UNDP, ECAMA Push For Vibrant Private Sector
The United Nations Development Programme (UNDP) says 350, 000 people of which majority are enterprises and innovators in the agriculture sector have benefited from the 48 billion kwacha set aside for the implementations of various interventions.
Speaking on Thursday In Blantyre during a roundtable dialogue to seek ways for the private sector to recover from the multiple shocks, UNDP Resident Representative Shigeki Komatsubara said investment in rural agriculture can make a significant difference in Malawi.
“We are supporting women and young people to turn their ideas into business. The European Union (EU) gave us 40 million Dollars plus 8 million Dollars from the United Nations in New York to assist enterprises and innovators in the agriculture sector to progress,” said Komatsubara.
But Economics Association of Malawi, general secretary Andrew Kumbatira has begged the government to spearhead conducive policies and regulations for the private sector to prosper.
“We know that the country has been facing multiple shocks like Covid 19, Russia-Ukraine war, , inflation, forex shortages and cyclones that caused massive damage in the agriculture sector and Kapichira hydro power station that removed about 130 megawatts from the national grid,” explained Kumbatira.
Director of private sector in the ministry of trade Diamond Chikhasu says the government remains committed to ensuring that the country’ private sector is vibrant.
Chikhasu' sentiments come when Malawi is facing forex shortages and rising inflation.
Preliminary results of the Business Interviews survey conducted by government in June, 2022 indicated that Gross Domestic Product (GDP) for the domestic economy will now grow by 1.7 percent in 2022 lower than the forecast of 4.1 percent and compared to GDP growth of 3.9 percent in 2021.