The following statement was issued October 9 in Lilongwe by the International Monetary Fund (IMF) mission to Malawi.
“An IMF Mission, headed by Mr. Andrew Berg, visited Malawi during September 25 to October 9, 2007 to continue discussions on the fourth review under Malawi’s Poverty Reduction and Growth Facility (PRGF) and to initiate discussions on the fifth review. The mission held extensive discussions with the Minister of Finance, the Governor of the Reserve Bank, and senior government officials. The IMF team also met with representatives from parliament, the donor community, civil society, and the business and banking sectors.
“The three-year PRGF arrangement, approved by the IMF Executive Board on August 5, 2005, provides SDR 38.2 million (around US$59million) to support Malawi’s program of economic reform and development. Following the Executive Board’s completion of the third review on March 14, 2007, SDR 22 million (US$34 million) has been disbursed so far. A total of SDR 11.5 million (US$18 million) would become available on completion of the fourth and fifth reviews. Over the past year, Malawi has also qualified for further debt relief from the IMF under the Multilateral Debt Relief Initiative.
“Malawi’s macroeconomic performance remains strong. Helped by sound policies, a good harvest, and favorable external conditions, real GDP growth is estimated to have been 7.9 percent in 2006 and is projected to reach around 7.5 percent in 2007. Inflation has come down more quickly than expected, standing at 7.2 percent in the year to August.
“The mission found that most of the PRGF program targets have been met. The target on domestic borrowing was exceeded, mainly because of unforeseen non-discretionary spending—notably delayed HIPC debt relief from the African Development Bank, higher- than-expected domestic interest payments, and the promissory note issued to the Reserve Bank of Malawi—and a delayed disbursement of donor aid. Despite this, domestic debt fell by over 2 percent of GDP in FY2006/07, and external reserves built up more rapidly than expected.
“Improvements in Malawi’s economic performance are being supported by a range of structural reforms. The mission stressed that it will be important to build on the substantial progress achieved to date in strengthening public sector financial management. It also discussed with the authorities measures to strengthen the financial sector, improve external debt management, and create a more conducive business environment.
“The mission has reached agreement, in principle, with the government on policies and associated program objectives through end-June 2008. This agreement is subject to review and approval by the IMF’s Management and Executive Board, which is expected to discuss the staff report on this mission in December 2007.”
Wednesday, 17 October 2007
Malawi targets illegal traders
BLANTYRE - Malawi has launched a campaign to crack down on Chinese and Nigerian traders accused of operating illegally in the country, Trade and Commerce Minister Ken Lipenga said today.
"We have launched a campaign to flush out illegal foreign investors...the influx of Chinese and Nigerian traders is causing a big problem, " Lipenga said.
He said several shops owned by Chinese nationals were shut down in the administrative capital Lilongwe, where they were found to have flouted business licencing procedures.
These include a requirement to invest a minimum of 50,000 dollars in any project in order to be issued a residence permit.
"It is imperative that foreign traders should follow the country’s investment procedures," Lipenga said.
Malawi blames laxity in enforcing trade laws in the past ten years leading to foreigners peddling in the informal sector.
A former trade minister, Martin Kansichi, last year led armed police on inspections in Lilongwe and ordered shops operated mainly by Nigerians, Pakistanis, Indians and Chinese to shut down.
One of Africa’s poorest countries, Malawi has a bustling business in informal trade that helps support some of the millions living in poverty.
Malawi’s failure to attract investment is largely blamed on poor infrastructure, high transport costs, a shortage of skilled manpower and lack of full implementation of investment incentives for expatriates.
"We have launched a campaign to flush out illegal foreign investors...the influx of Chinese and Nigerian traders is causing a big problem, " Lipenga said.
He said several shops owned by Chinese nationals were shut down in the administrative capital Lilongwe, where they were found to have flouted business licencing procedures.
These include a requirement to invest a minimum of 50,000 dollars in any project in order to be issued a residence permit.
"It is imperative that foreign traders should follow the country’s investment procedures," Lipenga said.
