Thursday, June 19, 2025
No menu items!
spot_img
Home Blog Page 1199

Government tightens forex measures, promises to quantify mineral deposits

247Malawi
-
0
Government tightens forex measures, promises to quantify mineral deposits

By Kondanani Chilimunthaka

Minister of Finance, Simplex Chithyola Banda has outlined strict measures administration of President Lazarus Chakwera has put in place to safeguard Malawi of its forex, saying government will soon quantify its mineral deposits in monetary value as one way of strengthening the country’s economy.

The Minister was speaking during the press briefing he held at Bingu International Convention Center in Lilongwe on Monday, 13th November, 2023.

In his briefing, Chithyola told the press and the nation that government has put strong measures to control the shortage of forex in the country which include quantifying country’s mineral deposits and monetize it.



“Malawi will also promote Carbon Credit Trading with those countries which are in the trade. Malawi will also concentrate on Cannabis Biomass Project for improved forex. Malawi will use Mega Farms as one way of improving its economy through more exports, and government is working on establishment of Industrial Parks in Lilongwe and Blantyre which will increase availability of forex in the country” Added Chithyola.

In the statement, Chithyola told the nation that Malawi has considered the vital role the defunct Malawi Development Corperation (MDC) was playing in development of the country and it has re-established MDC to help in developing Malawi.

Further, the Finance Minister said from 13th November 2023, Government through its relevant institutions will investigate on the rumors that some bank employees are involved in smuggling of forex for illegal markets popularly known as black markets.

Meanwhile, all business operators involved in businesses on not less than K5 million has to register through MRA for payment of relevant taxes.

In the statement, Tourism has also been earmarked for revamping the country’s economy, and the Minister disclosed that if well implemented, the measures stand Malawi a chance of generating more than $5 million of United States in the next two years.

However, Finance Minister was quick to say government through the set measures will take to task all those who will try to temper or play around with the national economy.

How will Malawians benefit from measures which Minister of Finance has just announced?

247Malawi
-
0
How will Malawians benefit from measures which Minister of Finance has just announced?

By Alfred Chauwa

Malawians stand to benefit from safety net measures which Minister of Finance Simplex Chithyola Banda has announced following the 44% devaluation.

The Minister of Finance and Economic Affairs Simplex Chithyola Banda says Government has put in place various measures to cushion poor Malawians from the shocks arising from the recent 44 percent devaluation of the local currency against the United States dollar.

This follows the Reserve Bank of Malawi announcement of a 44% realignment of the kwacha against the dollar, a move the Central Bank said was aimed at correcting supply-demand imbalances in the forex market.

The kwacha fall has triggered sharp rise in the cost of living, especially basic commodities, a situation that is likely going to push the inflation upwards.

But addressing journalists in Lilongwe on Monday morning, Chithyola Banda says Chakwera-led administration appreciates the pain the increase in the cost of living has caused on Malawians, particularly the less privileged citizens.

President Chakwera



The minister further stated that the government will continue with the implementation of Cyclone Recovery intervention in Blantyre Rural, Thyolo, Phalombe, Chiradzulu, Mulanje, Nsanje, Chikwawa, Balaka, and Zomba Rural targeting 184,920 households where beneficiary households receive MK150,000 to support with consumption needs and cushion the affected households against the effects of the alignment.

“Government will re-introduce the Price Shock Urban Emergency Cash Transfer
Program which will target 105,000 households in Zomba, Blantyre, Mzuzu and Lilongwe city councils and the beneficiaries will receive a once off transfer of MK150, 000 covering a period of 3
months, ” he said.

Chithyola also said Government will increase Social Cash Transfer Benefit Levels by 57 percent which is more than the exchange rate alignment amount.

The Minister said Government will Increase Social Cash Transfer Beneficiary Coverage from the current 10 percent to 15 percent of the population.

“Pursuant to section 54 of the Employment Act (Cap. 55:01 of the Laws of Malawi), Government has embarked on consultations with relevant stakeholders to revise the minimum wage. The
government will also embark on a similar exercise with respect to public servants,” he said.

With the measures, many Malawians will benefit in various ways in cushioning their daily livelihood.

