By Chisomo Phiri
The National Advocacy Platform (NAP) has expressed grave concern over the alarming surge in Malawi’s public debt, which has skyrocketed by K2.54 trillion in the first six months of 2024 alone, bringing the total to a staggering K15.1 trillion.
This represents a fourfold increase since the beginning of the Tonse government’s tenure, when the debt stood at K4.1 trillion.
NAP Chairperson Benedicto Kondowe has since called for immediate and decisive action to address the debt crisis, including conducting a comprehensive audit of debt contraction, evaluating debt volume, and enhancing parliamentary scrutiny of loan bills.
However, Minister of Finance Simplex Chithyola Banda has downplayed the concerns, suggesting that some individuals are misrepresenting the debt value and taking advantage of partial understanding to score political points.
He explains that the government borrows in foreign currency (FX) and uses the funds mostly in kwacha, the local currency.
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