Speaking at a press conference he jointly held with some opposition political party leaders in Blantyre last week, Chakwera said the country’s worrying poverty and unemployment levels are as a result of Malawi’s implementation of advice from the International Monetary Fund – IMF and the World Bank to privatise some of the companies.
Said Chakwera: “The structural programs recommended by World Bank and IMF in the late 80s and early 90s have had negative impact because of the context this country was in as well as the context the whole world was in. It has been revealed, through studies, that those structural programs were not the best in how the one-size-fits-all policy was not conducive to creating wealthy for a little economy like Malawi’s.”
According to Chakwera, the policy denied the current generation companies like PEW, Cold Storage, and Lever Brothers, among others, which were also a source of revenue and employment to Malawians.
Going forward, Chakwera said the country should reason together for continued sustainable solutions, apart from providing skills to young people.
“The way forward is to continue to engage and to continue to look at issues from a broader point of view so that in a globalised world small economies like Malawi can still survive and thrive rather than be killed off,” said Chakwera.
While concurring with Chakwera, Head of Economics at Catholic University Gilbert Kachamba said what happened then is a wake up call to the country to thoroughly look at the advice that come from foreign countries.
Reverend Chakwera’s sentiments come barely two weeks after President Peter Mutharika asked the donor community not to stand in the way of Salima-Lilongwe Water Project.