{"id":7665,"date":"2021-10-13T23:20:18","date_gmt":"2021-10-13T23:20:18","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house"},"modified":"2021-10-13T23:38:28","modified_gmt":"2021-10-13T23:38:28","slug":"dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house","title":{"rendered":"DPP\u2019s appetite for loans left Malawi\u2019s economy in dire straits\u201d \u2013 State House"},"content":{"rendered":"

Africa-Press<\/a> – Malawi<\/a>. <\/strong><\/span>State House says Malawi is currently swimming in financial tatters due to among others, the merciless economic plunder by the former ruling Democratic Progressive Party (DPP) and the Chakwera lead administration is making strides to bring the economy back on track.<\/p>\n

Speaking during a bi\u2013weekly presidential press briefing in Lilongwe on Monday, State House Director of Communications Sean Kampondeni said DPP\u2019s appetite for unreasonable loans that accumulated to about K4 trillion left the country\u2019s public pulse in shambles.<\/p>\n

Kampondeni however, assured Malawians that everything is under control as President Chakwera and his administration have gone flat out to deal with the situation.<\/p>\n

\u201cThe current administration is struggling to service K4 trillion through unreasonable loans that DPP took when they were in power,\u201d emphasized Kampondeni.<\/p>\n

And responding to a question as to how much time should Malawians give the Tonse Administration to sanitize the issue, Acting Presidential Spokesperson Anthony Kasunda was non \u2013 committal.<\/p>\n

\u201cMalawians should be patient and give the president ample time to deal with the issue. Be assured that the president is currently busy solving the problem,\u201d said Kasunda.<\/p>\n

Kasunda pleaded with Malawians to be patient with President Chakwera as he is working tirelessly day and night to fix the country which is in economic shambolic State.<\/p>\n

\u201cThe president is sorting out things to get Malawi where it should be. It will take some time because the damage, which took place for over six years is too big, but President Chakwera is on a mission to fix it and Malawi will soon be fixed,\u201d said Kasunda.<\/p>\n

Recent reports say Malawi is on the verge of refunding a whooping K50bn to the International Monetary Fund (IMF) due to DPP\u2019s financial dishonesty. According to sources, DPP allegedly used to sugar coat the country\u2019s foreign exchange position figures to portray to the IMF that the country was performing well economically.<\/p>\n

\u201cIt is a very sensitive issue and in simple terms, the bank was lying to the IMF books in its reporting, more especially about forex reserves. It is a serious scandal with the IMF,\u201d a source told Nyasa Times recently.<\/p>\n

\u201cThe way forward about this issue is two-fold, either we will refund an estimated $58 million to the fund or sweat by convincing the fund about possible remedial measures to correct the situation and after coming up with the remedial measures, the fund takes the matter to its board of directors for consideration and it\u2019s not easy as most Malawians perceive the matter.\u201d<\/p>\n

IMF\u2019s African Department Abebe Aemro Selassie told reporters in Lilongwe that what the DPP did is a breach of oath of the fund. \u201cIMF takes misreporting cases seriously, and in this regard, I appreciated the authority\u2019s (Tonse administration) effort in delivering on the correct actions,\u201d Aemro added.<\/p>\n

\u201cI therefore commend Tonse government on their on \u2013 going effort to combat corruption and enhance transparency and accountability in the use of public resources,\u201d said Aemro.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. State House says Malawi is currently swimming in financial tatters due to among others, the merciless economic plunder by the former ruling Democratic Progressive Party (DPP) and the Chakwera lead administration is making strides to bring the economy back on track. Speaking during a bi\u2013weekly presidential press briefing in Lilongwe on Monday, […]<\/p>\n","protected":false},"author":84,"featured_media":7664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,25,8,10],"tags":[233,371,234,1229,2853],"class_list":["post-7665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-featured","category-homepage-english","category-parties","tag-africa-press","tag-africa-press-malawi","tag-malawi","tag-sean-kampondeni","tag-state-house-director-of-communications"],"yoast_head":"\nDPP\u2019s appetite for loans left Malawi\u2019s economy in dire straits\u201d \u2013 State House - Malawi<\/title>\n<meta name=\"description\" content=\"State House says Malawi is currently swimming in financial tatters due to among others, the merciless economic plunder b ...\" \/>\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\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DPP\u2019s appetite for loans left Malawi\u2019s economy in dire straits\u201d \u2013 State House\" \/>\n<meta property=\"og:description\" content=\"State House says Malawi is currently swimming in financial tatters due to among others, the merciless economic plunder b ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house\" \/>\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=\"2021-10-13T23:20:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-13T23:38:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-61676dd546684.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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=\"2 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\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"DPP\u2019s appetite for loans left Malawi\u2019s economy in dire straits\u201d \u2013 State House\",\"datePublished\":\"2021-10-13T23:20:18+00:00\",\"dateModified\":\"2021-10-13T23:38:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house\"},\"wordCount\":509,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-61676dd546684.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\",\"Sean Kampondeni\",\"State House Director of Communications\"],\"articleSection\":[\"all news\",\"Featured\",\"homepage-english\",\"parties\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/dpps-appetite-for-loans-left-malawis-economy-in-dire-straits-state-house\",\"name\":\"DPP\u2019s appetite for loans left Malawi\u2019s economy in dire straits\u201d \u2013 State House - 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