The Central Bank, through its monetary policy committee, maintained the rate at which commercial banks borrow from the central bank at 26% with the aim of reducing money in circulation and hence inflation.

Reserve Bank of Malawi maintains policy rate at 26%

Promote monetary policy designed to sustain low rates of inflation.

The Reserve Bank of Malawi increased the Liquidity Reserve Requirement (LRR) by 125 basis points to 10.0 per cent and maintained the policy rate at 26.0 per cent to reduce money in circulation and hence inflation

Reserve Bank increases the Liquidity Reserve Requirement (LRR)

President Chakwera reviewed and terminated a marine concession with Mota-Engil on Lake Malawi that was signed in 2012. Among other things, Mota-Engil is accused of inefficiencies, broken promises and overall stalled progress in marine transport

Chakwera terminates Mota-Engil’s marine concessions on Lake Malawi

Review the water transport concession agreements

Government, through the Electricity Supply Corporation of Malawi (ESCOM) launched the Malawi Electricity Access Project (MEAP). The project is expected to provide electricity to 180,000 households. Among other things, the project introduced an instalment payment option where customers can pay an initial fee of K17,475 instead of the K 90,000 required amount. The project is funded by the World Bank.

Government introduces the Malawi Electricity Access Project (MEAP).

Increase access to electricity to 60% within the next five years

The government, through the Malawi Telecommunications Regulatory Authority (MACRA), has launched the Child Online Protection Initiative. Among other things, the initiative is expected to promote digital literacy, and provide resources that empower children to make informed decisions online.

Government launches the Child Online Protection Initiative

Create an enabling environment for the growth of ICT and telecommunication

The government is implementing the Community Road Maintenance Programme (CRMP) in 17 districts. The project is routine maintenance of rural roads whereby a community road maintenance club is contracted to maintain a specific length of rural road rehabilitated under the Income Generating Public Works Programme (IGPWP) and Rural Infrastructure Development Programme (RIDP) using cost-effective labour-intensive methods

Government implements Community Road Maintenance Programme (CRMP)

Reintroduce the district Roads Improvement and Maintenance Programme (DRIMP)

The government, through the Reserve Bank of Malawi (RBM), launched the National Financial Literacy and Capability Strategy (2024-2030) which is aimed at enabling more Malawians to access essential financial services

Reserve Bank of Malawi launches the National Financial Literacy and Capability Strategy (2024-2030)

Promote financial access and literacy in the country to enhance financial inclusion which is vital to sustainable economic growth and development

Emphasize on prudent fiscal policies that encourage spending on priority sectors of the economy and ensuring that all resources made available to the government are utilized to the benefit of Malawians.

Promote independence of the RBM to ensure that monetary policy is market driven and managed in the manner that takes into account the country’s overall development agenda

The government, through the Reserve Bank, introduced instant electronic money transfer, a facility which enables all transactions initiated through commercial banks&rsquo; mobile or internet banking to be processed instantaneously with recipients getting the money instantly.

Reserve Bank of Malawi introduces instant electronic money transfer

Encourage electronic payments by promoting digitization of payments by making it a policy for service providers to provide the infrastructure that supports interoperability such as auto-teller machines, point of sale devices, mobile payments and Internet-based related electronic payment channels

The government, through the Electricity Supply Corporation of Malawi (ESCOM), has signed a deal with Press Corporation Limited worth $55.1 million for Press to construct a solar power supply that will be supplying 50 megawatts&nbsp;

Government and Press Corporations signs a power supply deal

Expand electricity generation capacity to 2000 megawatts within the first two years and to 5000 megawatts within the next 5 to 10 years.

The government signed an agreement with the Mozambiquan government which will see simplified movement of customs procedures for small scale traders for the two countries. The agreement aligns with Malawi and Mozambique&rsquo;s commitments under regional and international agreements, including the SADC Protocol on Trade and the African Continental Free Trade Area Agreement

Malawi and Mozambique signs pact for Simplified Cross-Border Trade Regime

Integrate the Malawi economy into the global market

The government officially opened offices for the Mining and Minerals Regulatory Authority (MMRA), a move that signified the operationalization of the authority

'Government operationalizes Mining and Minerals Regulatory Authority (MMRA)

Ensure strict adhere and compliance with laws to promote investment in mining by both local and international companies

Malawi Revenue Authority (MRA) has rolled out excise tax stamps on various products in a bid to boost revenue collection and curb consumption of goods hazardous to health. The project which is called "Kalondola" is set to be implemented in 2 phases.

