Malawi battling K4 trillion debt; Chakwera acknowledges citizens fundraising campaign

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LILONGWE (MalawiTalk) – Malawi’s debt  stock–combination of domestic and foreign– is at K4.1 trillion or 65 percent of  the country’s gross domestic product (GDP), President Dr Lazarus Chakwera has said  in a television address on Sunday.

The spike in debt poses a significant risk to  the economy especially now that the country when the country if battling the coronavirus pandemic.

In his speech, Chakwera said the country has no  “unlimited amounts of money to do whatever we  fancy.”

He said the country should now be making decisions within the reality of its economic situation.

The President said: “Our situation  is that we are a country with a debt of K4.1 trillion,  and so we do not have all the money in the world to  fight this pandemic. “

Chakwera, therefore, applauded the efforts of private  citizens who are already running capital  campaigns to raise money to go towards the virus pandemic response.

One such campaigns is run by one of Malawi’s well-known social commentator, Mr Stanley Onjezani Kenani on Facebook,  aimed to  buy equipment and supplies to provide frontline medical workers to care for those  battling the virus.

“I would like to call on private sector  companies to follow this example and practice  their corporate social responsibility in this  critical hour.

“If the Malawian people have been  there for your business and given your company  profits, you own the Malawian people life-saving support during this dark hour. We need all  hands-on-deck,” said Chakwera.

The President said Malawians must all accept that the scale of the pandemic  demands a change of priorities.

He said when a ship is at sea and it comes  across unexpected rapids and is hit by an expected  storm, “only a foolish captain would insist on maintaining the same course.”

Mr Onjezani Kenani – Spearheading citizens fundraising for Covid-19 response in Malawi

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