President Chakwera unveils economic recovery plan, as Malawi faces economic hardships

MALAWI: President Lazarus Chakwera has introduced a comprehensive social-economic recovery plan (SEP) for Malawi for the period between 2021 and 2023, aimed at stimulating, strategic parts of the economy with various interventions.

Chakwera unveiled the plan on Tuesday at State House, after meeting cabinet ministers two weeks ago to map the way forward in addressing the country’s economic downfall.

The President said that the two-year economic recovery plan is estimated at over half a trillion kwacha.

The President said: “Today is before the closure of Government business, I stand before you to unveil this plan, whose aim is to stimulate strategic parts of the economy with various interventions, estimated at over Half a trillion kwacha over the next two years."

While admitting the economic challenges prevailing the country, President Chakwera insinuated that Malawi is bleeding from the unprecedented short rise in the prices of essential goods because of being a highly predominantly importing country as it necessitates it to have an inadequate supply of foreign exchange hence the need for his government to spearhead industrialization in the next two years within the economic recovery plan.

He, therefore, said that his administration will be rendering support to macroeconomics to both citizens and private players plying their trade in productive sectors with great import potential.

However, the Malawi leader urged all Malawians in the business sector to take advantage of this opportunity by venturing into more cross-border trade with countries like South Africa, Zambia, Zimbabwe, Angola, and South Sudan.

Chakwera added that there is the need for Malawians to defeat the other long-term bleeding, inflicting on the economy by complying with the regulations against the spread of covid-19 to stop disrupting the growth of the country's economy.

In his remarks, the President also articulated the need for cooperation for the success of the plan, saying that challenges facing the country are a concern for every Malawian.

Said Chakwera, “But I am confident that each of us will do our part because I know, I know that there is no one in this country who does not want the economy to recover, I know that there is no one in this country satisfied to see our economy stuck on the rocks and bleed from the merciless blows of this pandemic."

“Since we all want the same thing, we all want the economy to recover, so I see no reason why this social-economic plan should not receive support from everyone especially since its success depends on it."

Several stakeholders including human rights campaigners have been calling on the Tonse led-administration to address the high costs of living in the country.

Find the president’s speech and the recovery plan below.