MRA rolls out tax stamp

Review and promote a fair and effective taxation system

Government is finalizing the construction of a minerals lab. The Lab will soon be opened and is expected to reduce costs of sending samples outside the country

Construction of the mineral lab in progress

Develop and operationalise laboratory services to test both mineral and petroleum samples locally

Malawi secured 99-year leasehold at Nacala Port for the construction and operation of a terminal, which will create a more cost-effective logistics framework, improving trade and enhancing economic development

The Malawi Government has secured a 99-year lease agreement with Mozambique

Upgrade all existing port facilities at Chilumba, Nkhata Bay, Nkhota-kota, Chipoka and Monkey Bay and construct new ones

Malawi Total Domestic and External debt stands at K15 trillion as of August 2024

Total debt reaches K15 trillion

Reduce the level of domestic and external debt from the current MK 3.5 Trillion to less than MK 1 Trillion within the next five years

The President of Malawi inaugurated the Magwero Industrial Park in order to generate revenue and create employment in the country by establishing an industrial park where manufacturers and exporters may thrive. These attempts follow the Special Economic Zones Bill, which was enacted by Parliament

Chakwera launches Industrial park targeting $600 million

Establish four fully serviced economic zones

The President of the Republic of Malawi assented to the Investment and Export Promotion Act of 2024. Among others, the Act establishes the Malawi Investment and Trade Centre and aims to facilitate investment and exports in Malawi

Government of Malawi publishes the Investment and Export Promotion Act of 2024

Undertake investment promotion to enhance industrialisation and attract FDI

In an attempt to control the scarcity of fuel in Malawi, the Government has directed that filling stations ration fuel when selling to consumers. This comes at the time the government is trying to stabilize the crisis

Malawi Energy Regulatory Authority calls for fuel rationing

Ensure that the country has adequate production, supply, and stock of petroleum fuels at all times

The Government of Malawi with financial assistance from the World Bank is implementing the Agricultural Commercialization project whose aim includes increasing commercialization of agriculture value chain products. In November 2023, the government secured funds for AGCOM II worth $265 million

Government launches the Agricultural Commercialization phase 2

Encourage value chain addition and agroprocessing to imrpove gross margins for farmers

The president launched second phase of the National Economic Empowerment Fund with a commitment to disburse K350 billion in 5 years. This comes after the successful implementation of NEEF 1. NEEF's mission is to economically empower ordinary and underserved Malawians particularly women, the youth, and people with disabilities

Government launches second phase of NEEF to disburse K350 billion

Set up a bank foused on giving credit to youth and women to enhance their participation in the country's economy

The government is implementing the "ATM" strategy in which Agriculture, Tourism, and Mining have been identified as key focus areas. In April 2024, the president launched ATM Week which aims to promote investment in the three sectors. The minister of finance also highlighted the ATM in the 2024/25 national budget

Government identifies Agriculture, Tourism, and Mining as focus areas in 2024/25 National Budget

Promote a wide range of incentives over and above the existing tax incentives to promote tourism in the country

The government allocated K22 billion to ADMARC to facilitate the purchase of crops especially food crops like maize. The move was aimed at ensuring that ADMARC buys from farmers at reasonable prices (as compared to vendors) and at some point sells to consumers to ensure food availability at controlled prices

Government allocates K22 billion to ADMARC for buying crops in 2024/25

Revitalise the Agricultural Development and Marketing Corporation (ADMARC)

Malawi held the 2024 tourism expo in April where Over 100 exhibitors showcase products and services. The annual event is aimed at promoting tourism in Malawi and the 2024 expo emphasized on domestic tourism beyond the international tourism

Malawi holds Tourism Expo dubbed "Takulandirani"

Organise regular tourism promotion events

Parliament passed the Land law and the president assented to the bill. Among others, the law provides that if owners of freehold land fail to develop their land they will relinquish ownership to the public

Government amends Land Laws

Repossess and redistribute land that remains idle and undeveloped beyond the specified development period

The National Economic Empowerment Fund introduced Youth Loan product. The Fund also partners with other institutions like Universities and Technical, Entrepreneurial, Vocational and Education Training (TEVET)

NEEF develops Youth Loan Product

Incentivize Financial Service Providers (FSPs) to provide products based on the the needs and  wants of young entrepreneurs

Government, through the national budget, announced new measures to encourage locals to participate in FDI. Part of the incentives included: 1) Local Employment Requirement: All companies operating in the priority industry must have at least 30% of their management positions filled by local employees and 2) Joint Ventures: Joint ventures between Malawians and non-Malawians will be considered Malawian investments if the Malawian investors contribute at least 51% of the capital investment.

