By Linda Kwanjana
The Malawi Government on Friday unveiled a formidable financial blue print which contains varous windows aimed at resustaining the economy which has been affected mainly due to geopolitical effects.
Among the interventions, Government has made a serious decision which will see resuscitation of the formerly vibrant Malawi Development Corporation (MDC).
Delivering budget statement in the August House, Mister of Finance , Simplex Chithyola Banda said the resustation of MDC will help to drive productivity and ensure forex available.
Chithyola Banda reaffirmed government committiment in the resustation of key productive areas outlined by President Lazarus Chakwera in the State of National Address (SONA).
“The budget is not just about stabilisation, it is about resuscitation of other key productive sectors and ensuring that Malawi moves forward with resilience and determination,” he said.
According to the minister as the country continues grappling with economic issues government is working tirelessly to finance in both existing and emerging projects starting at a district level, ensuring developments are remain inclusive and sustainable across.
In order to stabilize economy, the Minister announced establishment of key initiative of a National Forex Crime Unit to tackle with parallel market activities, enforcing forex regulations and cracking down illegal exploitation of minerals and agriculture products.
“The unit shall also be responsible for combating the illegal extraction of our country’s minerals and ensuring strict compliance with forex regulations,” Chithyola Banda explained.
He emphasized in streathening relationship with Malawi Police Service, alongside intelligence institution ensuring that there is fast track in apprehending suspects of engaging in illegal extraction of mining as well as forex trading.
Another developing issue is that of a ban on the importation of non-essential commodities that can be produced locally as companies and individuals will be encouraged to venture into local production through various taxation measures.
“We no longer allow unnecessary imports to drain our forex reserves, instead we ensure to support local industry through SMEs who will be playing a crucial role in producing goods that have traditionally been imported,” Chithyola Banda emphasised.
He, therefore said the announcements offer a standing point into the government’s efforts to revitalize Malawi’s economy by implementing the measures, the government hopes to pave the way to more prosperous and stable future for all Malawians.
