will this boost our economy in any way or its just another cry for help by our politictians?
Finance Minister Goodal Gondwe says government is worried with the low level of remittance of funds from Malawians living in diaspora despite their ever increasing numbers. Gondwe said this in response to a question from economic consultant Fred Kanjo on how much Malawi is getting from the diaspora during a pre-budget meeting in Blantyre last week. Malawi boasts of having a fairly large number of people in first world countries like the United States of America (USA), United Kingdom (UK) and other European countries. Kanjo argued that remittances from the diaspora have helped other economies like Israel to be in good shape. He said Malawi stands to benefit more from its citizens abroad. “Remittance of funds by nationals has [also] helped to sustain weak and fragile economies in Africa and elsewhere and we need to encourage Malawians living in diaspora to follow suit,” he said. Gondwe said there is need for the country to get organised and put in place mechanisms that will help to get these funds attracted or risk losing out. President Bingu wa Mutharika last November—during a meeting with Malawians living in Scotland—announced plans to liberalise the forex system in the country to allow Malawians living abroad open foreign currency denominated accounts to attract more forex.
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all i have is my word,and i dont break it for nobody.
game wrote: will this boost our economy in any way or its just another cry for help by our politictians?
I don't know about the "cry for help", but there is no question as to the very real benefits a country can enjoy from remittances cf. the Philipines, Mexico, etc.
I brought up this issue before but was told that Malawi is dump and therefore a destination not worth investing. But look now the same thing has been said by the minister. Countries like Mexico are now developing simply because their citizens who live in USA are remitting their hard earned money back home. They are doing this by undertaking serious projects especially housing. Game and Abre can vividly remember this issue. At the moment in Malawi there is Kanengo Northgate project which will develop about 1000 houses by 2010 at the cost of MK10,000,000 for a very big mansion. At the end of construction, the house will attract a rental fee of about $2500 per month. You can imagine that. But if you tell members of the forum about it, they will screw you. If you happen to have money then should seriously think about investing back home. In some case that you dont have proper papers then can use one of your trusted relation back home to undertake the project on your behalf. I guarantee some of you (assuming we become friends) that I can be checking the progress made by your relation in order to avoid abuse of your hard earned money. I will be going back home late this year. Ndawona anthu akusowa poyambira akawapanga deport.
abre les ojos wrote: Mexico developing simply because their citizens are remitting their hard earned cash back home? You need to check your statistics.
Its one of the contributing factors. You are always negative.
Mulopwana you are right Africa is the continent to invest in because It has a lot of natural resources some have probably not been discovered yet. It has abundance of wildlife which is not to be found in any other continent. It has cheap labour. Investing in Africa is a huge risk but I feel once (if ever) Africa becomes a stable continent who-ever invest in it now will be then smiling all the way to the Bank. It is a win or lose satuation.
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Great spirits have often encountered violent opposition from weak minds.
I always find it a little sad when people mention Africa's resources as means of economic development. Truthfully what Africa needs is just adequate civil education enough to prompt the development of what is known in economics as Aggregate Demand. Look at the Middle East , they have had oil for years yet some poeple there live in poverty only to be beggers to " royal " familiies - fellow country men.
To answer the question in subject - will it help ?. Truthfully i dont know if it would , in the absence of demand but i know for sure is that it wouldnt make the situation Africa is in worse.