Government announces measures to encourage local participation in FDI

Prioritise local participation in FDIs

The government has initiated road rehabilitation works in Lilongwe&nbsp; has initiated road rehabilitation works in Lilongwe&nbsp;

Government praised for the development of the roads

Implement and fund the Transport Master Plan

The government through the Ministry of Agriculture launched the Sustainable Agriculture Productivity Programme II (Sapp II) to help agriculture commercialisation to create markets for small-scale miners.

The Sustainable Agriculture Productivity Programme II (Sapp II) launched.

Facilitate market expansions for agricultural products by creating pathways to new markets and enhaning relationships with current trade partners

The Malawi Communications Regulatory Authority (MACRA) is installing a system to improve its capacity to detect fraud in billings and tax remittances among telecommunications industry operators.

MACRA Rolls Out Revenue Assurance System

Develop a comprehensive tax policy

The Government of Malawi has secured a grant from the World Bank that they aim to use to improve the effectiveness of resource mobilization, budget execution, and transparency of public finances in Malawi.

World Bank approves US$80 Million grant to Malawi

Mobilise financial resources domestically and manage through a water-tight strategy of zero tolerance of corruption

Government Introduced the Solar Home Systems component of MEAP which has diversified the power generation in Malawi&nbsp;

Government installs Solar Systems for residents

Diversify energy sources

Government has established the Malawi Development Corporation Holding Limited (MDCHL) to spearhead investment in strategic sectors of the economy, because we want the resources of Malawians to be used for production and development that yield exponential returns.

Malawi Development Corporation Holding Limited spearhead state investments

Create a favourable environment for the private sector to facilitate investments and growth of a robust economy to benefit Malawians

Government has increased the number of airlines traveling to Malawi and are in the process of designing a Malawi Flight Plan for increased air access, but we have also concluded three Bilateral Air Service Agreements with Mozambique, Uganda, and Kuwait to introduce direct flights into Malawi, while talks with the Democratic Republic of Congo, Mauritius, and Nigeria to do the same are in progress.

Ministry works to boost airtravel into Malawi on track

Improve infrastructure network to grant tourists access to facilities

Government has &nbsp;trained 134 Artisanal Small-scale Miners members across various regions on mineral tenement, acquisition, and cooperative management. Additionally, 296 Artisanal Small-scale Miners participants from 12 mining groups have also undergone training on Safety, Health, and Sustainable Mining Practices

Ministry of mines pushes to promote artisanal and small scall miners

Implement the Artisanal and Small-scale Mining (ASM) policy

Government has repealed the Mines and Minerals Act and replaced it with a new one so that the law protects the interests of Malawians in all mining activities.

Government repeals Mines and  Minerals Act

Develop the mining's local content policy to ensure Malawians benefit from mining investments

Government has completed works at Shire Valley Transformation Program with the first 6 km of the main Canal having been completed including the Coffer dam to increase irrigable land in Malawi.

'Works at Shire Valley irrigation project complete

Raise the irrigable hectarage to over 50% within the next five years

&nbsp;Malawi Communications Regulatory Authority has signed a Memorandum of Understanding (MoU) with the African Smart Cities Innovation Foundation which will begin works to develop the urban city

Mvera city project commences in July

Ensure more coordinated planning and development of urban areas to ensure all developments meet set minimum standards

According to a statement released by ministry of Foreign Affairs, the president will travel to Kinshasa to hold bilateral talks with DRC president-elect Felix Tshisekedi Tshilombo on the sidelines of his inauguration on 20th January.

President Chakwera resumes foreign trips.

