By Gift Wahuta
An economic expert, Happy Chirwa, has commended government for introducing cost cutting measures aimed at stabilising Malawi’s economy, describing the initiative as a positive step towards ensuring fiscal discipline and sustainable growth.
Chirwa said government should continue implementing such measures to help the country manage its financial challenges.
“Government should make sure that it uses cost cutting measures effectively to deal with the economic challenges we are facing. We must make use of the limited resources we have rather than spending on activities that take our money out,
“If we manage to save through cost cutting, it will reduce our borrowing rate. This means we will be saving, and later we can invest those savings in development projects that will help Malawi grow,” he added.
The expert further encouraged government to ensure accountability, transparency, and effective leadership through good governance, saying these elements are key to achieving lasting economic stability.
Recently, the Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha, said government was cutting expenditures, reforming policies, and restructuring debt to ensure fiscal sustainability.
He made the remarks last week during a media briefing in Lilongwe upon his return from Washington, D.C., where he attended high level discussions on Malawi’s economic outlook and international support.
