The President of Malawi, Lazarus Chakwera, orders with immediate effect that the revenues of public companies be deposited with the Central Bank, to combat the wave of embezzlement and misapplication of funds from the public treasury .In his speech on the State of the Nation that marked the opening of the Budget Meeting 2024/25 of the 50th Session of the Assembly of the Republic, Chakwera stated that many public companies make abusive use of the funds they generate, sometimes in the acquisition of non-necessary goods only for their own benefit. The Head of State gave orders for all bank accounts of public companies to be transferred with immediate effect to the Central Bank, in order to have close control, where each Board of Directors will have to present their monetary needs and a sustained justification for accessing their values.”Whether anyone likes it or not, inch by inch and layer by layer, we are dismantling the system implemented by people who wanted to enrich themselves at the expense of state companies” – said Lazarus Chakwera.In his speech, the Malawian head of state acknowledged that food inflation is high, unlike non-food inflation, which tends to stabilize, thanks to the adoption of a restrictive monetary policy, an increase in the policy rate and the reserve requirement on deposits in national currency, following the devaluation of the kwacha last year. He further said that the government was determined to introduce a fairer tax regime, and plans to establish an Independent Revenue Appeals Tribunal to resolve tax disputes between taxpayers and the Tax Authority of the country.With regard to food security, President Chakwera said that his executive is providing assistance to the 4.4 million people who are facing hunger, offering a monthly bag of 50 kg of maize to each household family, an exercise that will last six months. The president also revealed an ambitious plan worth 300,000 dollars from the World Bank to prepare policies for an enabling environment with a view to introducing electric vehicles in the country, adding that an investor has already been identified to bring 50,000 electric motorcycles, in the first phase. Said to have created 197,809 new jobs last year and announced the start of construction work on a series of roads and bridges, among others. (RM Blantyre)Source:Rádio Moçambique Online

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