Malawi on track towards self-dependence

Lilongwe, Government says the country is making great strides towards self-dependence as evidenced by its ability to run without budgetary support from donor partners in the past few years.

Minister of Information and Communications Technology Nicholas Dausi said this on Friday in Lilongwe. He was briefing members of the press on the commemoration marking the third anniversary of President Professor Arthur Peter Mutharika in office.

He said Mutharika’s three-year administration has seen the Kwacha stabilizing, inflation rate going down and interest rates dropping too, leading to economic stability and stimulation of industrial growth.

Dausi said rebuilding of the economy has restored hope and confidence in cooperating partners as demonstrated through the resumption of support from the African Development Bank (ADB), World Bank and the International Monetary Fund (IMF).

This is a clear testimony that as a nation we are making progress in rebuilding our economy, Dausi said.

The government spokesperson said besides lack of direct budgetary support for two successive seasons, the country went through the worst spell of natural disasters in recent memory.

A combination of floods and drought affected the efforts on economic recovery because resources were channeled towards rehabilitation and reconstruction of communities affected by the two natural disasters, he said.

Source: Malawi News Agency MANA