Implement policies to keep inflation levels down to single digit values

Malawi Innovation Hub trained youths with entrepreneurial skills and awarded grants in Nkhotakota District to start their businesses. mHub in partnership with the Nkhotakota district also held a 2 day job and opportunity fair where the district commissioner argued that this initiative gave youths an opportunity to improve their skills in business plan development

Malawi Innovation Hub empowers youths in Nkhotakota

Promote the development of Small and Medium Enterprises (SMEs) and Cooperatives

Malawi signed two agreements with the African Export-Import Bank (Afreximbank) for the promotion and development of export diversification projects in the country, including mega farms. The second deal involves funding for the provision of advisory services for the development of two mega farms and in it there is a third component which is establishment of export trading companies.

Malawi signs two agreements with African Export-Import Bank

Strengthen agro-value chains to improve access to finance and markets for farmers

Malawi Government in partnership with Standard Bank of Malawi &nbsp;signed a K34.5 billion investment towards improvement of Lilongwe's transport network .

Partnerships on the K34.5 billion Kenyatta - Mzimba road development

Improve the design of urban or residential road network

The government launched the National Export Strategy ll (2021 -2022).&nbsp;

The National Export Strategy ll (2021 -2022) launched.

Ensure a predictable operating environment for doing business to support private sector and attract FDI

Offer domestic operation licenses to other operators to increase the volume of traffic and open up strategic tourist destinations.

President Chakwera &nbsp;confirmed holding talks with Masiyiwa as the Malawi leader looks to get Malawi connected to high speed internet.The meeting comes after Chakwera recently expressed concern over the high cost of data in Malawi.

Malawi President holds talks with Masiyiwa over provision of cheap internet

Remove all tariff and non-tariff barriers on internet facilities

Malawi has launched the second phase of the national fibre backbone project; will include nearly 3,000 kilometres of fibre optic cables to connect over 100,000 businesses and homes across the country.

Second phase of the national fibre backbone project lauched

Extend fibre optic cable network to all urban and rural centres

President Lazarus Chakwera has opted for recapitalisation of the technically insolvent national flag carrier, Malawi Airlines, rather than to let it go under, State House has confirmed.

President Chakwera recapitalised Malawi Airlines.

Establish a new National Airliner

President Chakwera says the rehabilitation of the M1 Road is crucial to the country's economic development.

M1 road Rehabilitation Launched.

Upgrade M1 road from Nsanje to Chitipa

launched the 20-year Malawi National Tourism Investment Masterplan in Lilongwe. The masterplan, scheduled from 2022 to 2042, is a guide on how Malawi will implement 10 priority tourism projects across the country as one way of transforming the country through tourism development

Chakwera launched a 20 year  National Tourism Investment Masterplan in Lilongwe.

Develop a tourism marketing plan

Taxpayers with mining projects will be charged taxable income at 30 percent provided that an additional tax of 5 percent of taxable income will be charged for taxpayers whose companies are not incorporated in Malawi. This applies to taxpayers not resident in Malawi.

Government amends tax laws for taxpayers with mining projects.

Promote transparency and accountability in the issuance of mining licenses and management of proceeds

The Reserve Bank of Malawi buying gold from licensed and non-licensed miners. The bank was simultaneously buying and working with the Ministry of Mining to licence miners to formalise the industry.

The Reserve Bank of Malawi buying gold from licensed and non-licensed miners.

Implement the new mining policy

Trade and Industry Minister said the launched (Nes II) targets to increase exports of locally made products and services through export promotion, export development, export facilitation and organisation efficiency and effectiveness.

Malawi National Export Strategy(Nes) II,   launched

Review and improve the National Export Strategy

Malawi government and Elsewedy Electric of Egypt &nbsp;signed a Memorandum of Understanding (MoU) for the construction of a 50 megawatts solar power plant, a move government says is key towards addressing the country&rsquo;s power deficit

Government signs MOU with Elsewedy Electricals to construct 50MW solar power plant.

Promote energy programming, budgeting and monitoring

The government has secured $600 million from the World Bank for the rehabilitation of Kapichiri Dam&nbsp;

$600 secured for Kapachiri Dam rehabilitation

Construct a mega dam with the capacity to generate 2000 megawatts

President Lazarus Chakwera on Saturday launched this year&rsquo;s Affordable Inputs Programme (AIP) in Chiradzulu where he hinted that government is working on an &ldquo;exit strategy&rdquo; for the pogramme.This year&rsquo;s programme is designed to benefit 3.7 million farming households who will be expected to cough K7 500 for a 50 kilogramme (kg) bag, up from the highly heralded K4 495 implemented last year.

