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Government set to announce measures to cushion Malawians against devaluation

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Government set to announce measures to cushion Malawians against devaluation

By Cedric Nkungula

President Dr. Lazarus McCarthy Chakwera’s led administration is set to announce measures outlined to cushion Malawians against the effects of the recent devaluation of the Kwacha.

On Tuesday, 8th November 2023, the Reserve Bank of Malawi (RBM) adjusted the buying and selling price of the local currency Kwacha against the United States (US) Dollar by a 44 percent margin.

The Kwacha will now be selling at K1,700 against 1 US Dollar from K1,180.

Macdonald Mafuta Mwale



In a statement signed by Secretary to the Treasury Macdonald Mafuta Mwale, government will announce the measures which are aimed at countering devaluation effects at a press briefing on Monday 13th November 2023.

“Following the exchange rate alignment undertaken by the Reserve Bank of Malawi, the Ministry of Finance and Economic Affairs would like to inform the general public that the Minister of Finance and Economic Affairs Hon Simplex Chithyola MP will hold a press conference to outline the measures government has put in place to cushion vulnerable Malawians and stimulate economic growth,” reads the statement in part.

“The press conference will start from 09:00 hours on Monday 13th November, 2023.”

Kafera Panjira leaving MCCCI after serving as CEO for 21 years

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Kafera Panjira leaving MCCCI after serving as CEO for 21 years

By Chisomo Phiri

Chancellor Kaferapanjira is finally leaving Malawi Confederation of Chambers of Commerce and Industry (MCCCI) where he has served as the Chief Executive Officer (CEO) for the past 21 years.

The Chamber’s President, Lekani Katandula says in a statement that Kaferapanjira will be leaving the institution in January next year.

Katandula describes Kaferapanjira’s journey at the institution as successful; saying he contributed much to its positive reputation growth.

Kaferapanjira



“Mr. Kaferapanjira’s energy, foresight qnd guidance will deeply be missed.

“His extraordinary vision and leadership not only made an indelible mark on the private sector but also forged a lasting legacy within MCCCI,” says Katandula in a statement, adding they are now hunting for his replacement.

Kaferapanjira has been CEO for MCCCI since January 2003.

Before joining the institution, he served as Deputy General Manager of Malawi Investment Promotion Agency (now Malawi Investment and Trade Centre).

Among others, his job at the Chamber involved influencing change in the business environment landscape in Malawi through lobbying every level of government and through advocacy.

MCCCI exists to serve and promote the interests of its members and the business community generally in Malawi through the provision of value added services.

Its vision is to be widely recognised as the leading advocate for business in Malawi and a proven catalyst of positive enhancement and change for our members.

E-Kwacha Global Limited partners Remittances Hub for more outlets

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E-Kwacha Global Limited partners Remittances Hub for more outlets

By Chisomo Phiri

Digital financial services provider e-Kwacha Global Limited has partnered Remittances Hub, a Canada-based financial institution, to enable customers to use e-Kwacha outlets to send and receive money in over 120 countries across the globe.

In a statement after signing the partnership on Sunday in Blantyre, Remittances Hub global head of sales and business development Amit Shrimali said the partnership will help them explore some business at the same time and create job opportunities for Malawian youths.

“This partnership is important to Malawians and the expatriates as it allows them to transact, sending money to any of the countries globally wherever Remittance Hub operates,” he said.

e-Kwacha Chief Executive Officer Douglas Musumbu

On his part, e-Kwacha Chief Executive Officer Douglas Musumbu said the partnership will enable Remittance Hub to give Malawian market a variety to choose from in terms of pricing and services.

“We have some outlets in the four regions of the country and our main office is in Blantyre. Remittance Hub is our third partner,” he said.

Founded in 2013, e-Kwacha is a one-stop-shop for financial services, providing agency banking, mobile money and electronic payment services to promote financial inclusion.

Saudi Arabia plans to give US$533 million to African countries

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Saudi Arabia plans to give US$533 million to African countries

By Linda Kwanjana

It does not get sweeter than the news that Saud Arabia is destined to sign $533 Million (about K906 billion at current exchange rate) worth of agreements with African countries, including Malawi on the sidelines of the Saudi-Africa Summit.

Saudi Finance Minister Mohammed Al-Jadaan revealed this today when he opened the Saudi-Arab-African Economic
Conference in the kingdom’s capital, Riyadh ahead of the First Saudi-Africa Summit tomorrow.



Malawi and other African countries are set to sign different muti-billion dollar agreements with Saudi Arabia through the Saudi Fund for Development (SFD).

Discussions at the first Saudi-Africa Summit will revolve around supporting joint plans of action, enhancing political coordination, addressing regional security threats, facilitating economic transformation through research and the local development of new energy solutions, all while bolstering cross-sectoral investment.

Murder suspect Lester Maganga denied bail

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Murder suspect Lester Maganga denied bail

By Chisomo Phiri

The High Court in Lilongwe through Judge Mzondi Mvula has on Thursday turned down a bail application for Lester Maganga in a case in which he is being accused of murdering Coca-Cola Beverages Sales Manager Alan Wittika.

In court, Justice Mvula observed that there is a need to allow the State to exhaust its investigations within the 90 days from the day Maganga was arrested as permitted by the law.

“It has been argued that the accused is well travelled, well connected with ‘the powers that be’ which he can use to interfere with the witnesses and investigation processes,” said Mvula.

Maganga

He finalised reading his ruling with a clear order, saying: “Let it be known that I shall remand in custody Lester Maganga on these terms. That’s my order!”

Last month, Maganga through his lawyer Innocent Kubwalo submitted a bail application saying the suspect has the right to it regardless of what crime he is being suspected to have committed.

However, the development means that Maganga will continue to be at Maula prison where he has been remanded up until after 90 days when the court says he could then be eligible for bail after applications.

The court has since advised the state to conclude its investigations of the matter by 23rd January, 2024 as the resumption of the hearing of the case is slated for 26th January, 2024.

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