• November 29, 2022 5:16 pm

Chakwera engages Trade and Development Bank President in virtual conversation

Aug 22, 2022

President Lazarus McCarthy Chakwera is doing everything humanly possible to revive the ruined economy left by the Democratic Progressive Party (DPP) regime. On Monday, President Chakwera held a virtual meeting with Admassu Tadesse President of Eastern and Southern Trade and Development Bank.
The discussion between the two borders on finding solutions to Malawi’s debt burden.
According to information accessed on President Chakwera’s Facebook page, the discussion centered on securing debt-restructuring agreement aimed at relieving some fiscal pressures.
“I held virtual discussions with the President of the Eastern and Southern African Trade Development Bank, Mr. Admassu Tadesse, to secure a debt-restructuring agreement aimed at relieving the economy of some of the fiscal pressures emanating from the distress occasioned by the enormous debt left by the previous Administration,” says President Chakwera.
The Chakwera led administration inherited a broken economy which President is working around the clock to repair. Among other fiscal measures President Chakwera has been working hard to win back the confidence of the donor support including the International Monetary Fund (IMF) which suspended its support to the Malawi government due to false reporting by the DPP administration.
Recently, the visiting IMF team was on record that the country is on course to qualify for the suspended Extended Credit Facility (ECF) after being impressed by the Malawi Government’s fiscal discipline in the last two years.
The Eastern and Southern African Trade and Development Bank, is a leading multilateral financial institution and one of the leading providers of trade finance within East and Southern Africa.

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