BY DRAXON MALOYA
Malawi Confederation of Chambers,Commerce and Industry has sent warnings for a possible difficult financial times ahead due to the COVID-19 effects which is evolving and spreading to a number of countries around the world.
In a statement;the chamber released over the weekend says all the business captains should get prepared to endure a possible financial turbulence due to a number of economic factors which emanates from lockdowns in many countries.
The press statement further said Covid19 which has been declared a global pandemic by the World Health Organization (Who) has already started impacting on economies throughout the world hence causing the following economic effects that may be transmitted to Malawi.
“Disturbance of trade links with the rest of the world as the country depends on a number of imports and exports for its small industry,
“Disruption of global value chain, physical expenditure pressure is imminent due to higher expected expenditures and possible change in petroleum products and also shrinkage in tourism growth,” Reads part of the statement.
Malawians from Thursday started feeling the enhanced impact of precautionary measures to prevent the Coronavirus (Covid19) with commuters forced to pay double the normal fare on the routes nationwide.
Commenting on the development, Minister of Information, Civic Education and Communications Technology, Mark Botomani said indeed the situation has reached crisis levels.
“You know that we are in a national crisis right now, and this is cutting across all sectors of economic development and it is not only the transport sector that has been impacted, but we will continue to observe the situation and possibly engage the operators for consideration,” Botomani said.
Meanwhile, Malawi has also imposed restrictions on travel,schools and suspended gatherings of more than 100 people.
Malawi on 2nd April 2020.
Registered it’s first cases of Covid19.
Three people tested positive and are currently receiving medical attention in Lilongwe.