Wednesday, July 3, 2024
HomeMalawiPoliticsExcessive borrowing has plunged Malawi’s economy

Excessive borrowing has plunged Malawi’s economy


By Vincent Gunde

LILONGWE-(MaraviPost)-Social media analyst and contributor Rick Dzida, says excessive borrowing and over expenditure by the Malawi Congress Party (MCP) led Tonse Alliance government have plunged the country’s economy to the bottom describing this development as worrisome.

Dzida said it is pathetic that Malawi’s economy has worsened under the leadership of President Lazarus Chakwera although donors and development partners have resumed their budgetary support to the country.

When the MCP led Tonse Alliance government was voted into power on 23rd June, 2020 the country’s national debt was at MK3.16 trillion and this was left by three governments of the late Bingu wa Mutharika, Joyce Banda and Peter Mutharika.

Infrastructures left by the DPP led government of Mutharika are still being seen today including International Convention Centre (BICC), Bingu National Sports Stadium, Malawi University of Science and Technology (MUST) and the state-of the art hospital in Nkhatabay.

In just 4 years in government, the MCP led Tonse Alliance of President Chakwera has borrowed over MK9 trillion bringing the country’s national debt to MK12.56 trillion, this is making Malawians wondering what and where President Chakwera is delivering.

Writing in his national address “A better future for Malawi is possible,” Dzida has urged President Chakwera to walk the talk in as far as following economic austerity measures is concerned because he has been proved to be a pathetic hypocrite.

Dzida has observed that President Chakwera’s frequent domestic and foreign travels have further depleted government coffers as he is used to move with a bloated entourage drawing millions of Kwachas for their own benefit while the country and citizens benefiting nothing.

On corruption, Dzida said Malawi is dismally losing the battle against corruption claiming that the ACB Director General Martha Chizuma is no longer the same person Malawians trusted for the position and she seems not to be in the country, she is on holiday out of the country.

“Instead of fighting corruption to another level, President Chakwera has fueled corruption practices by pardoning corruption suspect Bakili Muluzi over his alleged K1.7 billion and corruption convict of issuing passports to foreigners, Uladi Mussa,” reads part of Dzida’s national address.

Dzida has expressed his concern over partisan politics being played by Speaker of the National Assembly Catherine Gotani-Hara saying the current Leader of Opposition is an Independent Member of Parliament (MP) questioning patriotic Malawians that since when did independent Members of Parliament automatically become a member of a political party.

Maravi Post Author
Maravi Post Author
Today's Opinion · Op-Ed Columnists · Editorials · Op-Ed Contributors to the Maravi Post· The Maravi Post accepts opinion essays on any topic. Published pieces typically run from 400 to 1,200 words, but drafts of any length within the bounds of reason will be considered.
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments

James Hastings Chidule on Malawi’ fistula recovery at 86%
WELLINGTON WITMAN MOSELIJAH LUNDUKA on The history of Ngoni Maseko in Malawi
Lisa Frank on Home
azw3 on Home
Define Regtech on Home
Tobias Kunkumbira on Malawi to roll out Typhoid vaccine
arena plus nba standings 2022 to 2023 ph on Home
David on Home
마산출장 on Home
Cristina Thomas on Home
Alicia Alvarado on Home
The History of online Casinos – Agora Poker – hao029 on The History of online Casinos
Five factors that will determine #NigeriaDecides2023 - NEWSCABAL on Leadership Is Difficult Because Governance Is Very Stubborn, By Owei Lakemfa
Asal Usul Texas Holdem Poker – Agora Poker – hao029 on The Origins of Texas Holdem Poker
Malawi has asked Mike Tyson to be its cannabis ambassador - Techio on Malawi lawmaker Chomanika against Mike Tyson’s appointment as Cannabis Brand Ambassador over sex offence
Finley Mbella on Brand Chakwera leaks Part 1
Maria Eduarda Bernardo on The 2021 Guide to Trading Forex Online
Atsogo Kemso, Political Foot Soldier on Why MCP and UTM Alliance Will Fail
Em. Prof. Willem Van Cotthem - Ghent University, Belgium on Malawi army, National bank cover Chilumba barrack with trees
Christopher Murdock on Why dating older woman is dangerous?
Samantha The Hammer on Why dating older woman is dangerous?
Muhindo Isevahani on The Cold War Against TB Joshua
JCON/SCOAN/BKN(888/8885/8808) on The Cold War Against TB Joshua
Keen Observer on Jesse Kabwila, Then and Now
Francesco Sinibaldi on Advertising in 2020 and beyond
VICTORIA NAMENE FILLIPUS on Is TB Joshua not another religious fraudster?
Andrew Jisaba on TB Joshua Finally Exposed?
Roseline Ariaga on TB Joshua Finally Exposed?
Edmore Tembo on TB Joshua Finally Exposed?
Arvind Mohan Dass. T on TB Joshua Finally Exposed?
Francis zvomuya on TB Joshua Finally Exposed?
Julius Bolokwe on TB Joshua Finally Exposed?
Esther lotha on TB Joshua Finally Exposed?
Okechukwu Cletus Igwe on TB Joshua Finally Exposed?
Justin sahando on TB Joshua Finally Exposed?
Samson orubor john on TB Joshua Finally Exposed?
Lizzie Tendayi on TB Joshua Finally Exposed?
AKAMAH ANDREWS on TB Joshua Finally Exposed?
AKAMAH ANDREWS on TB Joshua Finally Exposed?
AKAMAH ANDREWS on TB Joshua Finally Exposed?
Judith Wingo on TB Joshua Finally Exposed?
Hlohonolofatso on TB Joshua Finally Exposed?
Jantie Lupaji Lupaji on TB Joshua Finally Exposed?
Phillimon Kgasago on TB Joshua Finally Exposed?
Ferdinand Parangan on TB Joshua Finally Exposed?
Natasha Oloishiro on TB Joshua Finally Exposed?
Anthony Orimolade on TB Joshua Finally Exposed?
Anthony Orimolade on TB Joshua Finally Exposed?
Kelly Chisulo on TB Joshua Finally Exposed?
Orville Raposo on TB Joshua Finally Exposed?
Elizabeth Van Niekerk on Black Rhino Moved from SA to Eswatini!
Mitundu Market Resource Centre on The Genius of APM in Selecting Everton Chimulirenji
London college of Economics and political Science graduate on Electoral voters analysis favours MCP; Road to May 21 polls
http://bett09.com/ on Chilima haunted by biological roots
harga paket wisata bromo 4 hari 3 malam on 25 life insights for better living with others
Patrick Phiri on Making a strong case for MCP
Arnold P. Wendroff, PhD, MScEd on Blood thieves: vampire mania reigns unabated in Malawi
Arnold P. Wendroff, PhD, MScEd on Blood thieves: vampire mania reigns unabated in Malawi
jo kambewa, braamfischar on Malawian Engineer Commits Suicide in Lumbadzi
Rusan Banda on Malawi needs dictatorship
Kenneth Chitatata Msonda (in my personal capacity NOT as PP publist) on Wise One: Malawi Savings Bank sale, a heist gone bad – Mpinganjira should stop sulking