Malawi poll stand-off loss counted at K18 billion

3 Jun

ImageA regional and economic think tank has estimated that Malawi lost approximately K18 billion due to a slowdown in economic activity just in the first week of the political impasse when the Malawi Electoral Commission (MEC) could not announce results of the elections.

The Harare, Zimbabwe-based African Forum and Network on Debt and Development (AFRODAD) says it has done rough research on the economic impact of the delayed release of the results in Malawi which shows that Malawi has lost a lot economically in the days of the  uncertainty.

Afrodad executive director Collins Magalasi told The Daily Times in an interview in Maputo, Mozambique on Friday that the research showed that the country incurred heavy economic lossesThrough suspended exports, slowed down production by some companies and reduced informal trade. He was speaking on the sidelines of Africa Rising conference organised jointly by the International Monetary Fund (IMF) and Mozambican government. “We learned at the border posts that traffic of both imports and exports had slowed down,” said Magalasi.

He said his institution is now monitoring Foreign Direct Investment (FDI) inflows into the country to establish whether the negative publicity of the election could lead into fewer inquiries about Malawi by investors. He said his institution will prepare a report on the trend of FDI prior, during and after elections, to give a proper picture of how international investors behave in reaction to domestic issues, especially on elections.


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