World Bank Predicts Improved Economy in #Malawi

Malawi’s doing business climate is set to improve again raising hopes of increased foreign and local investment in the southern African nation.

Outgoing World Bank country Manager for Malawi Sandra Bloemenkamp expressed the confidence ahead of a World Bank mission to country to among others assess the doing business climate.

In the last doing business ranking by the World Bank, Malawi registered an improvement falling at position 157 out of the world’s 185 economies. Previously, Malawi was out of the 185 ranking.

“I think a very large number of specific actions are being taken, we’ve the right laws being discussed in parliament and hopefully by end of June we’ll see an improvement,” says Bloemenkamp who winds up her duties in Malawi this month.

Since May 2012, Malawi has adopted a total of five economic laws in a drive to make the country an investment destination.

They include Business registration Act; Companies (Amendment) Act; Business Licensing Act; Investment and Export promotion Act and Malawi Bureau of standards Act.

Ms. Bloemenkamp however challenges authorities to ensure that these efforts “trickle down to the individual official at the border and all over the country to make doing business easy and possible.”

Local businesses have hailed the improvements in the doing business climate saying it raises confidence for even more investment.

The Malawi Confederation of Chambers of Commerce recently called for consistency in the reforms.

In a release announcing arrival of the World Bank mission team, the bank proposes enactment of other supporting legislations among them the Insolvency Bill which is currently under discussion in the ongoing parliament meeting.

It also calls for appointment of Registrar General and digitalization of records at his office.—Zodiak Online