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Malawi To Suffer Economically If An Eye Is Not Kept On Domestic And Foreign Debt

By Hawa Juma

MALAWI TO SUFFER ECONOMICALLY IF AN EYE IS NOT KEPT ON NATIONAL DOMESTIC AND FOREIGN DEBT

A Report by Center for Social Concern(CFSC) Has shown that Malawi’s Domestic debt is growing at an annual Average of 15.8 Percent.

This has been revealed on Tuesday during a Media orientation session on Malawi indebtedeness and right to food, that Center for social concern organized at Crown hotel in Lilongwe.

Journalists and other stakeholders during the orientation

Speaking during the orientation session, The Director for Center for Social Concern, Vitus Danaa Abobo said to date, Malawi’s Public debt has grown over 3.3 Trillion Malawi Kwacha which is over 2 times Malawi’s National Budget.

“The fact that it is estimated that Government will be spending over 14 Percent of the budget to service loans, is a worrisome development to the growth of the country’s economy and if not checked more, Malawians will be wallowing in abject poverty”, He said.

Abobo further said they involved the media to help in sensitizing Malawians about debts so that they know what is happening in the country so that every Malawian can take part in improving the debt problem we have in the country.

“Journalists need to dig facts and write more about debts so that Malawians can know where the problems are and what to be done to reduce the ever growing debts in the country”, Said Abobo.

In his remarks, a consultant at Mlomjoji and Partners Consulting, Leslie Mkandawire, said the issue of debt should be a concern to every Malawian because they are the ones who pay tax.

He said if the debts keep growing every year like it is currently, it can affect the development of the country.

“To overcome this problem, there is need to invest the debts to sectors that will help in paying back the money and not just borrowing to spend and then failing to pay it back in the end , and also there is need to involve citizens in the debt contraction process to improve debts.

parliamentarians should take a responsibility to improve debts in the country by following up on the implementation of the debts so that the debt be used for intended purposes and on sectors that will bring profit in the country”, Mkandawire said.

Among others, during the orientation, the journalists were also taught about the right to food where by an Agriculture expert, tamani Mvula, presented more about the right to food and nutrition bill where he said government should consider providing enough food to Malawians when borrowing the debts.

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