Thu. Apr 18th, 2024

Government Borrows K700 Billion In Nine Months

Center for Social Concern (CfSC) has described as worrisome, the level of debt that Malawi has reached.

Father James Ngahy CfSC Executive Director has told the media in Lilongwe that Malawi’s debt has reached K7.3 trillion (as of September 2022) with government borrowing over K700 billion in just a period of nine months.

Ngahy says it is more worrisome that poverty levels for Malawians have also increased with people failing to meet their daily needs.

“When Tonse Alliance was taking over government in June 2020, the debt levels were around K4.8 trillion and we are expecting that debt levels will go beyond 8 trillion in June this year. This means that the Tonse Alliance is borrowing K1 trillion every year and when you compare to the debt that we have accumulated as a country since 2006 this is the highest debt than before,” said Barnard Mphepo, CfSC Programs Officer

CfSC has therefore recommended that the country should avoid unnecessary borrowing, walk the talk on austerity measures that should also apply to everyone including top government officials.

Further, CfSC has recommended that government should reduce Presidential and ministerial trips.

“Move away from rhetoric to action, move away from borrowing for consumption and borrow for investment and most importantly
fight corruption”, said

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