Malawians Welcome Government's U.S.$50m Credit From Arab Bank for Fuel Importation

24 September 2022
Nyasa Times (Leeds)
By Owen Khamula

Malawians have taken up on various social media platforms to applaud the government for successfully securing a US$50 million credit from the Arab Bank for Economic Development in Africa (Badea) for fuel purchase and importation, saying this would improve the fuel situation in the country.

Malawi has been experiencing sporadic scarcity of fuel due to what National Oil Company of Malawi (Nocma) and Malawi Energy Regulatory Authority (Mera) officials say was due to forex scarcity.

This comes just a week after President Dr Lazarus Chakwera assured the nation that the fuel situation would normalise following the line of credit of the US$50 million from Badea.

Minister of Finance Sosten Gwengwe said the National Oil Company of Malawi (NOCMA) has secured the credit on behalf of the government of Malawi.

He said the board of Badea has approved that the country can start accessing the funds which are to be used in the importation of fuel into the country.

Gwengwe said this is the amount President Chakwera announced that Malawi will be getting from Badea before his departure to United States of America ,where he is attending the United Nations General Assembly.

The finance minister has also indicated that the government is still discussing with other regional banks to open to Petroleum Importers Limited (PIL) a similar credit line to ensure stable supply of fuel in the country.

This comes as the fuel situation in the country has tremendously improved.

Read the original article on Nyasa Times.

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