Malawi blames laxity in enforcing trade laws in the past ten years leading to foreigners peddling in the informal sector.
A former trade minister, Martin Kansichi, last year led armed police on inspections in Lilongwe and ordered shops operated mainly by Nigerians, Pakistanis, Indians and Chinese to shut down.
One of Africa’s poorest countries, Malawi has a bustling business in informal trade that helps support some of the millions living in poverty.
Malawi’s failure to attract investment is largely blamed on poor infrastructure, high transport costs, a shortage of skilled manpower and lack of full implementation of investment incentives for expatriates.
Guide picks Ireland as world's friendliest destination
LONDON (Reuters) - Ireland was picked on Wednesday as the world's friendliest destination in a new Lonely Planet Guide to favourite tourist spots.
The Irish won the accolade for their dark sense of humour and friendly nature in Lonely Planet's BlueList 2008.
Ireland took the top spot ahead of the United States and Malawi.
"Centuries of turmoil, conquest and famine - and subsequent immigration - have certainly taken their toll on the Irish. It's left them with a deliciously dark sense of humour and a welcoming attitude towards strangers," the guide said.
The Scots also make it onto the friendly list, being praised for their "extroverted, buoyant demeanour".
"Scotland's becoming the destination for visitors to the British Isles, winning out over dog-eat-dog London," it said.
The six other destinations cited by Lonely Planet for their friendliness in alphabetical order were:
Fiji
Indonesia
Samoa
Thailand
Turkey
Vietnam
The Irish won the accolade for their dark sense of humour and friendly nature in Lonely Planet's BlueList 2008.
Ireland took the top spot ahead of the United States and Malawi.
"Centuries of turmoil, conquest and famine - and subsequent immigration - have certainly taken their toll on the Irish. It's left them with a deliciously dark sense of humour and a welcoming attitude towards strangers," the guide said.
The Scots also make it onto the friendly list, being praised for their "extroverted, buoyant demeanour".
"Scotland's becoming the destination for visitors to the British Isles, winning out over dog-eat-dog London," it said.
The six other destinations cited by Lonely Planet for their friendliness in alphabetical order were:
Fiji
Indonesia
Samoa
Thailand
Turkey
Vietnam
Friendly Ireland tops Lonely Planet list
Ireland has topped a list of the World's Friendliest Countries in a survey drawn up by the Lonely Planet travel guide group.
The Lonely Planet Bluelist books are annual collections of the top trends, destinations and experiences around the world. In the latest survey, Ireland comes in above Fiji, Indonesia and Malawi as the friendliest travel destination.
People were said to have 'a deliciously dark sense of humour'. The Emerald Isle has 'a welcoming attitude towards strangers' and the Irish can find craic in boom or bust eras, Lonely Planet said.
Visitors are always 'in for a treat' and with 'The Troubles' ended, 'a cautious optimism reigns supreme, infecting the land once again with the sense that anything's possible'.
The US and Malawi were judged to be the next most-friendly countries. Other nations in the top ten included Vietnam, Thailand, Turkey, Scotland and Samoa.
Praise in the guide also went to north-east England, which made it on to the 30-strong list of must-see world destinations for 2008.
The Lonely Planet Bluelist books are annual collections of the top trends, destinations and experiences around the world. In the latest survey, Ireland comes in above Fiji, Indonesia and Malawi as the friendliest travel destination.
People were said to have 'a deliciously dark sense of humour'. The Emerald Isle has 'a welcoming attitude towards strangers' and the Irish can find craic in boom or bust eras, Lonely Planet said.
Visitors are always 'in for a treat' and with 'The Troubles' ended, 'a cautious optimism reigns supreme, infecting the land once again with the sense that anything's possible'.
The US and Malawi were judged to be the next most-friendly countries. Other nations in the top ten included Vietnam, Thailand, Turkey, Scotland and Samoa.
Praise in the guide also went to north-east England, which made it on to the 30-strong list of must-see world destinations for 2008.
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