AACC Calls MW Finance Minister to Account for Debts
As debate on revelations for the country’s increased debt levels continues, All African Conference of Churches (AACC) has asked Minister of Finance to account for the country’s accumulated debts; explaining how they were taken and used.
The body's Economic Justice and Accountability Ambassador in Malawi who is also Deputy General Secretary for Blantyre Synod of the CCAP, Reverend Baxton Maulidi said on Sunday, it is heartbreaking to learn that every Malawian is now having over his or her head a debt of K600 thousand.
While suggesting a slow down on borrowing and tightened measures to address extravagance by duty bearers, Rev. Maulidi says, it is therefore prudent for Malawians to know how the debts have been used as the country does not have much to show for it.
"It is heartbreaking to learn that the country's debt translates to every Malawian citizen having a debt of K600 thousand hanging over each individual's head.
"It is therefore prudent for us to know how the money has been used as the country doesn't have much to show for it. So the Ministry of Finance should come up with a report clearly explaining why each of the accumulated debt was taken and how it was used," he said.
He was reacting to the recent report by the Minister of Finance Sosten Gwengwe that Malawi's public debt as of May 2022 stood at K6.3 Trillion from K5.7 Trillion the previous year.
Meanwhile, Ministry of Finance spokesperson Taurai Banda has asked for more time before commenting on the request.
Two weeks ago, the government through the National Oil Company of Malawi (NOCMA) secured a US$28 million from local banks and K46 billion (US$ 50 million) loan outside to replenish the country’s fuel supply.