Government Tightens Forex Measures, Vows Mineral Assessment
Revamping tourism is also key to shoring up the economy and could generate over $5 million for Malawi in two years if done properly, Chithyola noted.
LILONGWE, Malawi- Minister of Finance Simplex Chithyola Banda outlined strict measures the administration of President Lazarus Chakwera has implemented to safeguard Malawi's foreign exchange reserves during a Monday press briefing, vowing the government will soon quantify the country's mineral deposits, writes Judgement Katika
"Malawi will promote carbon credit trading with partner countries in the trade. Malawi will also concentrate on the Cannabis Biomass Project for improved forex," Chithyola said.
"Malawi will use Mega Farms as one way of improving its economy through more exports, and government is working on establishing industrial parks in Lilongwe and Blantyre, which will increase the availability of forex in the country."
Chithyola said the government has re-established the Malawi Development Corporation to aid development.
Starting Monday, the government will investigate rumours that bank employees are illegally trading foreign currency on black markets, he said.
All businesses operating on at least 5 million kwacha now must register with the Malawi Revenue Authority for tax purposes.
Revamping tourism is also key to shoring up the economy and could generate over $5 million for Malawi in two years if done properly, Chithyola noted.
"Government, through the set measures, will take to task all those who will try to tamper with the economy," he warned.