{"id":63798,"date":"2024-10-03T10:26:35","date_gmt":"2024-10-03T10:26:35","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi"},"modified":"2024-10-03T10:30:55","modified_gmt":"2024-10-03T10:30:55","slug":"malawi-risks-going-bankrupt-bakili-muluzi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi","title":{"rendered":"Malawi risks going bankrupt\u2014Bakili Muluzi"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>IN CHEERY MOOD\u2014DelegatesBy Cathy Maulidi & Isaac Salima:<\/b><\/p>\n

Former president Bakili Muluzi has sounded the alarm over Malawi\u2019s staggering debt, calling for a national discussion to address the issue and find solutions.<\/p>\n

Speaking in an interview at Comesa Hall following the United Democratic Front\u2019s (UDF) elective convention opening, Muluzi said that the current debt of over K15 trillion is \u201cworrisome\u201d and requires collective action to identify solutions.<\/p>\n

\u201cThe debts are worrisome and, as a nation, we need to come together and find solutions,\u201d the former president said.<\/p>\n

He further warned that, if left unchecked, Malawi risks slipping into bankruptcy, particularly if the debt surpasses K19 trillion or K20 trillion.<\/p>\n

Malawi\u2019s debt burden has been a pressing concern, with the National Advocacy Platform recently raising a red flag over the alarming surge in public borrowing, which has increased by K2.54 trillion in just six months.<\/p>\n

Meanwhile, economic commentator Velli Nyirongo agreed with Muluzi, saying holding a national discussion on Malawi\u2019s debt crisis is both timely and necessary.<\/p>\n

Nyirongo explained that a national dialogue involving various stakeholders\u2014government, private sector, civil society and international partners\u2014 would provide an essential platform to explore comprehensive solutions that are both inclusive and sustainable.<\/p>\n

\u201cThe key to addressing the debt challenge lies in a multi-faceted approach. This discussion should focus on fiscal discipline, reducing wasteful expenditure and improving revenue generation through tax reforms and the promotion of local industries,\u201d he said.<\/p>\n

Both Secretary to the Treasury Betchani Tchereni and Minister of Finance Simplex Chithyola Banda were unavailable for comment.<\/p>\n

Moses Kunkuyu<\/b>Government spokesperson Moses Kunkuyu differs from Muluzi, stating that the issue should not solely revolve around national dialogue on debt.<\/p>\n

\u201cHe has mentioned that we are not producing enough, and we cannot avoid examining the genesis of our low productivity.<\/p>\n

Where did things go wrong that we can no longer produce, yet we used to produce and trade on par with the United States dollar?\u201d Kunkuyu said.<\/p>\n

He added that the only solution is to restore a resilient agricultural economy by enhancing productivity, adding value, and exporting through reliable and affordable transport linkages, thereby achieving import substitution, generating foreign exchange, and creating jobs.<\/p>\n

\u201cOnce we do that, we will be able to repay our debts with ease and cushion our economy against further borrowing.<\/p>\n

\u201cCurrently, we are re-establishing the foundations that were broken. As we engage in any dialogue, let us not shy away from discussing the origins of our high levels of borrowing, so that we understand where we went wrong and can avoid repeating past mistakes,\u201d Kunkuyu said.<\/p>\n

Atupele Muluzi<\/b>Meanwhile, Atupele Muluzi, who was endorsed as UDF leader and went unopposed at the elective convention, insisted that people should not think that the party will ride on the coattails of others.<\/p>\n

\u201cWe will be the torchbearer in next year\u2019s elections. This time we will be all over the country. Malawians need good leadership, and let us serve them well,\u201d Muluzi said.<\/p>\n

UDF formed an electoral alliance with the Democratic Progressive Party (DPP) for the court-sanctioned fresh election in 2020.<\/p>\n

The Tonse Alliance, which comprised nine parties, went on to win the polls.<\/p>\n

Muluzi later stepped aside from the party, saying that he wanted to concentrate on other personal businesses. He handed over the mantle to Lilian Patel, who recently announced that she would not contest.<\/p>\n

In her address, Patel called on UDF members to learn from veteran members who, she said, sacrificed for the benefit of the country.<\/p>\n

At the convention, Patel was named the party\u2019s chairperson, taking over from Bakili Muluzi, who is now the party\u2019s patron.<\/p>\n

Representatives of different political parties, such as DPP, UTM and People\u2019s Transformation Party, graced the event.<\/p>\n

By the time we went to press, elections for contested positions were underway.<\/p>\n

For More News And Analysis About Malawi Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. IN CHEERY MOOD\u2014DelegatesBy Cathy Maulidi & Isaac Salima: Former president Bakili Muluzi has sounded the alarm over Malawi\u2019s staggering debt, calling for a national discussion to address the issue and find solutions. Speaking in an interview at Comesa Hall following the United Democratic Front\u2019s (UDF) elective convention opening, Muluzi said that the […]<\/p>\n","protected":false},"author":84,"featured_media":63796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234],"class_list":["post-63798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-malawi"],"yoast_head":"\nMalawi risks going bankrupt\u2014Bakili Muluzi - Malawi<\/title>\n<meta name=\"description\" content=\"IN CHEERY MOOD\u2014DelegatesBy Cathy Maulidi & Isaac Salima: Former president Bakili Muluzi has sounded the alar ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi risks going bankrupt\u2014Bakili Muluzi\" \/>\n<meta property=\"og:description\" content=\"IN CHEERY MOOD\u2014DelegatesBy Cathy Maulidi & Isaac Salima: Former president Bakili Muluzi has sounded the alar ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-03T10:26:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-03T10:30:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/10\/sm_1727938808.148464.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1257\" \/>\n\t<meta property=\"og:image:height\" content=\"808\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi risks going bankrupt\u2014Bakili Muluzi\",\"datePublished\":\"2024-10-03T10:26:35+00:00\",\"dateModified\":\"2024-10-03T10:30:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi\"},\"wordCount\":649,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/10\/sm_1727938808.148464.jpg\",\"keywords\":[\"Malawi\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-going-bankrupt-bakili-muluzi\",\"name\":\"Malawi risks going bankrupt\u2014Bakili Muluzi - 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