Malawi Signs USD 160 Million Financing Pact with Word Bank

The government of Malawi has signed financing agreements aimed to enhance the Shire Valley Transformation Programme and Agriculture Commercialization Project in the country. Speaking during the signing ceremony on Friday at the Ministry of Finance offices, Capital Hill in Lilongwe, World Bank country director for Tanzania, Malawi, Burundi and Somalia, Miss Bella Bird said their organization is committed to help boost various sectors of agriculture in African countries. “Word Bank is passionate about increasing the diversity of products and…

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SME’s to Benefit from MK1.3 Billion Japanese’ Grant

Small and Medium enterprises (SMEs) which focus on increasing productivity stand to benefit from 200 million Japanese Yen (K1.3 billion) worth of grant that the Japanese government has given to Malawi. Minister of Finance, Economic Planning and Development Goodall Gondwe signed the grant on behalf of the Malawi Government on Wednesday at a ceremony held at Capital Hill in Lilongwe. The grant is aimed at promoting economic and social development of the people of Malawi, especially the SMEs. Speaking…

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MPs Approves MK117 Billion Loan Bill to Transform Malawi’s Agricultural Productivity

Members of Parliament on Tuesday passed a K117 billion Loan Authorization Bill, green-lighting the implementation of the first phase of the Shire Valley Transformation Project covering Chikwawa- Nsanje areas from 2017 to 2023. In tabling the Bill, Minister of Finance, Economic Planning and Development, Goodall Gondwe said overall, the project will grant access to reliable irrigation and drainage systems, strengthen management of wetlands and secure land tenure for small holder farmers in the shire valley. “Climate change resilience irrigation is…

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Malawi’s Extended Credit Facility on track

IMF has declared Malawi’s Extended Credit Facility on track. IMF says this is due to good management of domestic finance since September 2015.  This was disclosed at a press briefing that IMF and Minister of Finance Goodall Gondwe addressed in Lilongwe. IMF says it appreciates the hard work that Malawi government has put in to bring the programmes back on track. The fund has however, asked government to work on bank reconciliations and report on arrears going forward. IMF has…

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Malawi National Assembly passes its own vote

The Malawi National Assembly has passed the controversial National Assembly vote with an it has been learnt. The allocation to the National Assembly was initially pegged at MK8.3bnMK8.3bn and has since been revised upwards to MK8.4bnMK8.4bn. The vote to the national assembly was debated at length since Thursday as most members from the opposition and government benches thought the revised amount was not enough to cater for its operations. Malawi’s Minister of Finance Dr Goodal Gondwe said the concern…

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Malawi Govt determined to resuscitate economic growth and food sufficiency

Minister of Finance and Economic Planning and Development Dr Goodall Gondwe says the measures Government has instituted are strong enough to attain their objective of normalizing the economy within this year. He said this on Friday, at Parliament when he was presenting the 2015/16 Mid-Year Budget Review Statement. According to the Minister, Government has also embarked on a radical fiscal adjustment that aims at ultimately covering recurrent expenditure of the budget with domestic resources leaving only the bulk of…

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Japan Offers Malawi K17 billion for Upgrading of KIA

Lilongwe has signed a grant agreement with the government of Japan under the Japanese Grant Aid Scheme for the upgrading of the Kamuzu International Airport (kia). The signing in ceremony was held lately in Lilongwe with Malawi’s Minister of Finance, Economic Planning and Development GoodallGondwe and Japanese AmbassadorShuichiroNishioka. The Japanese Ambassador told reporters that the Kamuzu International Airport need to go for rehabilitation to see to it that it matches the much improved standards of most of the airports…

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Malawi’s Finance Minister Withdraws Aviation Bill

Malawi’s Finance Minister Dr. Goodall Gondwe has referred the Aviation Bill back to the Parliament’s Transport Committee after it attracted criticism by members of opposition parties. The Bill was asking authorisation for government to borrow K9.8 billion to upgrade aviation systems at Chileka and Lilongwe International Airports. The opposition members said that the document had a number of errors including that some of the projects were already funded in the previous documents. Malawi Congress Party (MCP) Parliamentarian Jacob Hara…

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Malawi Parliament Passes K11.2 billion loan bill to improve Water Supply in Malawi’s Capital

The Malawi National Assembly has passed a MK11.2 billion loan authorization bill meant to cater for water supply in the Capital, Lilongwe. The Bill is called,“European Investment Bank (Lilongwe Water Resources Efficiency Programme) loan (Authorization).” Malawi’s Finance Minister Dr Goodall Gondwe said in the house that government is going to borrow 24 million Euros from European Investment Bank which is about MK11.2 billion. “The bill’s intended purpose is to increasing efficiency in water supply to the City and the…

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Finance Minister Gondwe, Bakili Muluzi Describe Kamuzu as a Hero

Malawi’s Finance and Economic Planning Minister Goodall Gondwe has described the founding Father of the nation late Dr Hastings Kamuzu Banda as a hero in the way he led the country for 30 years under the Malawi Congress Party (MCP) banner. The Minister was speaking on behalf of State President of the Republic of Malawi professor Arthur Peter Mutharika during special commemoratory gathering organised by Dr. Banda’s family in respect to the former head of state held in the…

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