Kabambe Proposes Ambitious Plans for Economic Growth
Mzuzu, Malawi – In a bold move towards achieving financial independence, the former Reserve Bank Governor who also at some point served as Nation Budget Director, Dalitso Kabambe has proposed plans for the country to establish the Malawi Mining Development Corporation.
Speaking during a public lecture in Mzuzu City on Friday Kabambe hatched plans to establish a Manufacturing Development Corporation aiming to boost productivity and competitiveness in the industry and allocate 500 billion kwacha in investment to develop the mining industry and reduce reliance on foreign aid.
He also said the Green Belt initiative needs to be expanded from production to a predominant exporting venture to further enhancing the country’s economic prospects.
To address the crippling debt of over K7 trillion, Kabambe proposed commitment to reducing borrowing and spending in a bid to increase transparency and accountability, adding that all companies be listed on the stock market, similar to the United States of America’s economy.
“The government needs to take a strong stance against corruption, with full forensic audit reports on public expenditure and granting prosecution agencies autonomy from political influences,” Kabambe said.
Furthermore, he said district resources needs to be balanced to promote growth, social development, and private sector inclusion.
On the business front Kabambe says most businesses in the country cannot develop because they end up giving the banks a lot of money stating that the country has no development banks but rather high street banks making more profits than their customers.
“The banks are just good for vending and you cannot go and borrow and start up a big investment because you will fail to make ends meet, there is need for restructuring the whole banking system to deal with this existing problems,” he added
The affluent Kabambe reached the climax of his presentation themed ‘Inclusive and Sustainable Transformation Agenda For The North’ saying that there is need to embark on sweeping reforms to propel Malawi towards economic independence and sustainable growth.
He then concluded stating that if fully adopted, government’s commitment to transparency, accountability, and private sector development will automatically attract investment and drive progress in the country.
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