Chakwera moves in to cushion Malawians from effects of devaluation

247Malawi
-
0
Chakwera moves in to cushion Malawians from effects of devaluation

By Linda Kwanjana

It is clear that government had already put in place necessary measures to ease the economic burden of the downtrodden in the sociaty when they were effecting the devaluation last week.

Speaking at the Press Conference organised by the Ministry of Information in Lilongwe, the Minister of Finance Simplex Chithyola say President Lazarus McCarthy has throughout the period proactively prepared to help people who may be affected by the impact of devaluation.

Finance Minister Simplex Chithyola at the Press Conference



Chithyola said government will cater for 184 820 households from the Cyclone affected families of Phalombe, Blantyre, Thyolo, Chiradzulu, Nsanje Chikwawa, Balaka and Zomba rural with K50 000 monthly allocation from the Social Cash Transfer programme urban fund to help them survive the effects of devaluation.

Chithyola further said that about 105 000 households in cities will get monthly upkeep of K150 000 for three months for the same reason.

The new Finance Minister then revealed the increase of beneficiaries under Climate Smart Public Works Programme from 362 to 520 000 houselds.

Overall there is an increase of Social Cash Transfer Programme from 1 million beneficiaries to 2 million in response to devaluation.

In economic terms these sound economic will not only help mitigate the the vulnerable families would have faced, it will also help to keep money in circulation and enhance the buying power which will translate in giving a lifeline to business activities in the country.

This puts to bed fears people had after the devaluation was announced.

Govt ready for National Arts and Culture Centre construction

247Malawi
-
0
Govt ready for National Arts and Culture Centre construction

By Chisomo Phiri

Minister of Local Government, Unity and Culture Richard Chimwendo Banda says the government is now ready to embark on a journey of constructing the much awaited National Arts and Culture Centre.

Chimwendo Banda disclosed this in Lilongwe on Saturday when he presided over an Arts in the Park Festival organised by Wildlife and Environmental Society of Malawi (WESM).

According to the Minister, the centre is a flagship project for the arts and will have a national theatre, national school for the arts and a national museum.

Richard Chimwendo Banda



He also indicated that his ministry is geared to support artists to showcase and market Malawian creative products at selected international events.

“This exhibition is a statement to the power of art in bringing communities together and presenting our heritage to the new generation.

“Art is supposed to comment on current situations,take us deep into our past and critique the common narrative of our society,” said Chimwendo Banda.

The Art in the Park festival is an yearly event where visual artists from across the country showcase their finest works .

This year, the event took place at Four Seasons Gardens in Lilongwe and attracted over 30 artists, both old and new.

NBS Bank gives air conditioners to Thyolo DC office

247Malawi
-
0
NBS Bank gives air conditioners to Thyolo DC office

By Linda Kwanjana


NBS Bank Plc has donated four air conditioners and one executive office chair worth K10 million to Thyolo District Council.

In her speech after presenting the items at the council offices on Thursday, NBS Head of Retail Banking Victoria Chanza said the Bank thought it was good to donate to the district council as part of their corporate social responsibility.

“NBS Bank got a request from Thyolo District and they told us that with the heat that we have had these years, they are working in an unconducive environment, so as a ‘Caring Bank’ today we came to donate the air conditioners as per request so that they can now work in a conducive environment.”

Victoria Chanza handing over the donations



“The total cost is around K10 million because we bought the air conditioners, they are double split and we are also going to cover the installation cost,” said Chanza.

Thyolo District Commissioner, Hudson Kuphanga thanked NBS Bank for demonstrating that it is indeed a ‘Caring Bank.’

“As Thyolo District Council we are very happy that NBS Bank has donated these modern air conditioners because this is going to make our life at our office conducive. It was tough to operate from the office as you see there is climate change so Thyolo is one of the districts that is now very hot. You could not work in the office from 2 to 4 o’clock when the sun is about to set, so the coming of the air conditioners is a relief to the council,” said Kuphanga.

Thyolo District Council offices are still housed in the old building built around 1900 while awaiting the completion of a new three-storey office complex under construction.

1...1,1981,1991,200...1,893Page 1,199 of 1,893

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

ABOUT US

True and well researched news covering key issues in Malawi and abroad

Contact us: info@247malawi.com

FOLLOW US

© Newspaper WordPress Theme by TagDiv