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LILONGWE-(MaraviPost)-Malawi’s high level of corruption and rapid population growth, are said to be contributing factors for the poor City Council delivery of quality services to city dwellers.
The development has led to increased levels of abject poverty for peri-urban settlers, whose livelihood is visibly pathetic.
In a study Action Aid Malawi released on Tuesday, titled, “Lilongwe urban governance readiness, capacity and anti-poverty strategies”, exposes an overview on how the LCC is handling revenue, engaging citizens and policy formulation towards social service delivery.
The First Merchant Bank (FMB) this week bought Opportunity Bank of Malawi (OBM), Maravi Post has established. The development was revealed at the Malawi Stock Exchange (MSE) ?on Tuesday night?.
According to OBM officials the take-over is due to financial crises that OBM has experienced. OBM Board Chairman Fraser Hume, IN Lilongwe, confirmed to the media, the FMB takeover.
According to Hume, all the processes of the take-over, have been finalized, and that the two banks were waiting for Reserve Bank of Malawi (RBM) approval, which is the regulator of financial services in Malawi.
Speaking to journalists, FMB chairperson Hitesh Anadkat, while confirming the development, denied to disclose whether his company will in the process retrench some of OBM workers. All he could say was “it is too early.”
“OBM is indeed, in our hands now, but on issues of whether we shall retrench some of its workers, I cannot comment on now,” said Anadkat.
“This acquisition will increase the (FMB) balance sheet by 15 percent. I have no doubt that we will learn a great deal from our new OBM colleagues about how to carry out FMB’s strategic intent of growing our structured finance business, especially with smallholder farmers,” Anadkat said.
Recently, FMB announced that it had bought Barclays Bank Zimbabwe Limited.
Maravi Post has also established that FMB has operations in Mozambique, Botswana, and Zambia, where it operates as Capital Bank.
LILONGWE-(MaraviPost)– Malawi Parliament on Thursday, passed the 2017/18 national budget worth MK1.3 trillion, with calls from Parliamentarians for Government fiscal discipline in implementation it.
The lawmakers got their wishes for the increase of Constituency Development Fund (CDF) from MK18 million to MK23 million, representing a 66% rise.
Christine Madeleine Odette Lagarde is a French lawyer and politician who has been the Managing Director of the International Monetary Fund since 5 July 2011
LILONGWE-(MaraviPost)-The International Monetary Fund (IMF) this week approved US$26 million credit facility, following Malawi’s performance on its Extended Credit Facility (ECF).
The IMF approval to disburse US$26.9 million (MK19 billion) to Malawi falls under the ECF to stabilize foreign exchange rates.
LILONGWE-(MaraviPost) – Minister of Finance, Economic Planning and Development Goodall Gondwe on Tuesday cast cast doubt to the calls to increase the Constituency Development Funds (CDF) because of reports the funds were abused in various councils.
The Minister stand, comes amid requests from Members of Parliament to increase the CDF from the current MK18 million to MK30 million.
LILONGWE-(MaraviPost)-Malawi accrued US$125 million in in tobacco sells in the past ten weeks since tobacco marketing season officially opened on April 10, this year.
This is the latest statistics obtained from the Tobacco Control Commission (TCC), which shows the market earned 38 percent more than what was sold during the same time in 2016.
File Photo: road accidents claim 7 lives during Easter period
LILONGWE-(MaraviPost) – The Malawi Police Service (MPS) on Saturday disclosed that about 927 Malawians were killed in road accidents in the first five months of this year.
This scary revelation confirms the fatal accidents that have taken place on Malawi.
Minister of Civic Education, Culture and Community Development Cecilia Chazama this week requested the National Initiative for Civic Education (NICE) to assist to clear misconceptions over the issuance of national identity cards, which some people are saying are meant for destruction.
Speaking when she visited some registration centres in Nkhotakota on Wednesday, Chazama said it was sad to note that some people in the country are shunning the national registration exercise, saying the national identity cards were being issued to Malawians believe that the card was a symbol of destruction. Continue reading Minister requests NICE to help clear misconceptions over national identity cards→
Kumbemba:value-added products ventures remain the challenge for the country to acquire enough export revenues
LILONGWE-(MaraviPost) – The Malawi Investment and Trade Centre (MITC), is to align 30 local exporting companies to financiers and quality assurance institutions for the promotion of value-added products.
The development comes amid the general outcry of that the quality of local products quality fail to meet international standards; if improved these could fetch more revenue for the country’s economic growth.
Through the Enhanced Integrated Framework (EIF) program, MITC is promoting value-added products via the Nacala Corridor route to Malawi’s regional markets that comprise of Mozambique, Zambia, South Africa, DRC, Zimbabwe, and Tanzania.
Since the inception of EIF, which MITC in conjunction with National Association of Smallholder Farmers in Malawi (NASFAM), is implementing. It is expected the program, will improved access to market information within three years of its life span.
However, information inaccuracies for product markets, lack of financiers, and substandard products, are said to impede Malawi’s export value-added products.
This is the reason MITC has intensified awareness campaign drive on value-added export, following COMESA and SADC’s demand for Malawi’s products.
In an interview with The Maravi Post on Thursday, during the two-day export development seminar in the capital Lilongwe, MITC Chief Executive Officer, Clement Kumbemba said that value-added products ventures remain the challenge for the country to acquire enough export revenues.
Kumbemba disclosed that about 30 local export companies will align to financiers for funding in boosting their value-added products.
He said some viable firms are failing to produce quality products due poor quality of machinery, which impede their production.
“We want these 30 export firms to get the much needed support by linking them with potential local and international financiers, to produce more quality products that attract foreign markets.
“Therefore, these seminars are there to give the platform for all players in the exporting sector including agro-processors, government agencies that handle quality assurance, such as the Malawi Bureau of Standards (MBS); that they share best practices for the promotion of value-added products,” said Kumbemba.
Echoing on the same, Joseph Mkandawire, Director of Administration and Finance in the Ministry of Trade and Industry, encourage local exporters to produce bankable businesses that attract international financiers, which will be a recipe for the country’s economic growth.
Tanzania Malawi Border Dispute – Soldiers on Patrol along the Lake
The communities of Karonga, on Wednesday welcomed Government’s decision to explore oil in Lake Malawi on condition that there should be direct communication between them and concerned companies.
The First Merchant Bank (FMB) this week bought Opportunity Bank of Malawi (OBM), Maravi Post has established. The development was revealed at the Malawi Stock Exchange (MSE) ?on Tuesday night?.
