President Joyce Banda and Vice President Khumbo Kachali have voluntarily cut down their salaries by 30 percent as part of their support to the current austerity measures, the Vice President has announced.
The Vice President made the announcement during he launch of the Malawi Growth and Development Strategy II and Economic Recovery Plan at the Bingu International Conference Centre in Lilongwe.
“In support of the austerity measures, the President and the Vice President have voluntarily decided to reduce their monthly salaries by 30 percent with immediate effect. Government is also actively considering other cost cutting measures and these will be announced in due course,” said Kachali.
On the Economic Recovery Plan, the Vice President said it has identified five strategic sectors that can quickly that can quickly turn around the economy for export led growth and foreign exchange generation.
“These are Energy, Mining, Tourism, Agriculture, Transport infrastructure development and Information Communication Technology. Privatization of these sectors will provide Malawi with a comperative advantage favourably in regional and international markets,” said Kachali.
Details to follow…