Monday, December 22, 2025
No menu items!
spot_img
Home Blog Page 1484

Former RBM Governor Dalitso Kabambe trashes Wednesday’s 44% Kwacha devaluation

0

By Chisomo Phiri

Former Reserve Bank of Malawi Governor Dalitso Kabambe has described Wednesday’s 44 percent Malawi Kwacha devaluation as reckless.

According to Kabambe, there will be no recovery from the macroeconomic meltdown in the aftermath of the devaluation.

Kabambe



He says the devaluation will only make the suffering experienced by Malawians worse, as prices of basic goods and services such as fuel, fertilizer and food items will soar.

Kabambe says looking at the timing of the devaluation, it must be a prior conditionality for International Monetary Fund (IMF) Extended Credit Facility (ECF).

“Since K1,700 per dollar is still below the market equilibrium, we should anticipate further depreciations,” says Kabambe.

According to former RBM governor, Malawians should expect further depreciations of the kwacha as the K1 700 to a dollar exchange rate is still below the “market equilibrium”.

“Furthermore, the devaluation is reckless as the previous one given that the fundamentals of the monetary policy remain helpless and the fiscal consolidation non-existent,”adds Kabambe.

In a statement on Wednesday night, RBM Governor Wilson Banda said the 44 percent devaluation follows the imbalances as well as the mismatch in the exchange rate in cash and telegraphic transfer.

The kwacha was also devalued by 25 percent in May 2022 and since January this year, the local unit has depreciated by 13.1 percent.

Former ruling DPP cancels Masintha rally over Poppy Day commemoration

0

By Chisomo Phiri

The former ruling Democratic Progressive Party (DPP) has cancelled the political rally that was scheduled for this Sunday at Masintha Ground in Lilongwe.

In a statement, the party’s spokesperson Shadric Namalomba says the rally has been postponed until further notice to allow its members join all Malawians in commemorating Remembrance Day, which falls on November 11 every year.

“To the war veterans living, we thank, salute and wish you good health and long life. To the fallen heroes may their souls rest in eternal peace,”says Namalomba in a statement.

Namalomba



The party’s president Arthur Peter Mutharika left the country last week through Chileka International Airport in Blantyre on a private trip accompanied by former first lady Gertrude Mutharika, but details of their trip have remained confidential.

Commonwealth member States commemorate Remembrance Day (Poppy Day) each year to honour those who volunteered, sacrificed, served, fought and died for freedom during the First and Second Wars.

RBM devalues Kwacha by 44%

0

By Chisomo Phiri

The Malawi’s central bank Reserve Bank of Malawi (RBM) has devalued the kwacha by 44 percent effective today at midnight.

Following the devaluation, the kwacha will be selling at K1, 700 against the US dollar in authorised dealer banks from K1, 180.



In a statement, RBM Governor Wilson Banda says this follows the supply-demand imbalances and mismatch in the exchange rates in the cash and telegraphic transfer markets.

“Spot checks on some market players indicate that the market is able to clear bills at this rate,” says Banda.

The RBM Governor has however, said the bank will closely monitor developments in the market to avoid disorderly behavior among market players that may cause excessive volatility.

Chakwera off to Saud Arabia for Saudi-Africa summit- Says the summit crucial for achieving Agenda 2063

0


By Linda Kwanjana

Malawi President Dr Lazarus McCarthy Chakwera has left Malawi for Saud Arabia where he is destined to attend Saudi-Africa Summit.

Addressing the press at Kamuzu International, President Dr Chakwera said Malawi desires and dreams is to achieve a self reliant nation. He said his vision is to achieve Malawi grow, grow and grow.

Said Chakwera: “You look at what I am going to Saudi Arabia for, primarily the Makanjira road, that area is extremely rich not just for agriculture; it can also be used for tourism and mining as well. We are talking about the ATM strategy, for immediate results, this is a significant roadmap helping us towards 2063.”

Chakwera said trade in Africa is extremely needed at this stage and that there is need to trade more so that the country does not rely on aid.

President Chakwera



The president said to do that “We have to produce quality products. We want to look at all this in light of our vision and see that this country can be propelled to exponential growth because of deliberate steps that we are talking.”

Chakwera departed for Saudi Arabia via Kamuzu International Airport. The primary purpose of his visit is to attend the inaugural Saudi–Africa Summit in Riyadh on the 10th and 11th of November.

The summit holds significant promise as it offers an opportunity for Malawi to strengthen its diplomatic and economic relations with Saudi Arabia. This engagement comes at a crucial time when both nations seek to strengthen their collaboration in various fields.

On the sidelines of the Summit, President Chakwera is slated to hold bilateral meetings with various stakeholders. These discussions are anticipated to explore opportunities for collaboration and investments between Malawi and Saudi Arabia in key sectors.

The President will have a significant interface with His Excellency Sultan Al Marshad, the Chief Executive Officer of the Saudi Fund. During this interaction, the President is expected to sign and finalize an agreement pertaining to the Makanjira road project.

Following his engagements in Saudi Arabia, President Chakwera will proceed to Egypt to attend an Intra Africa Trade Fair organized by the African Export-Import Bank (AFREXIM Bank) in partnership with the African Continental Free Trade Area (AfCFTA) secretariat.

The trade fair serves as a vital platform for African countries to engage in discussions regarding the establishment of an integrated African market for goods and services.

AGE Africa creating life-changing opportunities for Dowa women

0

By Vincent Gunde

The Advancing Girls Education in Africa (AGE Africa) is implementing the Malawi end-to end program in Dowa district with a mission to create life-changing opportunities to young women through initiatives in Education, Mentorship and Leadership Development.

AGE Africa is currently working in 9 districts in Malawi which are Dowa, Ntchisi, Mchinji, Kasungu, Balaka, Mangochi, Machinga, Zomba and Mulanje and in Dowa.

It is in 6 feeder primary schools and 9 secondary schools.

Mpakule



The organization provides scholarships which are awarded on an individual basis,of which each scholarship award is up to 4 years, if the scholarship recipient meets AGE Africa’s continued eligibility requirements.

Giving updates of the program, AGE Africa’s District Coordinator for Dowa Chauncy Kasenye, said scholarship payments are paid directly to the Ministry of Education on behalf of the scholarship recipient saying school materials, toiletries, small stipends are given directly to the scholarship recipient at the beginning of each school term.

Kasenye said among the scholarship conditions, secondary school students must be from feeder primary schools, needy and well performing in class while tertiary beneficiaries must also be needy and from partner schools.

She said the program is meeting some challenges in Dowa as most of the students complain of difficulties in English, inadequate learning materials in Community Day Secondary Schools and poor boarding facilities for self-boarding schools.

The district coordinator said the project is being implemented with the main objective of contributing to the development of the future leaders of Malawi by providing an end-to -end educational support for the children in the tobacco farming communities.

“The program will improve access to post-secondary education, knowledge in Sexual Reproduction and Health (SRH) and gender enhance leadership skills, joint monitoring visits to schools and psychosocial support training, among others,” said Kasenye.

She said an action research was conducted by AGE Africa in Dowa, Mchinji and Kasungu so to enhance Scholarship Beneficiary Selection, process for identifying needy students with high academic potential saying the findings have proved that the current selection process was effective in identifying needy students and not students with high academic performance potential.

In her remarks, Dowa District Council’s Director of Planning and Development Mercy Mpakule, thanked AGE Africa for being so exemplary in providing project progress reports to Dec advising all partners in the district to emulate the example set.