BLANTYRE-(MaraviPost)-Malawi’s economy is bleeding now without hope for a quick recovery since 2020 coupled with disasters. But this should not be perennial excuses when the nation entrusts individuals to run the shows of the state.

With the current Malawi’s debt as shown in the proposed 2023-2024 national budget, there will be less development to that effect.

“As at end- December 2022, Total Public Debt reached MK7.90 trillion or 69.93 percent of GDP. Out of this stock, MK4.43 trillion is domestic debt while MK3.47 trillion is external debt.

“Compared to end-March 2022, total Public Debt Stock amounted to MK6.38 trillion, representing an increase of 23.8 percent; mostly out of issuance of treasury securities to finance budget deficits and refinancing of old maturing debts”, admits Finance Minister Sosten Gwengwe.

The debts is beyond Malawi’s economic recovery that expenditure surpasses what the nation generates through taxes, aids among others.

The former Malawi leader late Bingu wa Mutharika managed to put the nation’s economic growth on track that Malawians were smiling between 2004 to 2010. But now the story in different. Malawi needs the caliber of Bingu with economic sound policy direction.

In his write up, former Reserve Bank of Malawi (RBM) Dr. Dalitso Kabambe talk tough on development economics needed for underdeveloped nations including Malawi.

Kabambe puts to light on how Malawi leadership can do to achieve meaningful economic growth while reducing poverty levels.

“A branch of economics called “development economics” is concerned with the economic and social elements of development, especially in underdeveloped nations.

“In order to plan and implement policies that can hasten development, it aims to comprehend the elements that contribute to economic growth and poverty reduction in low- and middle-income nations,” says Kabambe.

He adds, “development economics looks at a variety of topics including economic expansion: How can nations achieve steady, inclusive economic expansion? What are the growth-promoting factors, and how can governments help these factors?

“Poverty reduction: What are its causes and methods of eradication? Which laws and initiatives are most successful at eradicating poverty and fostering economic inclusion?”.

The former budget director explains, “Human development: What can nations do to enhance human development in terms of health, education, and other areas? What part do private investments and state policies play in enhancing the results of human development?

“Income inequality: What factors contribute to it and how can it be lessened? What part do laws and regulations play in alleviating inequality? Global trade: How might developing nations profit from global trade? What laws and regulations can encourage trade and economic integration?”

“Microeconomics, macroeconomics, and econometrics are only a few of the theoretical and empirical frameworks that development economics draws from. Additionally, it frequently draws on ideas from other fields, including political science, sociology, and anthropology.

“Work environments for development economists include universities, research facilities, international organizations, and governmental organizations,” concludes Kabambe former Director of Planning and Policy at Ministry of health.

But what exactly did Kabambe achieve at Ministry of Health as central role player?

Kabambe helped in sourcing funds for completing Nkhatabay District Hospital, sourcing funds for the construction of Phalombe District Hospital, Cancer Center, several health centres and rehabilitations of Theatres, HDU and ICU units at KCH and Queens.

He was also a member of the Malawi negotiating team for global fund resources for the fight of the three killer diseases, namely, HIV/AIDs, Malaria and TB.

Malawi needs the likes of Kabambe on leadership pinnacle towards meaningful economic recovery not political lip services while the rest of the nation is suffering.