Joseph Mwanamvekha, Minister of Agriculture, Irrigation and Water Development, made the call when he officially opened Economics Association of Malawi (ECAMA) Annual Economic Conference in Mangochi.
Mwanamvekha assured delegates that Government will do its best to consolidate the current economic gains on the ground and pursue more initiatives that will improve the welfare of people in the country.
Joseph Mwanamvekha, Minister of Agriculture, addressing the conference
“Government is aware that for us to achieve the economic growth we desire, we must create a conducive environment for the private sector to thrive. More specifically, the Government is making every effort to ensure that macroeconomic stability we have achieved is sustained. We will do this by formulating policies that will improve access to finance, and prioritize investments in infrastructure to reduce the cost of doing business,” said Mwanamvekha.
He further cited Government’s seriousness in investing in the energy sector as it is also a catalyst for economic growth. He added to say this is the more reason government is strategizing to develop the Mpatamanga and Kholombidzo hydro power stations among other projects.
On her part, Jose Torres, UNDP’s Resident Representative said economic experts play a crucial role in reshaping the country’s economic direction. She said the conference provides a good platform for sharing knowledge and building on past economic successes.
Maria Jose Torres, Resident Representative, UNDP
She said, “First of all we would like to engage the economic experts here to understand the root causes of economic malfeasance. Moving from there we would like to look at how Malawi can leave the category of least developed countries to join middle income ones. This will involve not leaving everyone behind but incorporating all aspects such as agro-processing and financial inclusion to some extent.”
In his remarks, ECAMA’s President, Chikumbutso Kalilombe said the Annual Economic Conference helps economists to discuss current trends in the economic environment and extrapolate the impact to near future.
Chikumbutso Kalilombe, President, ECAMA
“Last year we concentrated on analyzing strategic pillars of our economy and we see that even though the recommended resolutions are being implemented we notice some challenges. This time around we would like to place our energies in discussing these challenges and see how we can move forward as a country,” said Kalilombe.
Summing up, Governor for Reserve Bank of Malawi, Dr. Dalitso Kabambe, said Government has been prudent enough in driving the economy on the right path. This is evident with IMF’s endorsement of the first assessment for 2018 in the three year Extended Credit Facility Programme that the country is implementing.
Dr. Dalitso Kabambe, Governor, RBM
“In totality we have done exceedingly well on some benchmarks for instance RBM’s holdings we have reduced them much more compared to the benchmark which was set but also our international reserves we are much larger and higher compared to set benchmark. So, the first review is already a plus to us and looking ahead the other targets for December we are already way ahead and when IMF officials come next year March surely it will also be a good review. This is a seal of approval for the country that we are running a credible macro-economic programme and its good news for all of us,” said Dr. Kabambe.
This year’s conference is being held under the theme ‘CURRENT AND EMERGING CHALLENGES TOWARDS TRANSFORMATIVE INCLUSIVE AND SUSTAINABLE ECONOMIC GROWTH IN MALAWI’. It has drawn delegates from both public and private sector and it has also tapped resource persons from international diplomatic missions in the country.