Chakwera lobbies for China’s immediate restructuring of Malawi’s debt

President Dr Lazarus Chakwera has lobbied for immediate restructuring of Malawi’s debt obligations with the world’s second largest economy (China) as a way of helping Malawi to transition from current debt stress to sustainable investment and trade.

In his keynote address at the opening of the third China-Africa economic and trade forum Chakwera pleaded with delegates to implement new partnerships whose benefits will accelerate socioeconomic development of people

He restated the need for Sino-Africa cooperation to be dictated more by investment than debt.

The Malawi leader underscored the huge potential the cooperation between the two trade blocs has within the global economic landscape.

He said China and Africa represent one fifth of global Gross Domestic Product, a prospect that Malawi seeks to utilize fully in courting more trade and investment.

On Wednesday Chakwera held an interface with Li Jun, Vice President of Export-Import Bank of China (Exim Bank), where he underlined the need for their continued support into major development projects in Malawi.

In the meeting, he expressed the desire for disbursement of an already approved loan of 67 million dollars to go towards Lilongwe Water Board rehabilitation and expansion works, under Lilongwe Water Board Programme.

He also asked bank to finance some projects government has earmarked for socioeconomic transformation which include construction of Judicial Complex in Lilongwe, the implementation of a Micro Grid Solar Project and construction of additional academic infrastructure at Malawi University of Science and Technology (MUST).