Mutharika announced a number of measures aimed at cushioning small- and medium-sized businesses, including tax breaks, a reduction in fuel prices and an increase in risk allowances for health workers.
Mutharika also ordered tobacco markets to be opened and allowed to operate without disruption to protect small farmers and bolster foreign currency receipts. Tobacco is Malawi’s chief foreign currency earner.
The coronavirus attack has a huge negative impact on the economy and businesses everywhere. There are many business people and industry players who are uncertain about the situation as it is unfolding. I know that everyone is worried.
“The coronavirus attack has a huge negative impact on the economy and businesses everywhere. There are many business people and industry players who are uncertain about the situation as it is unfolding. I know that everyone is worried,” he said.
“Therefore, government will take measures to protect jobs and incomes, protect businesses and ensure continuity of the supply chain and the survival of the economy.”
Amongst other measures, the president directed the Reserve Bank of Malawi to allow banks to offer a three-month moratorium on interest payments on loans to small- and medium-sized businesses.
He also ordered the country’s Competition and Fair Trading Commission to put in place strict monitoring of price controls and punish anyone found increasing prices at the expense of Malawians.
“The government will continue monitoring and review situation as it infolds,” Mutharika said.