Sunday, May 26, 2024

Pres. Chakwera Extends Reserve Bank Directive to Parastatal Accounts

President Chakwera

In an intriguing parliamentary session, a lawmaker from Nkhatabay South East urged President Chakwera to extend his directive regarding government accounts to include government-owned enterprises, urging them to open accounts with the Reserve Bank of Malawi as well, aligning with his recent directive to shift government funds from commercial banks to the central bank.

Following up on this query, Ralph Juma, representing Mangochi Monkey-Bay Constituency, sought insights from the President regarding government strategies to aid state-owned enterprises in settling outstanding loans with commercial banks and releasing their collaterals before transitioning their accounts to the Reserve Bank of Malawi. In response, President Chakwera agreed that his directive will include government parastatals. The President also emphasized that his government will also adhere to the legal protocols, assuring that existing accounts will remain accessible and that the Ministry of Finance will disseminate updates on their forthcoming measures.

The President’s active engagement in parliamentary discourse underscores his unwavering commitment to upholding the rule of law, evident through his dutiful compliance with constitutional obligations to address questions in Parliament. This consistent presence marks a departure from past administrations; notably, President Chakwera’s regular appearances contrast starkly with the sporadic visits of predecessors, such as during the Bakili Muluzi era who only appeared once in his 10 year rule.





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