• Lead Covid-19

Malawi Update (08/06)


UPDATE ON KEY MILESTONES ACHIEVED:

Although the Ministry of Health are providing daily updates on the situation in Malawi, the rest of government is more focused on upcoming election re-run. At the moment out of 6,423 tests carried out, there have been 438 cases which have resulted in 4 deaths. 351 cases are imported, 76 due to local transmission and 11 still under investigation.


SUCCESS STORIES:

  • National Guidelines are in place and so are specific sector Guidelines

Private Sector has responded to Government call by doing the following:

  • Introducing shifts to avoid overcrowding as well as instructing part or all of their employees to work from home.

  • Voluntarily reducing benefits of senior management to safeguard jobs of lower level employees and foregoing salary increments and bonuses for the same reason;

  • Providing necessities to employees, customers and visitors entering and exiting workplaces at no cost.

  • Opening a special bank account for pooled funds from companies to finance Covid-19 related activities.

Government has already implemented a number of measures to ensure business survival such as:

  • Increasing liquidity in the banking system through the Reserve Bank of Malawi (RBM) by: reducing the Liquidity Reserve Requirement (LRR) on domestic currency deposits by 125 basis points to 3.75 percent

  • Reducing the Lombard rate by 50 percent to 0.2 percentage points above the policy rate.

  • These moves injected an estimated K12 billion into the banking system which businesses can tap into through borrowing from the banks.

  • Government, through RBM, also introduced a moratorium for three months on loans owed by businesses to financial institutions on a case by case basis.

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