A comprehensive approach to debt management is urgently needed – CSOs

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Masauko Thawe

Civil Society Organizations (CSOs) say a comprehensive and sustainable approach to debt management is needed in the country because the significant debt burden continues to challenge economic stability.

The CSOs made the statement on Tuesday in Lilongwe during a press briefing.

In his statement, the Chairperson of the CSOs, Masauko Thawe, said that the current debt levels restrict fiscal flexibility and increase vulnerability to economic shocks which is not good for a country as such, effective debt management strategies are needed to reduce the debt burden and creating room for productive investments.

Thawe added that the government should also consider responsible borrowing of money and ensure that is used for its intended purpose as a way of effectively restructuring debt as it is vital to secure long-term fiscal stability.

“Apart from that, the government should enhance tax collection and expand the tax base to increase revenue and ensure public financing. Without substantial improvement in domestic revenue, the government’s ability to find essential and development projects will remain limited, hampering long-term economic growth,” he explained.

On the issue of corruption, the CSOs suggested that the government should resolve the leadership at the Anti-Corruption Bureau (ACB) promptly to avoid jeopardizing the progress made in combating corruption to ensure stable and effective leadership to maintain momentum in the anti-corruption efforts, enhancing transparency, and promoting accountability across all sectors.

Commenting on politics, the CSOs called upon President Lazarus Chakwera to address and resolve the power struggles within the Malawi Congress Party (MCP), saying the internal conflicts are impacting national development, and it is crucial to restore order and unity within the party to ensure effective government and progress for the country.

The CSO believes that political leaders must prioritize national interests and demonstrate maturity by fostering bipartisan cooperation to ensure policies that benefit all Malawians are effectively implemented.

“Finally, we are asking the government to focus on delivering essential public goods, such as healthcare, education, and infrastructure, to improve the quality of life for all Malawians and foster sustainable development,” said Thawe.

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