President Lazarus Chakwera has said he will engage the Indian government to consider cancelling Malawi’s debt, pegged at $114 million (about K114 billion).
Malawi’s total debt stands at K7.9 trillion.
The Malawi leader said this at Kamuzu International Airport in Lilongwe Wednesday before his departure for Angola to attend the 43rd Session of the Southern African Development Community (Sadc).
From Angola, Chakwera and First Lady Monica will proceed to South Africa to attend the 15th Session of Brazil, Russia, India, China and South Africa (Brics) Outreach Summit.
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“Because of the unsustainability of the debt that this country has, vice versa our discussions with IMF [International Monetary Fund], it is important that I also attend the Brics Summit courtesy of President [Cyril] Ramaphosa’s invitation. So I can, on the sidelines, take advantage [of the summit] to talk with Indian counterparts.
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“I had already engaged Afreximbank [and], again, the Chinese government and they have responded positively,” Chakwera said.
On the Sadc Summit, Chakwera said the annual gathering gives leaders an opportunity to discuss issues that promote regional integration while ensuring that democracy does not falter.
He added that the meeting would give them a platform to review issues such as peace and security in the region.
The Sadc Summit will take place from today to August 18 while the Brics Summit is scheduled for August 22 to 24.
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According to the Ministry of Foreign Affairs, the Malawi leader will take advantage of the two summits to hold bilateral consultations with world leaders in an effort to secure support for Malawi’s recovery plan.
Vice President Saulos Chilima and several government officials, including Homeland Security Minister Kenneth Zikhale Ng’oma and Local Government Minister Richard Chimwendo Banda escorted Chakwera to the airport.
The President is expected to return to Malawi on August 25 through Kamuzu International Airport.
In April this year, Finance Minister Sosten Gwengwe engaged India’s Finance Minister Nirmala Sitharaman in a quest to restructure the country’s debt.
The two ministers met on the sidelines of the IMF and World Bank Spring meetings in the United States capital, Washington DC.
