LLILONGWE-(MaraviPost)-The former Reserve Bank of Malawi (RBM) Governor Dr. Dalitso Kabambe once again has reminded President Lazarus Chakwera’s administration that the country’s economy is in Intensive Care Unit (ICU) which needs serious surgeries.
Dr. Kabambe observes that Malawi’s economic surgeries need to take including fiscal adjustment, monetary policy tightening and exchange rate alignment.
The former RBM governor is reacting to recent warning from the American government regarding Extended credit Facility (ECF) seriously.
Writing on his Facebook page Dr Kabambe observes, “As a nation, it is important that we take the recent warning from the American government regarding Extended credit Facility (ECF) seriously. This signal serves as a wake-up call—not just for those in power but for every Malawian who wholeheartedly loves our beloved country.
“There is a pressing need for us to do introspection and acknowledge our shortcomings, a quality that seems to elude those in power”.
He adds, “Malawi is on a rapid decline, I keep on reiterating that the Malawi economy is in the ICU waiting to go into theatre for three surgeries, Fiscal adjustment, Monetary Policy tightening and Exchange rate alignment. These surgeries are non-negotiable if the economy is to heal. The longer the patients wait in the ICU, the worse economic conditions become, leading to more suffering among Malawians.
“Duty bearers have a constitutional duty to alleviate pain and burden, and time is of essence. Malawians are looking forward to an economy with stable inflation, stable kwacha, forex, stable prices of basic necessities, a growing economy, wealth creation, rising wages, and prosperity. Stabilizing the economy is crucial and a prerequisite for the private sector to thrive and propel the nation into prosperity”.
Dr. Kabambe suggests, “Beyond stabilizing the economy, there is the hard part of overhauling our institutional set up to organize ourselves for success. This work is tough but it needs to be done to grow the economy, create wealth and jobs, turn Malawi into an export-oriented economy and raise the living standards of all our people.
“The days of political grandstanding must come to an end. Instead of prioritizing personal and party agendas over the welfare of the nation, we must collectively focus on doing what is right for Malawi. This is not just a call for action; it is a call for a collective awakening. Together, we can revive our economy and renew hope for the future. It must be underscored that while we have the human capital to ignite change—an educated, resilient, and dynamic populace—the missing element has been effective, visionary leadership”.
He adds, “Politicking and unfounded allegations only serve to stifle alternative voices and diminish our potential. We need leaders who will put the nation first, invest in solutions, and foster unity rather than division.
I firmly believe that Malawi can turn its fortunes around.
“It is not just a dream; it is an achievable reality. But this requires us to demand clarity in leadership and a well-structured plan for our country’s development. We need strategies that effectively address our economic challenges instead of mere proposals that lack substance”.
Dr. Kabambe observes further, “The challenges we are facing as a country are significant, but not insurmountable. Our country is a land of promise, blessed with resources and human capital. With effective leadership, a clear vision, and a united front, we can bring about the change we desperately need.
“The future of Malawi is in our hands—let’s rise to the occasion and ensure that the next chapter of our story is one of growth, hope, and renewed spirit. Together, let us save Malawi from further decline and transform it into the nation we all envision it to be”.
Currently, Malawi is struggling with forex to meet domestic importer cover for three years.
The Chakwera is unable to fix an ailing economy while overspending, heavy borrowing and among others.