Chakwera’s recovery plans making an impact

By Kondanani Chilimunthaka

The recovery plans that President Lazarus Chakwera has embarked on are on the course of changing the face of the country’s economy for the better, 2023 GDP estimation has revealed.

Speaking on Wednesday 10th January 2024 at Bingu International Convention Centre when he presided over the 2024/2025 Pre-Budget Consultations Meeting, Minister of Finance, Simplex Chithyola Banda disclosed that the 2023 is estimated at 1.5 percent, reflecting 0.6 percent increment to 0.9 percent of 2022, expressing hope of more improvements to the country’s economy in the coming financial year.

Chithyola further pointed at the coming back of donor partners many years after they suspended their aid to Malawi is another indicator towards the country’s attainment of better GDP estimation in the 2024/25 fiscal year.

“Moving forward, we expect a gradual economic recovery with a growth of 3.2 percent in 2024 on account of the improvements in the availability of foreign exchange and investments made in the agriculture sector.

It is also wealth noting that the Malawi Government is focusing on diversifying economic activities that are aimed at Recovering, Developing, and Protecting our economy through the RDP strategy. The government has embarked fully on supporting the private sector to venture into MEGA farms through the Malawi Agricultural, Industrial Investment Cooperation to produce for both local and export markets” Said Finance Minister.

Chithyola further disclosed that the Government is also focused to diversify the economy through Carbon markets trading, Diaspora engagements and Golden Visa Programme, as well as quantifying our natural minerals for investment.

Additionally, Chithyola said the successfully secured Extended Credit Facility (EFC) Arrangement of up to $174 million will also help restore macroeconomic stability.

However, Chithyola urged all Malawians to be more innovative as to grow the economy by among others joining hands with the leadership of President Lazarus Chakwera in the efforts to successfully recover the economy, saying other countries have done similar initiatives before and have succeeded.

The Minister has since assured the Malawians that all ideas will be consolidated by technocrats at his Ministry.