By Cedric Nkungula
Malawi President Dr. Lazarus McCarthy Chakwera says his administration has secured US$28 million from local banks in order to solve the current fuel impasse rocking the country.
Fuel scarcity continues in the country for the past few weeks and Petroleum Importers Limited (PIL) says importation of the commodity has been affected by shortage of forex.
Speaking at the opening of Malawi Investment Summit on Wednesday in Lilongwe, Chakwera said he is aware of the various challenges that the fuel scarcity has brought about country wide.
He however assured Malawians that his administration is working around the clock to reverse the situation.
On this note, the president explained that apart from the US$28 million, his administration is also in pursuit of another US$50 million facility to completely deal with the vice.
The president also announced that over 6 million litres of fuel is currently on the road being transported into the country.
“I had officials from the ministry of energy, NOCMA and MERA in my office up until past midnight last night and today they are working around the clock to address the situation with my instructions. I know that the current shortage of fuel is adversely affecting manufacturing, business, work and domestic life and I want to assure you that we are seized of this matter to ensure that there is product in the service stations in the short term while we work on the long term forex issues that are at the root of this problem,” she explained.
As another measure to ensure fuel availability on the market, the president said he has instructed Reserve Bank to prioritize fuel procurement through the allocation of any forex government secures.
The Malawi Investment Summit has been organized to concretize and consolidate how government and public sector should work together to accelerate the economy’s recovery towards the kind of growth and resilience that can bring prosperity to Malawians and withstand external shocks.