UDF promises strong economic stability

United Democratic Front (UDF) president Atupele Austin Muluzi, who is also the party’s torch bearer in the May 21 tripartite elections, has promised robust economic reforms meant to bring stability and grow Malawi’s economy when voted into power in the forthcoming elections.

Muluzi made the remarks on Sunday during when the UDF launched its manifesto and campaign at the Civo Stadium in Lilongwe.

In his speech, the UDF president said his party will achieve a consistent development program growth rate of six percent and above in older to foster meaningful development and reduce poverty.

“We will prioritise prudent fiscal management by maintaining a balanced budget while allowing for small manageable fiscal deficits,” he said.

He added that his party will establish a cost savings and waste reduction committee, comprising public servants, labour unions and private sectors among others to reduce indirect costs to government with 20 percent.

He therefore, said his government will adopt new measures to improve the level of investment into social and infrastructure development and provide the means for reducing disproportionate debt stock accumulated by the outgoing regimes.

“We will pursue policies that will lead to a further reduction of interest rates to avoid crowing out the private sector while managing inflation,” said Muluzi.

He pointed out that UDF will broaden tax base by expanding catchment area and number of tax payers and ensuring that all individuals and businesses eligible to pay taxes become compliant and meet their tax obligations.

“We will increase the lowest tax threshold to K100,000 and raise the minimum wage to K2,000 per day,” he assured.

In her remarks, the Party’s Secretary General, Kandi Padambo concurred with Muluzi saying they will pursue deeper integration in SADC and COMESA Economic Unions and ensure more effective participation in international markets to seize on emerging trade and economic development opportunities.

“We will pursue smart partnership with other regional and global interest groups and investors,” Padambo added.

Source: Malawi News Agency