a restriction on the exports of oilseed, especially soya, in an attempt to keep prices down, Times Business has established.
Among other things, the firms are said to be pushing for the imposition of $100 per tonne levy on soya bean exports so that domestic prices fall.
But the move has attracted the wrath of agriculture stakeholders who have described the move as retrogressive and in conflict with the principles of Control of Goods Act.
Among other things, the firms are said to be pushing for the imposition of $100 per tonne levy on soya bean exports so that domestic prices fall.
But the move has attracted the wrath of agriculture stakeholders who have described the move as retrogressive and in conflict with the principles of Control of Goods Act.
Treasury outlines key budget risks - The Times Group Malawi
Treasury outlines key budget risks - The Times Group Malawi: Finance Minister Joseph Mwanamvekha has outlined key risks facing the 2019/20 National Budget, saying it would require concerted efforts in minimising possible pressure points.
Mwanamvekha was speaking in Blantyre on Friday during the final round of the 2019 to 2020 pre-budget consultation meeting.
In his presentation to stakeholders, Mwanamvekha outlined fiscal pressure, unpredictability of budget support, procurement hurdles and poor public finance management in some District Councils and government departments among challenges facing the budget.
Mwanamvekha was speaking in Blantyre on Friday during the final round of the 2019 to 2020 pre-budget consultation meeting.
In his presentation to stakeholders, Mwanamvekha outlined fiscal pressure, unpredictability of budget support, procurement hurdles and poor public finance management in some District Councils and government departments among challenges facing the budget.
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