President Chakwera launched the Affordable Inputs Programme (AIP) in Chiradzulu

Introduce universal Farm Input Subsidy Programme

The government made a decision to change the fiscal year from one that starts on July 1 and ends on June 30, to one that will start on April 1 and end on March 31

Fiscal year to start on the 1st of April

Change the fiscal year to run from 1st April to 31st March

Malawi's president has announced a plan to help the country's struggling economy recover from the impact of the COVID-19 pandemic. The plan, which includes government-wide spending cuts, follows nationwide protests against the high cost of living in Malawi

Malawi President Announces Economic Recovery Plan

Ensure that the rate of economic growth is higher than population growth rate with an annual growth rate of 6% for the next 10 years

The Reserve Bank of Malawi (RBM)&rsquo;s Monetary Policy Committee (MPC)maintained the policy rate at 14 percent. The central bank indicated that the move was aimed at arresting runaway inflation, which by then was at 19.1 percent, from 15.7 percent in the preceding month.

Reserve Bank of Malawi (RBM) revised upwards the policy rate to 14 percent in May this year from 12 percent

Enact interest cap legislation to limit interest rates charged by commercial banks at no more than 5% above the Reserve Bank of Malawi (RBM) Base Lending Rates

The government through the Agricultural Commercialisation (AGCOM) Project is supporting cooperatives and Rukulu Rice Women Cooperative is one of the beneficiaries

Government supports Rukulu Rice Women Cooperative

Support women farmers' collectives and savings groups

Government through Airport Development Limited is in the process of commencing the upgrading of KIA several years after the plans were announced. The project is in procurement phase.

'Kamuzu International Airport (KIA) project on-track despite slow progress

Revamp and upgrade all airports, particularly Nyika, Chitipa, Salima, Mangochi, Mulanje and Chikwawa.

President Chakwera assents to the controversial Non-Governmental Organisations (NGO) (Amendment) Bill. Bill defines roles of the NGO Board and Council for Non-Governmental Organisations in Malawi (Congoma) besides demanding accountability for funds. CSOs had urged Chakwera not to assent to the Bill, arguing it is aimed at gagging operations of CSOs and undermining human rights and democracy.

President assents to the controversial Non-Governmental Organisations (NGO) Amendment Bill

Create a favourable environment for Civil Society Organisations (CSOs) to participate in the economy and contribute to national development

Malawi President invited Development Partners and Private sector to partner in the development of lakeshore areas

Development of lakeshore areas

Establish new Lake Malawi tourist cities in Karonga, Salima and Mangochi

Under a $74 million (about K77 billion) World Bank Digital Malawi Project the government is installing free internet in public institutions including schools, hospitals, and government offices. Some of the connected districts include Thyolo, Mulamje, Nsanje, and Chikwawa.

Government connecting free internet to public institutions under the Digital Malawi Project

Connect all government offices and public facilities to broadband internet

The government through the Malawi Communications Regulatory Authority (MACRA) issued new licences that will enable the market entry of a third mobile operator (Malcel) and a new satellite broadband provider (Starlink)

Government gives operating license to Malcel and Starlink

Allow new entrants to ICT sector

The Ministry of Transport and Public Works has issued a licence to Khama Airlines Limited&nbsp;

Licence to Khama Airlines Limited

Review policies and constraints affecting the airline industry and increase the fleet of aircrafts for domestic operators

Introduce more modern water transport vessels for both cargo and passenger services on Lake Malawi.

Revamp support institutions for water transport safety

The National Planning Commission made a decree that national projects will not have to be shuffled around at the discretion of those who hold political power.

National Planning Commission's Decree

Depoliticise road development programmes

Through the ministry of tourism, Malawi launched the "Tiziyamba ndife" tourism campaign which among others include promotion of tourism on social media. The ministry once introduced a dance challenge where social media users were challenged to produce a dance video promoting Malawi tourism. The ministry also runs active social media pages

Malawi introduces the "Tiziyamba ndife" campaign

Exploit social media as an instrument for promoting Malawi as an attractive tourist destination.

Forecast human resource needs and ensure our people attain knowledge fit for exploitation of non-renewable resourced

The government developed a strategic plan for the ministry of mining and is guiding the operations of the ministry which is the policyholder in the mining sector

CitizensWatch

Promise

Promise History

Reserve Bank of Malawi maintains policy rate at 26%

Reserve Bank increases the Liquidity Reserve Requirement (LRR)