Government credit up by K81.6 billion | The Times Group

Government credit up by K81.6 billion | The Times Group: Government credit up by K81.6 billion
Posted By: Tom Sangalaon: May 14, 2019In: BusinessNo Comments
By William Kumwembe:

Net credit to the central government went up by K81.6 billion to K547.4 billion in March 2019, figures from the Reserve Bank (RBM) of Malawi show.

RBM March 2019 Monthly Economic Review shows that government’s net borrowing from the central bank increased by K62.0 billion to K144.5 billion.

Similarly, central government net credit from commercial banks increased by K19.6 billion to K402.8 billion on account of a K26.6 billion Treasury notes uptake by the commercial banks.

In the month under review, Treasury bills (TBs) amounting to K3.8 billion matured, reducing the outstanding stock of the TBs held by commercial banks to K215.1 billion.

“Further, government deposits with the commercial banks r

Mkango rare earth mine to open in 2024 - The Nation Online

Mkango rare earth mine to open in 2024 - The Nation Online: Mkango rare earth mine to open in 2024
James Chavula May 13, 2019 0 Comments
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Mkango Resources Limited, a mining firm exploring rare earths at Songwe Hills in Phalombe, has unveiled plans to start extracting the minerals by 2024.

The Australian Stock Exchange (ASX)-listed mining firm, has been exploring the prospects of extracting the minerals used in making mobile phones and computer accessories since 2010, forcing hillside communities to ask: When should we expect mining to begin?

The firm’s environmental manager Bradley Thornton gave a blow-by-blow countdown at a meeting with locals in Phalombe on Friday and there was a reason worth the five-year wait.

“We conducted a pre-feasibility study to determine if there is something to look at and the exploration showed what we have in the hills is worthy of further investments.

IMF engages Treasury on missed target - The Nation Online

IMF engages Treasury on missed target - The Nation Online: The International Monetary Fund (IMF) says it is still discussing with fiscal authorities on the target of primary balance—fiscal balance excluding interest payments—missed in the first half of the 2018/19 financial year.

IMF resident representative Jack Ree said in an interview yesterday that the discussions are focusing on corrective measures on the unmet target of the three-year $112 million (about K82 billion) Extended Credit Facility (ECF) programme

British Government sent �4.5 billion to Malawi - but it's now 'poorer than it was when we started' | Daily Mail Online

British Government sent �4.5 billion to Malawi - but it's now 'poorer than it was when we started' | Daily Mail Online: A failure of our foreign aid policy: MP says British Government has sent �4.5 billion to Malawi - but it's now 'poorer than it was when we started'
Rory Stewart pointed to Malawi as example of UK's foreign aid policy failure
Struggling Southern African nation was for years a darling of the aid industry
Western donors froze aid after politicians stole millions in 'cashgate’ scandal

Banks yet to react to policy rate cut | The Times Group

Banks yet to react to policy rate cut | The Times Group: Commercial banks in the country are yet to lower their base lending rates, a week after the Reserve Bank of Malawi (RBM) affected a policy rate cut.

Borrowers from commercial banks and other micro finance institutions expected to heave a sigh of relief following the slash in the policy rate — a key driver of interest rates on loans — last week.

Private sector credit grew by 11% in 2018 | The Times Group

Private sector credit grew by 11% in 2018 | The Times Group: Credit extended to the private sector went up by 11.5 percent in 2018, the Reserve Bank of Malawi (RBM) indicates.

Figures contained in the 2018 RBM Annual Report issued on Tuesday show that the figure is compared to 0.4 percent growth of private sector credit recorded in 2017.

In real terms, private sector credit grew by 1.6 percent in 2018 compared to a contraction of 6.7 percent in 2017.

“The grow

Malawi to earn K110bn from graphite mine - The Nation Online

Malawi to earn K110bn from graphite mine - The Nation Online: Treasury is set to earn $150 million (about K110 billion) tax revenue once mining at Sovereign Metals Limited-owned Malingunde Graphite Mine in Lilongwe starts, a report has indicated.

The draft Environmental Social Impact Assessment (Esia) Report shows that the project will generate revenue in the form of taxes and royalties.

Mkango's Will Dawes updates as Songwe Hill advances towards production decision

Mkango's Will Dawes updates as Songwe Hill advances towards production decision: Mkango's Will Dawes updates as Songwe Hill advances towards production decision
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09:40 08 May 2019
Will Dawes, chief executive of Mkango Resources Ltd’s (LON:MKA), caught up with Proactive London's Andrew Scott to discuss progress at its flagship Songwe Hill rare earth project in Malawi.

Commodities trader Talaxis has committed �12mln at the project level, with a view to supporting further exploration and to hitting certain development milestones.

That investment as it stands will net out at a 49% interest for Talaxis once the project is taken through the bankable feasibility stage.

$MKA Mkango's Will Dawes updates as Songwe Hill advances towards production decision http://tinyurl.com/y4xlur9m  via @proactive_UK @MkangoResources #MKA #brighterir #AndrewScottTV #CapitalNetwork1

Tobacco rejection rate hits 40 percent - The Nation Online

Tobacco rejection rate hits 40 percent - The Nation Online: Tobacco rejection rate hits 40 percent
Martha Chirambo May 7, 2019 0 Comments
The Mzuzu Auction Floors opened yesterday with a 39.2 percent rejection rate, a development that has prompted growers to ask government to intervene.

At 39.2 percent, the rejection rate is 19 percent higher than the acceptable rate of 20 percent and below.