Why should debts be canceled amid public funds looting, extravagant expenditure?

NEW YORK-(MaraviPost)-Malawi President Lazarus Chakwera on Thursday, September 21, 2023, called for the cancellation of debts owed by Least Developed Countries (LDCs), including Malawi.

He made a passionate plea during his address at the 78th Session of the United Nations General Assembly (UNGA) in New York, the United States of America.

Chakwera emphasized that the funds used to repay the debt could be better utilized for the reconstruction of critical infrastructure, including roads, schools, hospitals, and businesses, and improving general livelihoods for citizens.

He reiterated LDCs’ commitment to the principles of the UN Charter and a rules-based international system that ensures equality among member states.

Chakwera expressed shock that only one Head of State from the permanent members of the UN Security Council attended the UN Session despite its focus on rebuilding trust and solidarity.

The Malawi leader’s appeal comes amid his Tonse Alliance government has accumulated MK8.9 trillion debts from MK4.1 trillion in three years from 2020.

Locally, Chakwera’s Tonse government owes local banks MK2.9 trillion in debts whose funds usage is not visible to the public.

Chakwera’s leadership is associated with extravagant public funds expenditures; and petty local and foreign trips that have eroded forex.

Chakwera is the worst Malawi president who has made 41 foreign trips amid an ailing economy whose benefits are known to himself, family members, and his aids.

Chakwera’s failed leadership continues to hurt Malawians with the high cost of living due to inflation coupled with maize, fuel, and forex shortages.

With an appetite for tours, and extravagant public funds expenditure, will the cancellation of debts benefit the common man in the village or Chakwera’s colonies pockets?

Chakwera’s appeal for debt cancellation must not be taken seriously with his leadership’s public funds mismanagement status quo.

Chakwera must demonstrate prudent public funds management otherwise these sugarcoating speeches are nothing before international financial institutions, developed nations.

Lloyd M’bwana

I’m a Lilongwe University of Agriculture and Natural Resource (LUANAR)’s Environmental Science graduate (Malawi) and UK’s ICM Journalism and Media studies scholar. Also University of Malawi (UNIMA) Library Science Scholar. I have been The Malawi Country Manager and duty editor for the Maravi Post since 2019. My duty editor’s job is to ensure that the news is covered properly, that it is delivered on time, and that it is created to the standards set out in the editorial guidelines of the Maravi Post.