By Mercy Matonga:
President Lazarus Chakwera has called upon businesspersons and Malawians in general to be repaying loans they obtain from lending institutions.
He said loan repayment is necessary as his administration has been ensuring that businesspersons are operating in a conducive environment.
Speaking at Kamuzu Palace in Lilongwe during an interactive meeting with business operators from Lilongwe, the President further said the government would work with lending institutions to ensure that the institutions are providing flexible conditions to those that borrow funds from them.
Chakwera further said the government would come up with tax measures that will best benefit all business operators in the country.
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On improving the business environment, Chakwera cited the collateral requirement as one area that requires review, saying it denies those that are underprivileged a chance to benefit from loans that could uplift their businesses.
“The collateral requirement is making those who are poor to remain poor. This is why we need a good balance and this is why the new measures need to be activated,” Chakwera.
The First Citizen advised business operators to have one voice and work in groups to create trust with lending institutions.
On his part, Local Government Minister Richard Chimwendo Banda said he was happy that the President engaged business operators.
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“We are happy that the President was here to listen to the people’s concerns. We believe that the action he has promised will be taken,” Chimwendo Banda said.
Speaking on behalf of the business operators, Hardwell Kachibekete said they are facing challenges due to high taxes, saying they eat into their profits.
“Malawi Revenue Authority taxes are exorbitant. We pay a lot of money to import commodities,” Kachibekete said.
