By Kondanani Chilimunthaka
Minister of Finance, Simplex Chithyola Banda has outlined strict measures administration of President Lazarus Chakwera has put in place to safeguard Malawi of its forex, saying government will soon quantify its mineral deposits in monetary value as one way of strengthening the country’s economy.
The Minister was speaking during the press briefing he held at Bingu International Convention Center in Lilongwe on Monday, 13th November, 2023.
In his briefing, Chithyola told the press and the nation that government has put strong measures to control the shortage of forex in the country which include quantifying country’s mineral deposits and monetize it.
“Malawi will also promote Carbon Credit Trading with those countries which are in the trade. Malawi will also concentrate on Cannabis Biomass Project for improved forex. Malawi will use Mega Farms as one way of improving its economy through more exports, and government is working on establishment of Industrial Parks in Lilongwe and Blantyre which will increase availability of forex in the country” Added Chithyola.
In the statement, Chithyola told the nation that Malawi has considered the vital role the defunct Malawi Development Corperation (MDC) was playing in development of the country and it has re-established MDC to help in developing Malawi.
Further, the Finance Minister said from 13th November 2023, Government through its relevant institutions will investigate on the rumors that some bank employees are involved in smuggling of forex for illegal markets popularly known as black markets.
Meanwhile, all business operators involved in businesses on not less than K5 million has to register through MRA for payment of relevant taxes.
In the statement, Tourism has also been earmarked for revamping the country’s economy, and the Minister disclosed that if well implemented, the measures stand Malawi a chance of generating more than $5 million of United States in the next two years.
However, Finance Minister was quick to say government through the set measures will take to task all those who will try to temper or play around with the national economy.
